绑定强势新势力及头部自主，高增长有望延续

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved significant revenue growth in Q1 2024, with revenue reaching 798 million yuan, a year-on-year increase of 93.3%. The net profit attributable to the parent company was 101 million yuan, up 193% year-on-year, and the net profit after deducting non-recurring items was 97 million yuan, an increase of 183.6% year-on-year [3]. - The growth is attributed to the increase in sales from key clients such as Li Auto, Seres, BYD, and Changan, alongside the rapid release of production capacity from the company's factories in Changzhou and Chongqing [3]. - The company is expected to benefit from the continued ramp-up of new models like Li L6 and Seres' new M5 throughout 2024, providing stable incremental growth to its performance [3]. - The company's gross margin improved to 25.71%, an increase of 4.78 percentage points year-on-year, and the net profit margin reached 12.64%, up 4.30 percentage points year-on-year [3]. - The report highlights the company's comprehensive technical reserves, sufficient capacity layout, and significant cost advantages, indicating a positive outlook for its medium to long-term growth [3]. Financial Summary - The company is projected to achieve net profits of 470 million yuan, 660 million yuan, and 880 million yuan for the years 2024 to 2026, representing year-on-year growth rates of 52.5%, 40.6%, and 32.9%, respectively [3]. - The corresponding price-to-earnings (P/E) ratios are forecasted to be 20, 14, and 10 times for the years 2024, 2025, and 2026 [3]. - The report provides a detailed financial outlook, including total revenue projections of 3.955 billion yuan in 2024, 5.315 billion yuan in 2025, and 6.644 billion yuan in 2026, with respective year-on-year growth rates of 52.1%, 34.4%, and 25.0% [16].