系列点评三：Q1业绩符合预期 剑指全球内外饰龙头

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 47.52 CNY per share [3][4]. Core Views - The company reported a Q1 2024 revenue of 3.047 billion CNY, representing a year-on-year increase of 40.24% but a quarter-on-quarter decrease of 6.34%. The net profit attributable to the parent company was 204 million CNY, up 34.75% year-on-year but down 16.52% quarter-on-quarter [3]. - The revenue growth is primarily driven by increased sales from clients such as Ideal, GAC New Energy, and Zeekr. The gross profit margin for Q1 2024 reached 20.10%, a year-on-year increase of 0.31 percentage points [3][4]. - The company is actively expanding its production capacity and has announced plans for a third employee stock ownership plan, aiming to raise up to 400 million CNY [3][4]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a revenue of 3.047 billion CNY, a year-on-year growth of 40.24% and a quarter-on-quarter decline of 6.34%. The net profit was 204 million CNY, reflecting a year-on-year increase of 34.75% but a quarter-on-quarter decrease of 16.52% [3]. - The gross profit margin for Q1 2024 was 20.10%, showing a year-on-year increase of 0.31 percentage points [3]. Market Position and Strategy - The company is expanding its client base by entering the supply chains of new energy vehicle manufacturers such as Tesla, Ideal, and NIO, which is expected to drive significant growth [4]. - The company is also diversifying its product offerings from interior components to exterior parts, with a focus on carbon fiber materials, enhancing its competitive edge in the market [4]. Future Projections - The company is projected to achieve revenues of 13.912 billion CNY in 2024, 19.011 billion CNY in 2025, and 24.725 billion CNY in 2026, with corresponding net profits of 1.145 billion CNY, 1.614 billion CNY, and 2.139 billion CNY respectively [5][6]. - The expected earnings per share (EPS) are forecasted to be 2.35 CNY in 2024, 3.31 CNY in 2025, and 4.39 CNY in 2026, with a price-to-earnings (PE) ratio of 20, 14, and 11 for the respective years [5][6].