战略拥抱新能源，业绩步入高增通道

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 73 RMB, indicating an expected increase of over 15% in the next 6-12 months [17][31][95]. Core Insights - The company has experienced significant revenue growth, with a compound annual growth rate (CAGR) of 21.76% from 2021 to 2023, driven by its expansion into the new energy sector, particularly in electric vehicles and energy storage [8][17]. - The company is expected to achieve revenues of 82 billion RMB in 2024, 99 billion RMB in 2025, and 115 billion RMB in 2026, with year-over-year growth rates of 43%, 21%, and 16% respectively [17][95]. - The net profit forecast for the same period is 6.4 billion RMB, 8.6 billion RMB, and 10.9 billion RMB, reflecting year-over-year growth of 57%, 35%, and 27% [17][95]. Financial Analysis and Profit Forecast - The company reported revenues of 23.7 billion RMB, 42.9 billion RMB, and 57.0 billion RMB for the years 2021, 2022, and 2023, with year-over-year growth rates of 28.9%, 80.9%, and 33.0% respectively [8]. - The net profit for the same years was 0.6 billion RMB, 2.6 billion RMB, and 4.1 billion RMB, with significant growth rates of -60.3%, +300.4%, and +58.5% [8]. - The company maintains a strong inventory turnover rate, with days of inventory turnover at 121, 104, and 108 days from 2021 to 2023, indicating efficient inventory management [10]. Business Segments and Growth Drivers - The company's main products include precision stamping molds and metal structural components for electric vehicles, energy storage devices, and traditional fuel vehicles, with a strong focus on the new energy sector [13][18]. - The electric vehicle segment is projected to grow significantly, with expected revenue CAGR of 33% from 2024 to 2026, driven by robust order backlogs and strategic partnerships with leading clients [13][17]. - The energy storage and photovoltaic sectors are also anticipated to contribute to growth, with a projected CAGR of 50% for energy storage equipment from 2024 to 2026 [13][17]. Capacity Expansion and Strategic Initiatives - The company has plans for substantial capacity expansion, with new projects focused on battery box structures and photovoltaic inverters, aiming to meet the increasing demand in the new energy market [28][29]. - As of May 2023, the company has a robust order coverage rate exceeding 100% for its three main structural components, indicating strong market demand and the need for increased production capacity [28][31]. - The company successfully raised 863 million RMB through a private placement to fund its expansion projects, which will enhance its production capabilities in the new energy sector [31].