KEBODA(603786) 华龙证券·2024-05-09 23:30Investment Rating - The investment rating for the company is "Buy" with initial coverage [1][2]. Core Views - The company reported a revenue of 4.63 billion yuan in 2023, representing a year-on-year increase of 36.7%, and a net profit attributable to shareholders of 609 million yuan, up 35.3% [1]. - In Q1 2024, the company achieved a revenue of 1.42 billion yuan, a year-on-year growth of 55.2%, and a net profit of 220 million yuan, reflecting a 66.2% increase compared to the same period last year [1]. - The company has a strong order backlog and is expected to benefit from overseas expansion and new products, particularly domain control products, which are projected to drive growth [2]. Financial Performance Summary - The company’s revenue and net profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 8.62 billion yuan, net profit of 862 million yuan - 2025: Revenue of 10.93 billion yuan, net profit of 1.09 billion yuan - 2026: Revenue of 13.34 billion yuan, net profit of 1.33 billion yuan [2][3]. - The projected P/E ratios for the years 2024, 2025, and 2026 are 31.2, 24.6, and 20.1 respectively [2][3]. Revenue Growth and Business Segments - The company’s revenue growth in Q4 2023 was driven by strong performance across various business segments, including: - Lighting control systems: +49.7% - Motor control systems: +60.5% - Energy management systems: +179.1% - Automotive electronics: +8.4% [1]. - The company has secured 73 new projects from major clients like BMW and Volkswagen, with an expected lifetime sales volume exceeding 100 million units [1]. Profitability Metrics - The company’s net profit margin for Q4 2023 was significantly higher than revenue growth, attributed to excellent cost control, with a decrease in expense ratios [1]. - The gross margin for Q1 2024 improved by 0.7 percentage points year-on-year, indicating better cost management and increased production efficiency [1]. Market Position and Future Outlook - The company is actively expanding its overseas presence, with plans to establish production facilities in Europe and North America by the end of 2024 [1]. - The introduction of high-value new products such as chassis controllers and domain controllers is expected to sustain high growth rates, benefiting from the accelerating trend of automotive intelligence [1].