TC(SH:603085) Guotai Junan Securities·2024-05-05 02:02Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 12.91, while the current price is 9.96 [9][16]. Core Views - The company's performance in Q1 2024 met expectations, with a revenue of 36.7 million, representing a year-on-year increase of 31.9% and a net profit of 10.02 million, up 423% year-on-year [15]. - The company achieved a revenue of 1.43 billion in 2023, a slight increase of 0.1% year-on-year, and turned a profit with a net profit of 14.17 million [15]. - The passenger car seat business is expected to be a significant growth driver, with ongoing projects and orders contributing to revenue growth [15]. Financial Summary - Revenue is projected to grow from 1.43 billion in 2023 to 1.95 billion in 2024, reflecting a growth rate of 37% [4][20]. - The company is expected to achieve an EBIT of 130 million in 2024, a significant increase from 3 million in 2023 [4][20]. - The net profit is forecasted to rise to 96 million in 2024, compared to 14 million in 2023, indicating a growth rate of 580% [4][20]. Profitability and Valuation Metrics - The gross margin for 2023 was 20.7%, an increase of 6.6 percentage points year-on-year [15]. - The company’s PE ratio is projected to decrease from 276.01 in 2023 to 40.62 in 2024, indicating improved valuation [4][20]. - The return on equity (ROE) is expected to rise from 1.6% in 2023 to 9.8% in 2024 [4][20].