Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company experienced a significant revenue increase of 37% year-on-year in 2023, driven by strong demand for electric pedal products in overseas markets. The net profit attributable to the parent company also grew by 32% [4][6] - The company is expected to continue its growth trajectory, with projected net profits for 2024-2026 being 0.71 billion, 0.90 billion, and 1.13 billion respectively, corresponding to EPS of 0.81, 1.03, and 1.30 yuan per share [4][6] - The report highlights the favorable outlook for the domestic off-road modification market and the company's expanding market share in North America for electric pedals [4][6] Financial Summary - In 2023, the company's revenue reached 226 million yuan, a 36.69% increase, with a net profit of 57.91 million yuan, reflecting a 31.55% growth. The gross margin and net margin were 42.54% and 25.63% respectively [4][6] - For Q1 2024, the company reported revenue of 48 million yuan, up 10.25%, and a net profit of 12.99 million yuan, up 10.52%, continuing the growth trend from 2023 [4][6] - The company's main products generated 198 million yuan in revenue, a 41.23% increase, while other accessory products contributed 28 million yuan, an 11.62% increase [6] Market Insights - The U.S. automotive modification market reached a size of 51.8 billion dollars in 2022, with a projected growth to 58.28 billion dollars by 2026. The company's electric winches and pedals are primarily used in CUV, SUV, and pickup models, capturing a 57% market share in related modification parts [7] - In China, the automotive modification market grew from 70.5 billion yuan in 2020 to 93.5 billion yuan in 2022, with a CAGR of 16.3%. Recent regulatory changes are expected to further promote the development of the domestic automotive modification industry [7]
海外汽车越野改装件市场需求强劲，有望受益我国改装行业政策推动北交所信息更新