24Q1迎开门红，装备&零部件双轮驱动

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for the stock with expected growth in the next 6-12 months [6][13]. Core Insights - The company achieved a revenue of 1.88 billion yuan in 2023, representing a year-on-year increase of 60.7%, with a net profit of 200 million yuan, up 44.4% [15]. - In Q1 2024, the company reported a revenue of 510 million yuan, a year-on-year increase of 31.7%, and a net profit of 76 million yuan, up 76.8% [15]. - The growth is driven by both the equipment business and lightweight component business, with the equipment business revenue reaching 1.55 billion yuan in 2023, up 36.3% year-on-year, and the lightweight component business revenue at 290 million yuan, a significant increase from 14 million yuan in 2022 [3][15]. Revenue and Profitability - The company’s revenue is projected to grow to 2.72 billion yuan in 2024, with a net profit of 289 million yuan, reflecting a growth rate of 45% [13]. - The gross margin for the equipment business was 22.17% in 2023, while the lightweight component business saw a significant improvement in gross margin to 14.56% [3]. - The overall gross margin for the company in 2023 was 21.66%, an increase of 1.81 percentage points year-on-year [3]. Business Segments - The equipment business is expanding with increasing orders from both traditional domestic brands and new energy vehicle manufacturers, with a backlog of orders amounting to 3.419 billion yuan at the end of 2023, up 12.84% from the previous year [3]. - The lightweight component business has entered mass production, with various products including aluminum alloy integrated die-casting body structure parts and high-strength plate welding parts starting production in late 2023 [3]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.9 billion yuan in 2024, 4.0 billion yuan in 2025, and 5.3 billion yuan in 2026, with year-on-year growth rates of 43%, 39%, and 31% respectively [16]. - The report highlights the company's strategic positioning to leverage its experience with major clients like Chery to expand its customer base in the lightweight components sector [16].