宁波高发：经营持续提质增效，现金资产充足-20250424

Investment Rating - The report maintains a "Recommended" rating for Ningbo Gaofa [2][5] Core Views - The company continues to improve operational efficiency and has sufficient cash assets, with a 2024 revenue of CNY 1,460.65 million, representing a year-on-year growth of 15.61% and a net profit of CNY 190.59 million, up 17.18% year-on-year [3][5] - The sales volume of key products, such as electronic shift assemblies and electronic accelerator pedals, has significantly increased, with growth rates of 31.36% and 29.44% respectively, outpacing the automotive industry [3] - The company has a strong market position, with revenue growth in its main business segments, particularly a 32.3% increase in electronic accelerator pedal revenue [3][5] Financial Performance - The gross margin for the main business in 2024 is 22.62%, a slight decrease of 0.41 percentage points from 2023, primarily due to price declines in the shift control business [4] - The company has effectively controlled its expense ratio, which decreased by 2.51 percentage points to 9.1%, contributing to a net profit margin of 12.98% in 2024, an improvement from 12.86% in 2023 [4] - The return on equity (ROE) for 2024 is projected at 9.41%, an increase of 1.16 percentage points year-on-year, reflecting improved profitability and asset turnover [4] Cash Position and Dividends - The company holds substantial cash assets totaling CNY 1.02 billion, with short-term borrowings amounting to only CNY 45.65 million, indicating a strong liquidity position [5] - A high dividend payout ratio of 81.93% for 2024 demonstrates the company's commitment to returning value to shareholders [5] Future Outlook - The company is expected to maintain its industry-leading position while expanding into joint ventures and overseas markets, with projected net profits of CNY 221.45 million, CNY 256.24 million, and CNY 298.50 million for 2025, 2026, and 2027 respectively [5][12] - The earnings per share (EPS) are forecasted to be CNY 0.99, CNY 1.15, and CNY 1.34 for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 15x, 13x, and 11x [5][12]