Investment Rating - The investment rating for the company is "Buy" with an expectation that the stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [10]. Core Views - The report indicates that the company's 2023 annual performance met expectations, with a significant focus on expanding into emerging fields [3]. - The company reported a net profit of 50.30 million RMB in 2023, a decrease of 68.39% year-on-year, while the first quarter of 2024 showed a recovery with a profit of 316.89 million RMB, representing a year-on-year increase of 116.36% [14]. - The company is actively exploring new customer bases and product lines, which are expected to contribute positively to future performance [14]. Financial Summary - Revenue and Profit Forecasts: - Main revenue for 2023 was 4,541 million RMB, with a projected increase to 5,094 million RMB in 2024, reflecting a growth rate of 12.2% [4]. - EBITDA for 2023 was 264 million RMB, expected to rise to 368 million RMB in 2024 [4]. - Net profit for 2023 was 50 million RMB, with projections of 96 million RMB for 2024, indicating a significant recovery [4]. - Earnings Per Share (EPS): - The latest diluted EPS for 2023 was 0.61 RMB, with forecasts of 1.17 RMB for 2024 and 1.65 RMB for 2025 [4]. - The previous EPS forecast for 2024 was significantly higher at 3.33 RMB, indicating a downward adjustment of 64.9% [4]. - Valuation Ratios: - The price-to-earnings (P/E) ratio is projected to be 35.0 for 2024, decreasing to 24.9 in 2025 and 18.3 in 2026 [4]. - The price-to-book (P/B) ratio is expected to remain stable around 1.3 for 2024 and 2025 [4]. - Market Performance: - The company’s stock price was reported at 41.06 RMB, with a market capitalization of approximately 3,374.49 million RMB [10][13]. Business Development - The company has seen a growth in battery production, with a total output of 4.44 billion units in 2023, marking a year-on-year increase of 21.14% [14]. - The company is investing in new technologies such as sodium-ion and solid-state batteries, which are expected to enhance future growth opportunities [14].
2023年报业绩符合预期，积极布局新兴领域