ZYNP(SZ:002448) East Money Securities·2024-05-28 10:00Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][14]. Core Views - The company's industrial layout is expected to enhance profitability, with projected revenues of 3.431 billion, 3.660 billion, and 4.211 billion yuan for 2024-2026, representing year-on-year growth of 19.79%, 12.49%, and 9.11% respectively. The net profit attributable to shareholders is forecasted to be 375 million, 430 million, and 473 million yuan, with growth rates of 20.66%, 14.66%, and 10.04% respectively [2][12]. Financial Performance - In 2023, the company achieved a revenue of 2.864 billion yuan, a year-on-year increase of 24.45%, and a net profit of 311 million yuan, up 85.85% [12]. - For Q1 2024, the company reported a revenue of 835 million yuan, a 20.55% increase year-on-year, and a net profit of 89 million yuan, up 8.24% [12]. - The company is a global leader in cylinder sleeves, with sales of 56 million units in 2023, a 9.11% increase, and revenue growth of 12.29% [12]. - The electric control actuator business saw a significant increase in revenue, reaching 246 million yuan in 2023, a 111.3% year-on-year growth [12]. Market Position and Strategy - The company has established a strong competitive advantage in the automotive parts industry, particularly in the fields of automotive electronics and brake systems, while also actively expanding into hydrogen energy and fuel cell systems [22]. - The acquisition of Hengjiu Braking Systems is aimed at enhancing the company's capabilities in the automotive brake system sector [12]. Future Outlook - The company is expected to continue its growth trajectory with a focus on expanding its product offerings and market reach, particularly in the hydrogen energy sector, where it has already delivered its first batch of hydrogen fuel cell engines [12][22].