APG(002284) 东吴证券·2024-04-29 15:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [7][23]. Core Insights - The company has successfully navigated past one-time expenses, achieving a net profit of 0.61 million yuan in Q1 2024, the highest net profit margin of 5.9% since 2017, driven by improved capacity utilization and declining raw material prices [1]. - The company reported a gross margin of 16.1% in Q1 2024, with a year-on-year increase in net profit of 58.61% [1][23]. - The company has a robust order backlog, with 136 new projects initiated in 2023, including 58 related to automotive electronic control systems, and has begun mass production of 93 projects [9]. Financial Performance Summary - For Q1 2024, the company achieved an operating revenue of 1.022 billion yuan, reflecting a quarter-on-quarter increase of 16.16% and a year-on-year increase of 58.61% in net profit [1][23]. - The company's projected revenue for 2024 is adjusted to 4.6 billion yuan, with a year-on-year growth of 18.8%, and a net profit forecast of 194.5 million yuan, representing a 100.61% increase [8][23]. - The company’s financial metrics include a P/E ratio of 29.75 for 2024 and a projected gross margin of 16.6% [13][23].