EMTEK(SZ:300938) Changjiang Securities·2024-05-06 01:02Investment Rating - The report maintains a "Buy" rating for the company [23]. Core Insights - The company reported a revenue of 181 million yuan in Q1 2024, representing a year-on-year increase of 20.09%. The net profit attributable to the parent company was 41.04 million yuan, up 30.36% year-on-year [19][20]. - The net profit margin improved by 1.62 percentage points to 24.49% in Q1 2024, despite a slight decline in gross margin [6]. - The company has successfully expanded its capacity through a convertible bond issuance, which is expected to support revenue growth [7][20]. Financial Performance - In Q1 2024, the company achieved a net operating cash flow of 36 million yuan, an increase of 22.0% year-on-year, although the cash collection ratio slightly decreased to 80.1% [21]. - The projected revenue for 2024-2026 is 880 million yuan, 1.12 billion yuan, and 1.39 billion yuan, with year-on-year growth rates of 29.9%, 26.6%, and 24.5% respectively. The net profit is expected to reach 210 million yuan, 273 million yuan, and 354 million yuan in the same period [22]. Market Position and Growth Drivers - The company has established a strong presence in the automotive parts and reliability testing sector, serving notable clients such as Tesla and Huawei. It operates multiple laboratory bases across major cities in China [7]. - The growth in revenue is attributed to the high demand in the new energy vehicle sector and the continuous release of new production capacity [20].