收入符合预期，Q1业绩同环比大幅增长

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company achieved a revenue of 8.72 billion yuan in 2023, representing a year-on-year increase of 13.8%, while the net profit attributable to shareholders was 449 million yuan, down 9.8% year-on-year [2]. - In Q1 2024, the company reported a revenue of 1.81 billion yuan, a year-on-year increase of 2.4%, and a net profit of 140 million yuan, showing a significant year-on-year growth of 117% [2]. - The company's gross margin for Q1 2024 was 17.2%, which is stable compared to previous quarters, with a quarter-on-quarter increase of 2.7 percentage points [3]. - The company is actively expanding its customer base in the new energy sector while maintaining its advantages with luxury car manufacturers [3]. Financial Performance - The company’s revenue is projected to grow from 9.82 billion yuan in 2024 to 12.56 billion yuan in 2026, with corresponding net profits expected to rise from 631 million yuan to 824 million yuan during the same period [7][11]. - The earnings per share (EPS) is expected to increase from 0.69 yuan in 2024 to 0.90 yuan in 2026 [11]. - The price-to-earnings (P/E) ratio is projected to decrease from 10.1 times in 2024 to 7.7 times in 2026, indicating potential undervaluation [11]. Market Position and Strategy - The company has secured orders from new energy vehicle manufacturers such as Xiaomi and Li Auto, indicating a strategic shift towards expanding its market presence in the new energy sector [3]. - The company’s subsidiaries, including Beiqi Moulding and Shenyang Minghua, have shown stable growth, contributing significantly to overall revenue [2].