Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for the stock over the next six months [1][5]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 6.686 billion RMB, a year-on-year growth of 28.55%, and adjusted net profit of 910 million RMB, up 32.27% [2][3]. - The performance of the new energy vehicle (NEV) financing segment was particularly strong, with financing transaction volume for NEVs increasing by 88.6% year-on-year [2]. - The company has established a comprehensive automotive financing service platform, with a clear and proactive business layout, especially in lower-tier cities [2][3]. - The company’s SaaS services, powered by self-developed AI models, generated 463 million RMB in revenue, reflecting a 280% year-on-year increase [2]. - The company is expected to continue its growth trajectory, with projected revenues of 8.48 billion RMB, 9.91 billion RMB, and 11.73 billion RMB for 2024, 2025, and 2026, respectively [3]. Financial Metrics Summary - Revenue for 2023 was 6,725.67 million RMB, with a growth rate of 28.39% [3]. - The net profit for 2023 was 554.96 million RMB, with a growth rate of 49.66% [3]. - The diluted earnings per share (EPS) for 2023 was 0.09 RMB, with projected EPS of 0.13 RMB, 0.17 RMB, and 0.24 RMB for 2024, 2025, and 2026, respectively [3]. - The price-to-earnings (PE) ratio is projected to decrease from 6.59 in 2023 to 2.69 by 2026 [3].
易鑫集团2023年年报及24Q1业绩快报点评：多业务板块高增长，新能源车业务表现亮眼