Hoshion(002824) 国泰君安·2024-05-06 02:33Investment Rating - The investment rating for the company is "Accumulate" [2][4] - Previous rating was also "Accumulate" [2] - Target price is set at 17.76 [2][4] - Previous target price was 22.12 [2][4] Core Views - The company's performance in 2023 and Q1 2024 is impacted by declining sales and gross profit margins, with a significant drop in sales volume of automotive parts by 47.6% year-on-year [2][4] - The demand for customized battery structural components is expected to improve sales and profitability, leading to better performance in the future [2][4] - The company is focusing on expanding its market presence in the southwest region by investing in new production facilities [2][4] Financial Summary - Revenue for 2023 is projected at 29.05 billion, a decrease of 3.14% year-on-year, while 2024 is expected to see a recovery with a 33.74% increase [2][4] - Net profit attributable to shareholders is forecasted to be 1.42 billion in 2023, down 30.70% year-on-year, with a slight recovery to 0.17 billion in 2024 [2][4] - The company’s gross profit margin is expected to decline by 5.1 percentage points year-on-year, affecting overall profitability [2][4] Sales and Production Insights - The company sold 2,884 million automotive parts in 2023, with a significant decline in key products such as battery shells and crash beams [2][4] - The first quarter of 2024 is typically a low season, but sales are expected to improve as the market transitions to a peak production season [2][4] - The company has invested in R&D to meet the growing demand for customized products, with R&D expenses increasing to 5.6% in Q1 2024 [2][4] Market and Industry Context - The company is positioned in the metals, mining, and materials industry, focusing on high-tech aluminum alloy products [2][4] - The overall market for new energy vehicles and consumer electronics is currently facing challenges, but there are expectations for recovery in demand [2][4] - The company is actively working on projects to enhance its production capabilities and meet customer delivery requirements [2][4]