23年股权激励顺利完成，多元化汽修平台进行时

Investment Rating - The report maintains a "Buy" rating for Changrun Co., Ltd. (常润股份) [2][9] Core Views - Changrun Co., Ltd. is a leading manufacturer of jacks in China and is expected to develop a cross-border e-commerce platform for automotive repair, benefiting from product category expansion and successful cross-border e-commerce operations, leading to high revenue growth [2][10] - Revenue projections for 2024-2026 are estimated at 32.19 billion, 36.66 billion, and 41.80 billion yuan, with year-on-year growth rates of 17.0%, 13.9%, and 14.0% respectively. Net profit attributable to the parent company is projected to be 2.63 billion, 3.08 billion, and 3.61 billion yuan, with growth rates of 25.4%, 16.9%, and 17.2% respectively [2][3] Financial Summary - Total revenue for 2022 was 2,762 million yuan, with a year-on-year decrease of 9.6%. In 2023, revenue is projected at 2,752 million yuan, a slight decrease of 0.4%. Revenue is expected to grow significantly in the following years [3] - The net profit attributable to the parent company for 2022 was 173 million yuan, with a year-on-year increase of 21.9%. The net profit for 2023 is projected at 210 million yuan, reflecting a growth of 21.2% [3] - The gross margin for 2023 is reported at 20.2%, an increase from the previous year, indicating improved profitability [9][10] - The company has a strong return on equity (ROE) of 14.2% in 2023, with projections of 15.1% for 2024 [3] Business Development - The company is actively promoting the rapid development of its cross-border e-commerce business, leveraging its multi-platform operational strategy, brand strength, and overseas warehouses to enhance logistics and order management [10] - In 2023, the cross-border e-commerce revenue reached 238 million yuan, representing a year-on-year growth of 21.5%, with expectations for continued rapid growth in the future [10]