Q1符合预期，收入创历史新高

Investment Rating - Buy rating maintained for the company [8] Core Views - The company is expanding into the seat assembly business, leveraging its position as a leading player in the automotive seat frame market [2] - The company's Q1 2024 revenue reached a historical high, meeting expectations with a 103.44% YoY increase [4] - The company's profitability is expected to accelerate, driven by new clients and businesses, with a projected 108% YoY growth in net profit for 2024 [5] - The company's mid-term growth is supported by its entry into the passenger car seat market, which is characterized by large market size and favorable competitive dynamics [2][5] Financial Performance - Q1 2024 revenue: RMB 570 million, up 103.44% YoY [4] - Q1 2024 net profit: RMB 32 million, up 190% YoY [4] - 2024E revenue: RMB 2,582 million, up 70% YoY [4] - 2024E net profit: RMB 190 million, up 108% YoY [4] - 2024E EPS: RMB 2.37, up 108% YoY [4] - 2024E P/E ratio: 19.7x [4] Industry Analysis - The passenger car seat market is expected to reach RMB 150 billion by 2025, with a CAGR of 17% [5] - The global seat market is highly concentrated, with the top 5 players accounting for over 85% of the market [5] - In China, the top 5 players hold over 70% of the market, all of which are foreign companies [5] - The company's core advantage lies in its seat frame technology, which accounts for nearly 70% of the total investment in seat manufacturing [5] Business Outlook - The company's new businesses, including railway containers and high-speed rail seats, are expected to contribute significantly to future growth [18] - The company's profitability is expected to improve as new businesses scale up and stabilize [17] - The company's revenue growth is driven by strong demand from clients such as BYD and Seres, as well as the ramp-up of new businesses [17][18] Financial Ratios - 2024E ROE: 14% [4] - 2024E net profit margin: 7.3% [21] - 2024E asset turnover ratio: 0.7 [21] - 2024E current ratio: 1.5 [21] - 2024E quick ratio: 1.2 [21]