Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is expected to achieve steady growth in 2024, with projected revenue of 40.20 billion yuan, a year-on-year increase of 26%, and a net profit attributable to the parent company of 2.98 billion yuan, a year-on-year increase of 5% [7] - The company has shown strong revenue growth in North America and domestically, with new products continuously being developed [7] - The automotive aftermarket is considered to have stable attributes, and the company's high growth in revenue in North America and domestically is expected to be sustainable [7] Financial Performance Summary - Revenue for 2024 is projected at 40.20 billion yuan, with a year-on-year growth of 26.4% [6] - Net profit attributable to the parent company is expected to be 2.98 billion yuan in 2024, with a year-on-year increase of 4.8% [6] - The gross profit margin for 2024 is projected to be 25.5%, a decrease of 1.5 percentage points year-on-year [7] - The company anticipates a net profit of 3.8 billion yuan in 2025, 4.6 billion yuan in 2026, and 5.8 billion yuan in 2027, with corresponding growth rates of 28%, 20%, and 28% [7] Regional Revenue Breakdown - In 2024, revenue from Europe is expected to be 14.7 billion yuan (up 14% year-on-year), North America 9.1 billion yuan (up 42%), Asia and Africa 7.1 billion yuan (up 13%), domestic revenue 6.0 billion yuan (up 78%), and South America 3.2 billion yuan (up 19%) [7] - The revenue from the product categories includes: drive shafts 14.8 billion yuan (up 23%), constant velocity joints 5.8 billion yuan (up 9%), hub bearings 6.6 billion yuan (up 27%), rubber dampers 3.9 billion yuan (up 23%), corner modules 4.2 billion yuan (up 40%), and others 4.8 billion yuan (up 66%) [7] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 18.04, 15.04, and 11.79 respectively [6] - The projected P/B ratios for the same years are 2.42, 2.08, and 1.77 [6] - The EV/EBITDA ratios are projected to be 12.49, 10.44, and 8.26 for 2025, 2026, and 2027 respectively [6]