PPF(300258) 东方证券·2024-05-12 09:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.78 CNY, indicating a potential upside from the current price of 9.81 CNY [1]. Core Insights - The company's revenue for 2023 is projected to be 2,103 million CNY, reflecting a year-on-year growth of 16.3%. The net profit attributable to the parent company is expected to be 238 million CNY, a decrease of 3.9% compared to the previous year [12][19]. - The company has a robust order backlog and is actively expanding into new business areas, including projects for major clients such as General Motors, Great Wall, and Volvo. In 2023, the company launched 41 new product projects and achieved significant revenue growth in its assembly products [19][20]. - The company is also focusing on international expansion, with plans to complete its overseas factory in Thailand by the end of 2024 and to establish production bases in Europe and North America [19][20]. Financial Summary - The company's financial performance shows a projected revenue increase from 2,103 million CNY in 2023 to 3,642 million CNY by 2026, with a compound annual growth rate (CAGR) of approximately 18.2% [12]. - The gross profit margin is expected to decline slightly from 25.6% in 2023 to 26.3% in 2024, while the net profit margin is projected to stabilize around 12% by 2026 [12][19]. - Earnings per share (EPS) are forecasted to grow from 0.49 CNY in 2023 to 0.91 CNY in 2026, reflecting a positive trend in profitability [12][20].