SANHUA(SZ:002050) Guoxin Securities·2024-05-06 01:33Investment Rating - The investment rating for the company is "Buy" (maintained) [2][23] Core Views - The company achieved a revenue of 24.558 billion yuan in 2023, representing a year-on-year growth of 15%, and a net profit of 2.921 billion yuan, up 13.5% year-on-year [3][6] - In Q1 2024, the company reported a revenue of 6.440 billion yuan, a year-on-year increase of 13.4%, and a net profit of 648 million yuan, up 7.7% year-on-year [3][6] - The growth in performance is attributed to the continuous increase in orders for the new energy vehicle (NEV) business, which saw a revenue of 9.914 billion yuan in 2023, up 31.9% year-on-year [3][6] - The company is focusing on global expansion and maintaining its leading position in the market, with significant market shares in various automotive and refrigeration components [3][6] Financial Forecasts and Indicators - Revenue projections for 2024-2026 are 35.197 billion yuan, 41.112 billion yuan, and net profits of 4.302 billion yuan, 5.095 billion yuan respectively [3][23] - The company’s gross margin for 2023 was 27.89%, an increase of 1.81 percentage points year-on-year, while the net profit margin was 11.95% [3][6] - The projected earnings per share (EPS) for 2024-2026 are 0.95 yuan, 1.15 yuan, and 1.37 yuan, with corresponding price-to-earnings (PE) ratios of 23, 19, and 16 [3][23] Business Segments - The automotive parts segment generated a revenue of 9.914 billion yuan in 2023, accounting for 90% of the automotive parts business revenue, benefiting from the rapid growth of the NEV industry [3][15] - The refrigeration and air conditioning components segment saw a revenue of 14.644 billion yuan, a year-on-year increase of 5.86% [3][6] - The company is investing in new projects, including smart variable frequency controllers and robotic servo motor controllers, to explore new growth points [3][22]