Investment Rating - The report initiates coverage with a rating of "Buy-A" for the company, indicating a positive outlook for investment [4][19]. Core Views - The company is expected to achieve stable revenue growth in 2023, driven by the development of its new energy vehicle (NEV) components business. The outlook for 2024 remains optimistic due to a solid customer base and ongoing R&D efforts in NEV components [4][19]. - Revenue projections for 2024-2026 are estimated at CNY 815 million, CNY 887 million, and CNY 971 million, with year-on-year growth rates of 7.42%, 8.78%, and 9.53% respectively. Corresponding net profits are expected to be CNY 71 million, CNY 80 million, and CNY 92 million, with growth rates of 10.71%, 12.79%, and 14.49% [4][8]. Financial Summary - The company reported a revenue of CNY 759 million in 2023, a year-on-year increase of 7.33%. However, the net profit decreased by 5.01% to CNY 64 million due to increased tax expenses [13][19]. - The revenue from the power system components in 2023 was CNY 485 million, reflecting a growth of 23.36%. In contrast, the chassis system components revenue declined by 9.84% to CNY 86 million [13][19]. - The projected financials for 2024-2026 include: - Total revenue: CNY 815 million (2024), CNY 887 million (2025), CNY 971 million (2026) - Net profit: CNY 71 million (2024), CNY 80 million (2025), CNY 92 million (2026) - EPS: CNY 0.51 (2024), CNY 0.58 (2025), CNY 0.66 (2026) [4][5][19]. Business Segments - The power system components are projected to generate revenues of CNY 539 million, CNY 600 million, and CNY 670 million from 2024 to 2026, with growth rates of 11.07%, 11.37%, and 11.59% respectively [7][42]. - The chassis system components are expected to see a decline in revenue, with projections of CNY 85 million, CNY 83 million, and CNY 82 million for 2024-2026, reflecting negative growth rates [28]. - Revenue from automotive connectors and components is anticipated to grow significantly, with estimates of CNY 52 million, CNY 61 million, and CNY 71 million for the same period, showing growth rates of 16.44%, 18.04%, and 16.53% [42][19].
新能源汽车零部件持续开拓，营收贡献逐渐显现