公司简评报告：2023年年度报告，23年业绩高增，积极布局新产能

Investment Rating - The report assigns a "Buy" rating for the company [1][19]. Core Insights - The company achieved a revenue of 2.6 billion yuan in 2023, representing a year-on-year growth of 86.96%, and a net profit attributable to shareholders of 309 million yuan, which is a 108.18% increase year-on-year [19]. - The revenue growth is attributed to strong sales from key clients such as Li Auto and Seres, with Li Auto delivering 376,000 vehicles in 2023, a 182.2% increase year-on-year [19]. - The company has improved its profitability, with a gross margin of 28.14% in Q4 2023, and a net margin of 14.10%, benefiting from enhanced automation and cost control measures [19]. - The company has a well-structured supply chain and a strong client base, including Tier 1 suppliers and major automotive manufacturers, positioning it to benefit from the growth of core clients [19]. - Capacity expansion is underway, with a new production base in Changzhou set to launch a 9,000-ton die-casting machine in Q4 2024, and another base in Zhaoqing to enhance production capabilities [19]. - The company is expected to benefit from the lightweighting trend in the new energy vehicle sector, with projected revenues of 4.15 billion yuan, 5.57 billion yuan, and 6.98 billion yuan for 2024-2026, respectively [19]. Financial Summary - Revenue (billion yuan): 2023A: 2.6, 2024E: 4.15, 2025E: 5.57, 2026E: 6.98 [2]. - Net profit (billion yuan): 2023A: 0.31, 2024E: 0.46, 2025E: 0.63, 2026E: 0.81 [2]. - EPS (yuan/share): 2023A: 1.11, 2024E: 1.66, 2025E: 2.25, 2026E: 2.89 [2]. - PE Ratio: 2024E: 13.1, 2025E: 9.7, 2026E: 7.5 [2].