NBHX(002048) 广发证券·2024-05-06 01:03Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 13.92 CNY and a fair value of 16.85 CNY [6]. Core Insights - The company demonstrated stable performance in 2023, achieving a revenue of 23.24 billion CNY, a year-on-year increase of 17.9%. The net profit attributable to the parent company was 1.03 billion CNY, reflecting a growth of 4.4% [35][21]. - The company is continuously optimizing its customer structure and making progress in reducing losses overseas, particularly in North America, while facing challenges in Europe due to high costs associated with new project ramp-ups [20][30]. - The company is expected to benefit from industry changes and is projected to have EPS of 1.66, 1.92, and 2.17 CNY for 2024-2026, respectively [21][30]. Financial Performance Summary - Revenue: In 2023, the company achieved a revenue of 23.24 billion CNY, up 17.9% from the previous year. The forecast for 2024 is 26.08 billion CNY, representing a growth rate of 12.2% [5][35]. - Net Profit: The net profit attributable to the parent company for 2023 was 1.03 billion CNY, with projections of 1.34 billion CNY for 2024, indicating a growth of 29.8% [5][35]. - Margins: The gross margin for 2023 was 17.0%, remaining stable year-on-year, while the net margin was 6.2%, a decrease of 0.6 percentage points [13][30]. - Earnings Per Share (EPS): The EPS for 2023 was 1.26 CNY, with expectations of 1.64 CNY in 2024 [5][30]. Customer Structure and Market Position - The company is rapidly iterating its customer structure and expanding its market share in the new energy vehicle sector, becoming a key supplier for major manufacturers such as BYD, Geely, and NIO [30][44]. - The company has made significant progress in optimizing its governance structure and possesses a strong foundation in the auto parts industry, positioning itself well for future growth [21][30].