Q1业务稳健增长，空悬定点加速获取

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a revenue of 58.97 billion yuan for the year 2023, representing a year-on-year increase of 23.44%. The net profit attributable to the parent company was 3.79 billion yuan, up 76.92% year-on-year [8] - The first quarter of 2024 showed a revenue of 14.83 billion yuan, a year-on-year increase of 24.94%, while the net profit attributable to the parent company was 0.68 billion yuan, down 27.16% year-on-year [8] - The company is experiencing robust growth in its traditional business while rapidly expanding its new business lines, particularly in air suspension and sensors, which are driving revenue growth in the domestic market and automotive OEM sector [8] Financial Summary - Revenue Forecasts: - 2023A: 58.97 billion yuan - 2024E: 78.40 billion yuan (32.9% YoY) - 2025E: 99.71 billion yuan (27.2% YoY) - 2026E: 120.26 billion yuan (20.6% YoY) [2][5] - Net Profit Forecasts: - 2023A: 3.79 billion yuan - 2024E: 5.00 billion yuan (31.9% YoY) - 2025E: 6.81 billion yuan (36.2% YoY) - 2026E: 8.30 billion yuan (21.9% YoY) [2][5] - Key Financial Ratios: - Gross Margin: - 2023A: 27.4% - 2024E: 27.2% - 2025E: 26.9% - 2026E: 26.8% [2][6] - Return on Equity (ROE): - 2023A: 12.8% - 2024E: 14.3% - 2025E: 16.3% - 2026E: 16.6% [2][6] - Price-to-Earnings (P/E) Ratio: - 2023A: 30.99 - 2024E: 17.39 - 2025E: 12.76 - 2026E: 10.47 [2][6] - Cash Flow: - Operating cash flow for 2023A was 438 million yuan, with projections of 468 million yuan for 2024E and 489 million yuan for 2025E [4]