24Q1业绩高增，盈利能力维持稳定

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a revenue of 19.701 billion yuan in 2023, representing a year-on-year increase of 23.18%, and a net profit attributable to the parent company of 2.151 billion yuan, up 26.50% year-on-year [1][3]. - The company is experiencing high growth in Q1 2024, with revenue reaching 5.688 billion yuan, a year-on-year increase of 27.29%, and a net profit of 645 million yuan, a significant increase of 43.36% year-on-year [1][2]. - The company is expanding its Tier 0.5 level cooperation model with major domestic and international automotive manufacturers, enhancing its market position [2][3]. Financial Performance Summary - In 2023, the company's revenue was 19.701 billion yuan, with a growth rate of 23.18%. The projected revenue for 2024 is 27.903 billion yuan, indicating a growth rate of 41.64% [3][6]. - The net profit attributable to the parent company for 2023 was 2.151 billion yuan, with a growth rate of 26.50%. The forecast for 2024 is 2.935 billion yuan, reflecting a growth rate of 36.45% [3][6]. - The company's gross margin for 2023 was 23.03%, an increase of 1.42 percentage points year-on-year, while the net margin was 10.91%, up 0.29 percentage points year-on-year [1][6]. Business Development - The company is actively expanding its production capacity with new factories in various locations, including Hangzhou Bay and Chongqing, to support its growth strategy [2][3]. - New business initiatives include the establishment of an electric drive division, which has received positive feedback from clients for its robotic electric drive actuators [2][3]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 24 for 2024, 18 for 2025, and 14 for 2026 [2][3]. - The projected earnings per share (EPS) for 2024 is 2.52 yuan, increasing to 4.17 yuan by 2026 [3][6].