2023年年报及2024年一季报点评：2023年公司业绩整体稳健，轻量化龙头加速全球拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown overall stable performance in 2023, with a revenue of 4.83 billion yuan, representing a year-on-year growth of 8.54%. The net profit attributable to shareholders was 714.1 million yuan, a year-on-year increase of 1.83% [1] - The company is accelerating its global expansion, particularly through the establishment of a North American R&D center and a manufacturing base in Mexico, enhancing its supply chain and service system [2] - The company is positioned as a lightweight solution provider and is actively promoting its global expansion strategy, which is expected to support long-term growth [2] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 1.26 billion yuan, a year-on-year increase of 5.84%, but the net profit decreased by 30.94% year-on-year to 149 million yuan [1] - For Q1 2024, the revenue was 1.14 billion yuan, a year-on-year decrease of 2.91%, with a net profit of 157 million yuan, down 18.49% year-on-year [1] - The gross margin for Q4 2023 was 20.86%, a decrease of 4.44 percentage points, while Q1 2024 saw an improvement in gross margin to 23.81%, an increase of 2.95 percentage points [12] - The company’s net profit margin for Q4 2023 was 11.85%, down 2.23 percentage points, while it improved to 13.80% in Q1 2024, up 1.95 percentage points [12] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024 and 2025 has been adjusted to 836 million yuan and 1.066 billion yuan, respectively, with a new forecast for 2026 at 1.334 billion yuan [13] - The corresponding EPS for these years is projected to be 0.90 yuan, 1.14 yuan, and 1.43 yuan, with P/E ratios of 15.21, 11.93, and 9.54, respectively [13]