Ningbo Sunrise(SZ:002937) KAIYUAN SECURITIES·2024-04-30 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's profitability continues to improve, with a significant growth in the automotive electronics business. In 2023, the company reported a revenue of 2.006 billion yuan, a year-over-year increase of 13.51%, and a net profit attributable to shareholders of 267 million yuan, up 21.99% year-over-year. The first quarter of 2024 showed a revenue of 500 million yuan, a year-over-year increase of 4.06%, and a net profit of 73 million yuan, up 40.13% year-over-year [6][7] - The automotive electronics and new energy vehicle business achieved a revenue of 1.005 billion yuan in 2023, representing a year-over-year increase of 60.19%. This growth is attributed to securing projects with leading companies such as Nidec, CRRC Times Electric, and Denso, which has expanded the range of electric vehicle components offered [7] - The company plans to launch its Cixi new energy vehicle parts factory in the second quarter of 2024, which is expected to enhance production capacity and meet global customer demands [8] Financial Summary - In 2023, the company reported total revenue of 2.006 billion yuan and a net profit of 267 million yuan. The projected net profits for 2024, 2025, and 2026 are 330 million yuan, 430 million yuan, and 580 million yuan respectively, with corresponding price-to-earnings ratios of 19.8, 15.2, and 11.4 [6][10] - The gross margin for 2023 was 28.85%, with a net margin of 13.3%. The return on equity (ROE) for 2023 was 17.4% [10]