2024年一季报点评：一季度保持高增长，股权激励绑定核心员工

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.78 yuan, based on a PE target of 28 times for 2024 [3]. Core Views - The company achieved a revenue of 3.05 billion yuan in Q1 2024, representing a year-on-year growth of 40.2%, and a net profit of 200 million yuan, up 34.7% year-on-year [1]. - The company is experiencing strong sales from key customers, with notable increases in vehicle sales from Chery (+63.8%), Li Auto (+52.9%), and Geely (+42.2%), although Tesla's sales decreased by 3.7% [1]. - The company is expanding its production capacity in Mexico to meet new project demands, which is expected to enhance its market share among North American clients [1]. - The gross margin improved to 20.1%, up 0.3 percentage points year-on-year, driven by economies of scale [1]. - The company has initiated a third employee stock ownership plan to incentivize core employees and ensure long-term stability [1]. - The company is a leading manufacturer of interior components, with ongoing global expansion and diversification of product lines [1]. Financial Summary - Revenue projections for 2024-2026 are 13.49 billion yuan, 17.20 billion yuan, and 20.85 billion yuan, with year-on-year growth rates of 27.6%, 27.5%, and 21.2% respectively [2]. - Net profit forecasts for the same period are 1.11 billion yuan, 1.48 billion yuan, and 1.88 billion yuan, with growth rates of 37.3%, 33.7%, and 26.9% respectively [2]. - Earnings per share (EPS) are projected to be 2.27 yuan, 3.03 yuan, and 3.85 yuan for 2024, 2025, and 2026, respectively [2]. - The company’s financial ratios indicate a PE of 19.2 for 2024, a PB of 3.8, and an EV/EBITDA of 13.3 [2].