SANHUA(SZ:002050) Soochow Securities·2024-05-05 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue increase of 15% year-on-year for 2023 and 13% for Q1 2024, with net profit growth of 14% and 8% respectively [3] - The automotive parts business continues to grow significantly, with a projected revenue increase of 20-30% for 2024, driven by improvements in average selling price (ASP) [3] - Traditional refrigeration shows stable growth, with domestic demand outperforming overseas markets, and a projected revenue growth of 0-10% for 2024 [3] - New growth areas in robotics and energy storage are progressing as planned, focusing on bionic robots and energy storage components [3] Financial Performance and Forecast - Total revenue for 2023 is projected at 24,558 million yuan, with a year-on-year growth of 15.04% [2] - Net profit for 2023 is expected to be 2,921 million yuan, reflecting a year-on-year increase of 13.51% [2] - The company anticipates a net profit of 3,526 million yuan in 2024, with a growth rate of 20.71% [2] - The earnings per share (EPS) is projected to be 0.94 yuan for 2024, with a price-to-earnings (P/E) ratio of 23.19 [2] Business Segment Insights - The automotive parts segment generated revenue of 9,900 million yuan in 2023, with a year-on-year increase of 32% and a gross margin of 27.4% [3] - The refrigeration segment achieved revenue of 14,600 million yuan in 2023, with a year-on-year growth of 6% and a gross margin of 28.2% [3] - The company is focusing on high-margin products in the domestic market, with expectations for continued growth in the traditional refrigeration sector [3] Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 3,530 million yuan and 4,240 million yuan respectively, reflecting a cautious outlook on core customer sales in the new energy vehicle sector [4] - The projected net profit for 2026 is 5,160 million yuan, indicating a growth rate of 21% [4]