Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company reported a revenue of 4.617 billion yuan in 2023, a year-on-year decline of 11.4%, with a net profit attributable to shareholders of -474 million yuan, a significant drop of 278.4% year-on-year. However, Q4 2023 showed signs of recovery with a revenue of 1.149 billion yuan, up 10.8% year-on-year, and a net profit of -299 million yuan, down 586.3% year-on-year. In Q1 2024, revenue reached 1.636 billion yuan, a growth of 5.5%, and a net profit of 130 million yuan, an increase of 48.5% year-on-year [1][11] - The company's gross margin improved significantly, with a gross margin of 22.72% in 2023, up 3.0 percentage points year-on-year. The Q1 2024 gross margin was 30.29%, down 3.7 percentage points year-on-year but showing significant improvement compared to the previous quarter. The report anticipates continued recovery in gross margin as high-priced inventory is gradually depleted [2][11] - The company is expected to enter a replenishment cycle in 2024, which could lead to rapid revenue growth. The report forecasts that revenue from the Amazon channel could increase by approximately 80%, and the ODM business is also expected to recover due to increased orders from major clients [11][12] Financial Forecasts - The company is projected to achieve net profits of 293 million yuan, 489 million yuan, and 565 million yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 161.8%, 66.9%, and 15.5%. The current stock price corresponds to a PE ratio of 21x for 2024, 12x for 2025, and 11x for 2026 [12][13] - The report highlights that the company's operating income is expected to recover, with projected revenues of 5.350 billion yuan in 2024, 6.116 billion yuan in 2025, and 7.003 billion yuan in 2026, reflecting growth rates of 15.9%, 14.3%, and 14.5%, respectively [13] - The report indicates that the company has a leading position in the lithium battery OPE sector and is well-positioned to benefit from the industry's transition towards lithium battery solutions [12]
2023年年报及2024年一季报点评：利润率大幅改善，全年修复弹性可期