Stock Data and Valuation - The stock's closing price on May 27 was HKD 16.16, with a 52-week price range of HKD 10.10-25.40 [1] - The company has a total market capitalization of HKD 187.78 billion, with 1.162 billion shares outstanding [1] - The report maintains an "Outperform" rating for the stock, with a target price range of HKD 20.21-24.25 for 2024, based on a 10-12x PE ratio [2] Financial Performance and Projections - In 2023, the company achieved revenue of RMB 20.52 billion, up 18.6% YoY, and net profit of RMB 1.90 billion, up 26.8% YoY [4] - Revenue is projected to grow to RMB 24.25 billion in 2024, RMB 27.46 billion in 2025, and RMB 30.69 billion in 2026 [5] - Net profit is expected to reach RMB 2.18 billion in 2024, RMB 2.49 billion in 2025, and RMB 2.94 billion in 2026 [5] - EPS is forecasted to be RMB 1.88 in 2024, RMB 2.15 in 2025, and RMB 2.53 in 2026 [5] Business Highlights - The company achieved record-high new business contracts in 2023, with significant progress in battery boxes, body chassis components, and intelligent products [4] - Battery box business expanded globally, with new contracts in Europe, China, and North America, including first-time orders from Nissan, Stellantis, and Hyundai-Kia [4] - Intelligent product portfolio grew to include electric door systems, illuminated front/rear masks, active grille shutters, and variable spoilers, serving Chinese, European, Japanese, and cross-industry tech clients [4] Financial Ratios and Metrics - Gross margin remained stable at 27.4% in 2023, with slight improvement expected to 28.0% by 2026 [5] - ROE improved to 10.4% in 2023 and is projected to reach 11.3% by 2026 [5] - Current ratio improved from 1.24 in 2023 to 1.36 in 2024E, while quick ratio increased from 0.81 to 0.90 [7] - P/E ratio is 9.63x for 2023 and expected to decrease to 8.60x in 2024 [7] Industry Comparison - The company's 2024E PE ratio of 8.6x is lower than industry peers such as Hesheng (18.0x), Huada (26.1x), and Lingyun (14.1x) [6] - Average industry PE for 2024 is 19.4x, significantly higher than the company's valuation [6]
敏实集团：公司年报：2023年实现快速增长