SANHUA(SZ:002050) Guohai Securities·2024-05-01 09:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][7] Core Insights - The company achieved stable revenue and net profit growth in 2023, with total revenue reaching 24.558 billion yuan, a year-on-year increase of 15%, and net profit attributable to shareholders of 2.921 billion yuan, up 13.5% year-on-year [2][3][4] - The automotive parts business saw significant growth, with revenue increasing by 31.94% year-on-year to 9.914 billion yuan, driven by the momentum in the new energy vehicle sector [2][3] - The company is focusing on two strategic growth engines: robotic actuators and energy storage, which are expected to contribute significantly to future growth [4][5] Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 27.89%, an increase of 1.82 percentage points year-on-year, while the net profit margin was 11.95%, slightly down by 0.27 percentage points due to rising expense ratios and reduced asset disposal gains [3][5] - For Q1 2024, the company achieved revenue of 6.44 billion yuan, a year-on-year increase of 13.4%, and a net profit of 648 million yuan, up 7.7% year-on-year [3][5] Growth Forecast - The company is projected to achieve total revenue of 28.599 billion yuan in 2024, with a growth rate of 16%, and net profit of 3.518 billion yuan, reflecting a growth rate of 20% [6][7] - Earnings per share (EPS) is expected to increase from 0.78 yuan in 2023 to 0.94 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 36.30 and 23.25 respectively [6][7] Strategic Initiatives - The company is actively developing robotic actuators and energy storage management systems, aiming to establish a comprehensive product series and enhance its position as a leading supplier in the global refrigeration and automotive thermal management sectors [4][5]