SANHUA(SZ:002050) Minsheng Securities·2024-04-30 12:00Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company achieved a revenue of 24.558 billion yuan in 2023, representing a year-on-year growth of 15.04%, and a net profit attributable to shareholders of 2.921 billion yuan, up 13.51% year-on-year [1]. - In Q1 2024, the company reported a revenue of 6.460 billion yuan, a year-on-year increase of 13.40%, and a net profit of 648 million yuan, reflecting a year-on-year growth of 7.73% [1]. - The automotive parts business saw significant growth, with revenue reaching 9.914 billion yuan in 2023, a 29.24% increase year-on-year, driven by the rising demand for new energy vehicles [1]. - The company is focusing on emerging sectors such as bionic robotics and energy storage, with plans to enhance its global operational footprint through GDR issuance and factory expansions in Mexico, Poland, and Vietnam [1]. Financial Performance Summary - Revenue projections for 2024-2026 are 29.234 billion yuan, 34.752 billion yuan, and 40.758 billion yuan, with respective growth rates of 19.0%, 18.9%, and 17.3% [2][5]. - Net profit forecasts for the same period are 3.604 billion yuan, 4.332 billion yuan, and 5.326 billion yuan, with growth rates of 23.4%, 20.2%, and 22.9% [2][5]. - The company’s PE ratios are projected to be 23, 19, and 15 for 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [2][5].