Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][7]. Core Views - The company reported strong performance in Q1 2024, benefiting from the recovery in the heavy truck industry and the growth in new energy vehicles [2][6]. - The revenue for Q1 2024 reached 410 million yuan, representing a year-on-year increase of 21.4% but a quarter-on-quarter decrease of 22.6% [6]. - The net profit attributable to the parent company for Q1 2024 was 50 million yuan, showing a year-on-year increase of 17.3% and a quarter-on-quarter increase of 246.7% [6]. - The gross profit margin for Q1 2024 was 29.6%, up 1.7 percentage points year-on-year and up 9.5 percentage points quarter-on-quarter [6]. - The company is expected to achieve revenues of 2.1 billion, 2.6 billion, and 3.1 billion yuan in 2024, 2025, and 2026 respectively, with corresponding net profits of 230 million, 290 million, and 360 million yuan [7][20]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 410 million yuan, a year-on-year increase of 21.4% and a quarter-on-quarter decrease of 22.6% [6]. - The net profit margin for Q1 2024 was 13.3%, down 2.8 percentage points year-on-year but up 9.6 percentage points quarter-on-quarter [6]. - The company’s return on equity (ROE) was 2.6%, down 0.9 percentage points year-on-year but up 1.7 percentage points quarter-on-quarter [6]. Market Position - The company’s revenue performance in Q1 2024 was stronger than the heavy truck industry, which saw a 13% year-on-year increase in domestic heavy truck sales [6][18]. - The company has successfully entered the supply chain of international leading new energy vehicle customers, achieving mass production of multiple products [19]. Valuation - The closing stock price on May 16, 2024, corresponds to a price-to-earnings (PE) ratio of approximately 14 for 2024, 12 for 2025, and 9 for 2026 [7]. - The reasonable PE range for the company in 2024 is estimated to be between 18-20 times, corresponding to a fair value range of 34.31 to 38.12 yuan [7].
亚通精工：公司季报点评：24Q1优秀，受益于重卡和新能源车