核心客户放量明显，海外业务经营向好

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5][19][47]. Core Insights - The company's revenue and net profit are steadily increasing due to significant growth from core customers and successful expansion in integrated die-casting projects [4][19][33]. - The company has improved its gross margin and reduced its expense ratio, with a gross margin of 16.6% in Q1 2024, reflecting a year-on-year increase of 2.3 percentage points [5][10][43]. - The company has secured multiple large-scale integrated structural component projects, with production expected to begin in Q3 or Q4 2024 [33][42]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 1.48 billion yuan, representing a year-on-year increase of 16.3% and a quarter-on-quarter increase of 15.5% [9][33]. - The net profit attributable to the parent company for Q1 2024 was 62 million yuan, with a significant year-on-year improvement [9][33]. Profitability and Cost Management - The company reported a gross margin of 15.8% in Q4 2023, with improvements expected to continue into Q1 2024 [5][10][43]. - The expense ratio for Q1 2024 was 10.1%, showing a reduction compared to previous periods [5][10][43]. Customer and Market Expansion - The company has made significant strides in customer acquisition, securing 11 large integrated structural component projects and multiple battery box projects [33][42]. - The company is expanding its operations in overseas markets, with successful product deliveries from its Mexican facility and plans for a new production line in Hungary [38][42].