Q1开门红，客户、ASP、产能三重共振

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 32.00 CNY [20]. Core Views - The company reported a strong Q1 performance with revenue of 800 million CNY, a year-on-year increase of 93.3%, and a net profit of 100 million CNY, up 193% year-on-year. This aligns with previous earnings forecasts [14][21]. - The company's growth is driven by orders from major clients such as Ideal, Seres, Changan, and BYD, as well as an upgrade from Tier 2 to Tier 1 suppliers, enhancing the unit value per vehicle [21][22]. - The company expects a net profit growth of 40-70% for the full year, supported by the performance of key clients [21][22]. Financial Summary - Revenue is projected to grow from 2,600 million CNY in 2023 to 6,662 million CNY by 2026, with year-on-year growth rates of 87%, 51%, 41%, and 20% respectively [21]. - Net profit is expected to increase from 309 million CNY in 2023 to 771 million CNY in 2026, with growth rates of 109%, 49%, 36%, and 23% respectively [21]. - The company's earnings per share (EPS) is forecasted to rise from 1.11 CNY in 2023 to 2.77 CNY in 2026 [21]. Growth Potential - The company is positioned for sustained high growth due to its deep integration with leading clients and its comprehensive body manufacturing capabilities [22]. - The report highlights the company's full coverage of body manufacturing processes and its integrated capabilities, which provide a competitive edge in the market [22]. - The company is expanding its production capacity with new facilities coming online, which will further enhance its service to clients and support growth [22].