SENSSUN(SZ:002870) Guoyuan Securities·2024-05-06 02:30Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company's traditional business is steadily growing, and the low-altitude economy business is just starting [5][12]. - The major shareholder has been continuously increasing their stake in the company, indicating confidence in its future [5][13]. Financial Performance Summary - In Q1 2024, the company reported revenue of 1.485 billion yuan, a year-on-year increase of 22.21%, with the automotive parts business revenue at 1.323 billion yuan, up 23.67% year-on-year [12]. - The net profit attributable to shareholders was 44 million yuan, reflecting a year-on-year growth of 25.44%, while the net profit after deducting non-recurring items was 42 million yuan, up 36.02% year-on-year [12]. - The gross margin decreased by 0.85 percentage points year-on-year due to rising costs, but the company managed to control management and financial expenses, resulting in a decrease in expense ratio by 0.75 percentage points year-on-year [12]. Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 203.71 million yuan, 243.40 million yuan, and 288.16 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 26.39%, 19.48%, and 18.39% [6][14]. - Corresponding EPS for the same years is projected to be 1.54 yuan, 1.84 yuan, and 2.18 yuan, with P/E ratios of 22.19x, 18.57x, and 15.69x respectively [6][14]. Market Position and Growth Drivers - The cockpit business is benefiting from the demand for mid-to-high-end automotive replacements, with increasing penetration of smart products like touch surfaces and electric air outlets [13]. - The demand for new energy charging and distribution products remains strong due to the continued growth of domestic new energy vehicles, and the company has successfully entered the low-altitude economy sector by supplying integrated charging and distribution products to leading flying car companies [13].