1Q24营收+31%，AI PC+汽车电子成长路径清晰

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 3.257 billion yuan in 2023, a decrease of 15% year-on-year, and a net profit of 27 million yuan, down 83%, slightly below expectations. In Q1 2024, revenue reached 909 million yuan, up 31% year-on-year, with a net profit of 14 million yuan, an increase of 150% [1] - The overall demand in the PC industry slowed in 2023 but is expected to rise in 2024, impacting the company's shipment volume and revenue. The global PC shipment volume in 2023 was 247 million units, a decline of 12.9% year-on-year. The company's structural components business generated 2.79 billion yuan in revenue, down 13%, while the mold business generated 170 million yuan, down 31% [1] - A new round of product upgrades is anticipated, with AI PCs expected to boost the company's structural components business in both volume and price. It is projected that 45% of new PCs shipped in 2024 will feature AI capabilities, which will increase the demand for magnesium alloy due to its superior thermal conductivity [1] - The automotive business has successfully entered mass production, with a stable growth in orders over the next five years. The company has developed semi-solid injection technology, which addresses issues in traditional magnesium alloy casting and has gained recognition from major automotive electronic manufacturers [1] - The profit forecasts for 2024 and 2025 are maintained at 198 million yuan and 339 million yuan, respectively, with a new forecast for 2026 set at 420 million yuan. The corresponding PE ratios for 2024-2026 are 20, 12, and 9 times, respectively, indicating a 12% upside potential compared to comparable companies [1] Financial Summary - The company reported total revenue of 3.257 billion yuan in 2023, with a projected increase to 3.802 billion yuan in 2024 and further growth to 4.997 billion yuan in 2025 and 6.362 billion yuan in 2026 [10] - The net profit for 2023 was 27 million yuan, with projections of 198 million yuan in 2024, 339 million yuan in 2025, and 419 million yuan in 2026 [10] - The gross margin is expected to improve from 15.3% in 2023 to 17.2% by 2026, indicating a positive trend in profitability [18]