XINGYE TECH.(SZ:002674) Tianfeng Securities·2024-05-11 01:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.59 yuan [8][9]. Core Insights - The company is expected to benefit from the high growth of its automotive interior leather business, with a projected revenue increase of 36% year-on-year for 2023 and a 24% increase in net profit [9]. - The company reported a revenue of 6 billion yuan in Q1 2024, representing a 29% year-on-year growth, and a net profit of 0.4 billion yuan, up 22% year-on-year [8]. - The company anticipates revenue of 32 billion yuan, 39 billion yuan, and 43 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 2.7 billion yuan, 3.4 billion yuan, and 4.1 billion yuan [9]. Financial Performance Summary - Revenue (in million yuan): 1,987.71 (2022), 2,699.52 (2023), 3,243.47 (2024E), 3,861.35 (2025E), 4,317.76 (2026E) [5][11]. - Net profit attributable to the parent company (in million yuan): 150.57 (2022), 186.31 (2023), 267.31 (2024E), 340.29 (2025E), 410.32 (2026E) [5][11]. - Earnings per share (EPS in yuan): 0.52 (2022), 0.64 (2023), 0.92 (2024E), 1.17 (2025E), 1.41 (2026E) [5][11]. Valuation Metrics - Price-to-Earnings (P/E) ratio: 24.40 (2022), 19.72 (2023), 13.75 (2024E), 10.80 (2025E), 8.96 (2026E) [5][13]. - Price-to-Book (P/B) ratio: 1.56 (2022), 1.53 (2023), 1.43 (2024E), 1.33 (2025E), 1.23 (2026E) [5][13]. - EV/EBITDA: 7.40 (2022), 6.38 (2023), 5.22 (2024E), 5.05 (2025E), 4.46 (2026E) [5][13].