2024Q1业绩符合预期，各项业务稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's Q1 2024 performance met expectations, with revenue of 2.075 billion yuan, a year-on-year increase of 15.8%, and a net profit attributable to shareholders of 221 million yuan, up 29.4% year-on-year [1]. - The company outperformed the industry, benefiting from strong orders in passenger car gears, increased heavy truck sales, and contributions from new businesses such as civilian gears and reducers [1]. - The gross margin improved to 22.7%, with effective cost control reflected in a total expense ratio of 9.9% [1]. - The company has significant growth potential due to capacity expansion in new energy transmission gears and the domestic market's shift towards local brands in the industrial robot sector [1]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 1.054 billion yuan, with corresponding P/E ratios of 20, 16, and 13 for the years 2024, 2025, and 2026 respectively [1][9]. - Revenue is expected to grow from 9.972 billion yuan in 2024 to 14.874 billion yuan by 2026, with a compound annual growth rate of approximately 21.5% [2][9]. - The net profit is forecasted to increase from 1.054 billion yuan in 2024 to 1.566 billion yuan in 2026, reflecting a growth rate of 29.1% in 2024 and around 21.7% in the following years [2][9]. Market Position and Strategy - The company has established a production capacity of 5 million sets for new energy transmission gears by the end of 2023, with ongoing projects in various locations [1]. - The company plans to spin off its subsidiary, Huan Dong Technology, for a listing on the Sci-Tech Innovation Board, maintaining control over the subsidiary post-separation [1].