双林股份：24Q1业绩改善逻辑兑现，24年轻装上阵

Investment Rating - The investment rating for the company is "Buy" based on the performance outlook and expected improvements in profitability [15]. Core Views - The company reported a revenue of 4.14 billion yuan in 2023, a slight decrease of 1.1% year-on-year, while the net profit attributable to the parent company was 0.81 billion yuan, an increase of 7.6% year-on-year [15]. - In Q1 2024, the company achieved a revenue of 1.06 billion yuan, representing a year-on-year increase of 19.6%, and a net profit of 0.78 billion yuan, up 83.7% year-on-year [15]. - The gearbox business has completed the impairment provision, which is expected to enhance profitability moving forward [15]. - The interior and exterior trim segment showed strong performance, with revenue of 2.38 billion yuan in 2023, a year-on-year increase of 7.7% [15]. - The hub bearing segment faced a revenue decline of 23.7% in 2023, but new customer acquisitions in the new energy sector and overseas production capacity are expected to drive growth [15]. Financial Summary - The company forecasts net profits of 0.26 billion yuan, 0.33 billion yuan, and 0.40 billion yuan for 2024, 2025, and 2026 respectively [3]. - The expected EPS for 2024, 2025, and 2026 are 0.64 yuan, 0.82 yuan, and 0.99 yuan, with corresponding P/E ratios of 17, 13, and 11 times [4]. - The gross profit margin is projected to be 19.0% in 2024, increasing to 19.5% in 2025, and slightly decreasing to 19.2% in 2026 [5]. - The return on equity (ROE) is expected to rise from 3.7% in 2023 to 10.5% in 2024, reaching 12.0% in 2025 and 12.6% in 2026 [5].