业绩符合预期，持续开拓下游应用场景

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Insights - The company's performance met expectations, with a focus on expanding downstream application scenarios [1]. - The company is a leader in lightweight manufacturing with a sufficient backlog of quality orders. In Q1 2024, the sales gross margin increased by 3 percentage points quarter-on-quarter, and the net profit margin increased by 2 percentage points quarter-on-quarter, primarily due to high-margin orders from leading automotive companies and improved operational efficiency [2]. - The company possesses advanced automotive manufacturing processes and is entering the energy storage sector, which is expected to drive future growth. The company has established strong relationships with major automotive clients and is collaborating with them to penetrate the energy storage market, which is projected to grow significantly [2]. Financial Performance Summary - In 2023, the company reported revenue of 4.83 billion yuan, a year-on-year increase of 9%, and a net profit of 710 million yuan, a year-on-year increase of 1.8%. The sales gross margin was 24.0%, and the net profit margin was 14.7% [5]. - For Q1 2024, the company reported revenue of 1.14 billion yuan, a year-on-year decrease of 2.9%, and a net profit of 160 million yuan, a year-on-year decrease of 18%. The sales gross margin was 23.8%, and the net profit margin was 13.8% [5]. - The global automotive market showed recovery, with total sales of 92.72 million vehicles in 2023, a year-on-year increase of 12%, including 14.18 million electric vehicles, which saw a year-on-year increase of 35% [5]. Earnings Forecast and Valuation - The company is expected to achieve net profits of 840 million yuan, 1.09 billion yuan, and 1.32 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 16, 12, and 10 times [6].