盈利能力持续增强，产能布局迎接新一轮成长期

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" [2] Core Insights - In Q1 2024, the company achieved a revenue of 8.84 billion yuan, representing a year-on-year increase of 25.3%, outperforming the domestic automotive sales growth rate by approximately 14.7 percentage points [3][6] - The company's net profit attributable to the parent company, excluding non-recurring items, reached 1.52 billion yuan, a year-on-year increase of 72.9% [3][6] - The gross margin improved to 36.8%, with a net profit margin of 17.2%, driven by lower costs of raw materials, natural gas, and transportation [7] - The company is focusing on high-value-added products such as panoramic glass and HUD glass, which are expected to enhance profitability [9] - Capital expenditures for 2024 are projected to be 8.12 billion yuan, aimed at expanding production capacity [9] - The company is expected to maintain a strong market position and increase its global market share, with projected EPS for 2024-2026 at 2.66, 3.14, and 3.69 yuan per share respectively [10] Summary by Sections Financial Performance - Q1 2024 revenue was 8.84 billion yuan, up 25.3% year-on-year, with net profit attributable to the parent company at 1.52 billion yuan, up 72.9% [3][6] - Gross margin for Q1 2024 was 36.8%, with a net profit margin of 17.2% [7] Product and Market Strategy - The company is enhancing its product offerings with high-value products, benefiting from trends in automotive electrification and intelligence [9] - Significant capital investments are planned to expand production capacity, with a total of 8.12 billion yuan expected in 2024 [9] Earnings Forecast - EPS projections for 2024, 2025, and 2026 are 2.66, 3.14, and 3.69 yuan per share, respectively [10] - The company maintains a "Buy" rating with a target price of 58.53 yuan per share for A-shares and 60.34 HKD for H-shares [10]