毛利率同环比提升，一季度扣非净利润同比增长35%

Investment Rating - The report maintains a "Buy" rating for the company [29][24][26] Core Insights - The company's Q1 2024 revenue reached 3.454 billion yuan, a year-on-year increase of 4.84%, while net profit attributable to shareholders was 156 million yuan, a year-on-year decrease of 4.86% [3][26] - The growth is primarily driven by the stable volume of core products, particularly automotive low-voltage lead-acid batteries [26] - The company has successfully introduced 51 new vehicle models and secured 60 project designations, including 18 new projects in the new energy vehicle sector [4][26] Performance Overview - In Q1 2024, the company reported a revenue of 3.454 billion yuan, with a year-on-year growth of 4.84% and a quarter-on-quarter decline of 8.30% [3][26] - The net profit attributable to shareholders was 156 million yuan, down 4.86% year-on-year and down 9.18% quarter-on-quarter [3][26] - The non-recurring net profit was 168 million yuan, showing a significant year-on-year increase of 35.44% and a quarter-on-quarter increase of 11.26% [3][26] Customer Development - The company has completed the introduction and switching of 51 vehicle model projects and secured 60 project designations, including new designations for BMW's AGM products for 2025-2028 [4][26] - In the new energy vehicle sector, the company has gained 18 new project designations, including partnerships with major manufacturers such as SAIC, BYD, and Nezha [4][26] Sales Structure - The sales of low-voltage lead-acid batteries remained stable, with a total annual sales volume of 34.6 million KVAH, representing a year-on-year increase of 7.5% [7][26] - The sales of auxiliary batteries for new energy vehicles increased by 45% year-on-year, while the sales of recycled lead reached 559,000 tons, up 8.5% year-on-year [7][26] Cost Control and Profitability - The gross margin for Q1 2024 was 17.28%, an increase of 2.1 percentage points year-on-year and 1.0 percentage point quarter-on-quarter [12][26] - The company maintained stable expense control, with a net profit margin of 4.49%, down 0.5 percentage points year-on-year and 0.1 percentage points quarter-on-quarter [12][26] Future Growth Potential - The company is focusing on channel upgrades and business expansion, particularly in the aftermarket and overseas markets, which present significant growth opportunities [24][26] - The company has actively expanded its low-voltage lithium battery and energy storage battery businesses, which are expected to contribute to new revenue streams [24][26]