24Q1业绩高增，盈利能力维持稳定

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4][10]. Core Views - The company reported a significant revenue increase of 23.18% year-on-year, reaching 19.701 billion yuan in 2023, with a net profit growth of 26.50%, amounting to 2.151 billion yuan [1][2]. - The company is advancing its Tier 0.5 collaboration model with major domestic and international automotive manufacturers, enhancing its market position and revenue per vehicle [2]. - The establishment of new production facilities and the launch of new business segments, such as the electric drive division, are expected to drive future growth [2]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 5.688 billion yuan, representing a year-on-year increase of 27.29% and a net profit of 645 million yuan, a substantial increase of 43.36% year-on-year [1]. - The gross margin for 2023 was 23.03%, an increase of 1.42 percentage points year-on-year, while the net margin reached 10.91%, up by 0.29 percentage points [1]. - The company’s revenue projections for 2024 to 2026 are 27.903 billion yuan, 34.470 billion yuan, and 41.364 billion yuan, respectively, with expected growth rates of 41.64%, 23.53%, and 20.00% [3][6]. Customer and Production Capacity - The company has secured orders from major clients such as BYD, Geely, and international automakers like Ford and GM, indicating strong demand for its products [2]. - New production facilities are being established across various locations, including Hangzhou and Chongqing, to support increased production capacity [2]. Valuation Metrics - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 24, 18, and 14 for the years 2024, 2025, and 2026, respectively [2][3]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.52 yuan, 3.30 yuan, and 4.17 yuan, respectively [3][6].