Changqing(603768) Guotai Junan Securities·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.86, down from the previous target of 24.64 [2][27]. Core Insights - The company's 2023 performance slightly missed expectations, primarily due to the production schedule of key clients. However, significant growth is anticipated in 2024 and 2025 as new models from major clients Chery and JAC are launched [27]. - The company achieved a revenue of 3.25 billion, a year-on-year increase of 2.7%, and a net profit attributable to shareholders of 132 million, reflecting a growth of 36.5% [27]. - The gross margin for 2023 was 15.1%, an increase of 0.1 percentage points year-on-year, while the net profit margin improved by 1.0 percentage points to 4.1% [27]. - The chassis business showed strong growth, with a 27% increase in revenue, driven by the recovery in the commercial vehicle sector [27]. - The company is transitioning towards lightweight components, with expectations of increased sales from new models in collaboration with Chery and JAC [27]. Financial Summary - Revenue and profit forecasts for 2024 and 2025 have been adjusted, with EPS estimates set at 0.82 and 1.10 respectively, and a new EPS forecast for 2026 at 1.36 [27]. - The company’s operating profit (EBIT) for 2023 was 194 million, reflecting an 8% increase from the previous year [14]. - The net profit growth rate outpaced revenue growth, attributed to increased investment income and reduced asset impairment losses [27]. Market Data - The stock has a 52-week price range of 9.98 to 27.42, with a current market capitalization of 3.266 billion [6][15]. - The average daily trading volume is 5.12 million shares, with an average daily trading value of 73.36 million [15].