JMPT(SZ:000700) Guotai Junan Securities·2024-05-06 02:33Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.55 CNY, down from the previous target of 11.72 CNY [15][12]. Core Views - The company's performance is in line with expectations, with continued growth from new energy clients [15]. - The sales volume from downstream clients such as Seres and Ideal is increasing, and the company is expected to benefit from the growth of new energy vehicle sales [15]. - The core business of bumpers is strengthening, and the company is expanding its customer base, having secured orders from new energy clients like Xiaomi and Ideal [15]. Financial Summary - Revenue for 2023 is projected at 8,722 million CNY, with a year-on-year growth of 13.8% [15][12]. - The net profit attributable to shareholders is expected to be 449 million CNY for 2023, reflecting a decrease of 9.8% year-on-year [15][12]. - The company anticipates an increase in revenue to 10,245 million CNY in 2024, with net profit rising to 519 million CNY [15][12]. Profitability Metrics - The report indicates a projected operating profit margin of 5.7% for 2023, with expectations to decrease to 5.1% in 2024 [15][12]. - Return on equity (ROE) is expected to be 13.0% in 2023, increasing to 13.7% in 2024 [15][12]. - The report highlights a decrease in the return on invested capital (ROIC) from 7.8% in 2023 to 6.8% in 2024 [15][12]. Market Position - The company is positioned as a leading supplier of high-end automotive exterior parts in China, with an annual production capacity exceeding one million sets of automotive bumpers [15][12]. - The report notes that the company faces competitive pressure from traditional clients such as BMW and Mercedes-Benz, which may impact future performance [15][12].