爱柯迪：产品品类持续完善，产能建设稳步推进

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for 2023, with operating income reaching 5.957 billion yuan, a year-on-year growth of 39.67%, and a net profit attributable to shareholders of 913 million yuan, up 40.84% [2] - In Q1 2024, the company achieved operating income of 1.642 billion yuan, reflecting a year-on-year increase of 30.69%, and a net profit of 232 million yuan, up 36.92% [2] - The gross margin improved slightly, with 2023 and Q1 2024 gross margins at 29.09% and 29.67%, respectively [2] - The company is expanding its capacity in the new energy sector, with a focus on core components for electric vehicles, and plans for new production bases in both domestic and international markets [2] Financial Performance Summary - For 2023, the total revenue was 5.957 billion yuan, with a growth rate of 39.67% compared to 2022 [4] - The net profit for 2023 was 913 million yuan, with a net profit growth rate of 40.84% [4] - The company forecasts net profits of 1.141 billion yuan, 1.422 billion yuan, and 1.761 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 16.48, 13.22, and 10.68 [3][4] - The revenue growth rates for the next three years are projected at 26.14%, 25.23%, and 23.41% [4] Capacity Expansion and Product Development - The company is diversifying its customer base to include major multinational automotive parts suppliers and new energy vehicle manufacturers [2] - The sales revenue from products for new energy vehicles accounted for approximately 30% of total sales in 2023, with expectations for significant growth in this segment [2] - The second phase of the production base in Ma'anshan, Anhui, is progressing, and the second phase of the factory in Mexico is planned to be operational by 2025 [2]