兴瑞科技：汽车电子延续高增长，产能扩张打开成长空间

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [10][21]. Core Viewpoints - The company has successfully transformed its core business towards automotive electronics, with significant growth in revenue and profit driven by the increasing demand for new energy vehicle orders [3][10]. - The automotive electronics segment achieved a revenue of 1.005 billion yuan in 2023, representing a year-on-year growth of 60.19%, with new energy vehicles accounting for over 70% of this segment [3][5]. - The company is expanding its production capacity with the successful launch of the Cixi new energy vehicle parts base and the initiation of expansion projects in Suzhou [3][10]. Financial Summary - In 2023, the company reported a revenue of 2.006 billion yuan, a year-on-year increase of 13.51%, and a net profit of 267 million yuan, up 21.99% year-on-year [2][4]. - The first quarter of 2024 saw a revenue of 500 million yuan, a year-on-year increase of 4.06%, while the net profit reached 73 million yuan, up 40.13% year-on-year [2][5]. - The company's gross margin for 2023 was 26.91%, an increase of 0.56 percentage points year-on-year, and the net profit margin was 13.28%, up 0.96 percentage points year-on-year [5]. Future Projections - The company is projected to achieve net profits of 345 million yuan, 454 million yuan, and 618 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.16 yuan, 1.53 yuan, and 2.07 yuan [10]. - The expected P/E ratios for the same years are 18X, 14X, and 10X, indicating a favorable valuation trend [10]. Strategic Initiatives - The company has launched an employee stock ownership plan to enhance employee engagement and align interests with shareholders, covering up to 176 individuals and involving a total investment of up to 44.8 million yuan [9][10]. - The performance targets for the employee stock ownership plan include a minimum growth rate of 15% in net profit or revenue for 2024 compared to 2023, and more ambitious targets for subsequent years [9].