盈利能力显著提升，上市以来持续高分红

Investment Rating - The investment rating for Qin'an Co., Ltd. (603758.SH) is "Buy" based on its strong performance and growth potential in the market [3]. Core Insights - The company reported a significant increase in profitability, with a revenue of 1.74 billion RMB in 2023, representing a year-on-year growth of 37.8%. The net profit attributable to shareholders reached 261 million RMB, up 43.9% year-on-year, and the net profit after deducting non-recurring items was 290 million RMB, reflecting a remarkable growth of 130.4% [1][2][3]. - The company has a robust cash position, with cash and cash equivalents totaling 1.15 billion RMB at the end of 2023, and a proposed cash dividend of 216 million RMB, which accounts for 82.95% of the net profit for the year [12][4]. Summary by Sections Financial Performance - In 2023, Qin'an Co., Ltd. achieved total revenue of 1.74 billion RMB, with a year-on-year growth rate of 37.8%. The net profit attributable to shareholders was 261 million RMB, marking a 43.9% increase compared to the previous year. The gross profit margin improved to 27.8%, up from 20.2% in 2022 [5][4]. - The company’s earnings per share (EPS) for 2023 was 0.59 RMB, with a projected EPS of 0.80 RMB for 2024 [5][4]. Business Segments - The company has made significant strides in the new energy hybrid sector, with cylinder head revenue reaching 805 million RMB and a market share of 15.52%, an increase of 11.11 percentage points year-on-year. The cylinder block business generated 495 million RMB, with a market share of 11.34%, up 10.74 percentage points [3][4]. - The crankshaft business reported revenue of 163 million RMB, achieving a market share of 3.93% in the new energy hybrid vehicle market [3]. Future Outlook - The company is expected to continue optimizing its customer structure, with major clients including Changan Ford and Li Auto. The forecasted net profits for 2024, 2025, and 2026 are 350 million RMB, 435 million RMB, and 526 million RMB, respectively, indicating a strong growth trajectory [4][11].