业绩表现超预期，长期增势有望不断兑现

Investment Rating - The report assigns a "Buy" rating to the company, expecting the stock to outperform the market by more than 10% over the next 12 months [14][39]. Core Insights - The company reported strong performance in its 2023 annual report and 2024 Q1 report, with revenue reaching 5.703 billion yuan, a year-on-year increase of 32.96%, and a net profit of 407 million yuan, up 58.52% year-on-year. The gross margin was 17.91%, an increase of 0.31 percentage points, and the net margin was 7.16%, up 1.20 percentage points [13][26]. - The main business segments showed robust growth, particularly in automotive stamping molds and metal structural components, which generated 4.433 billion yuan in revenue, a 36.09% increase year-on-year. The gross margin for this segment was 17.67% [20][32]. - The company is expected to benefit from the ongoing development of the new energy sector, with projected revenues of 8.275 billion yuan, 11.189 billion yuan, and 13.275 billion yuan for 2024, 2025, and 2026, respectively [19][51]. Financial Performance Summary - In 2023, the company achieved a net cash flow from operating activities of 367 million yuan, a significant increase of 148.67% year-on-year, indicating improved cash collection capabilities [19][47]. - The company’s earnings per share (EPS) for 2023 was 2.30 yuan, with a projected EPS of 3.20 yuan for 2024 [23][51]. - The report forecasts a continued increase in profitability, with net profit expected to reach 653 million yuan in 2024, 848 million yuan in 2025, and 1.012 billion yuan in 2026 [23][51]. Business Segment Performance - The revenue from new energy vehicle molds and structural components was 3.674 billion yuan, reflecting a year-on-year growth of 43.68%, with a gross margin of 19.44% [20][32]. - The company’s cash flow from operations is under pressure in Q1 2024 due to increased material costs and salaries, but overall cash inflow is expected to improve [19][47]. Market Position and Future Outlook - The company has established strong partnerships with major players in the industry, including GAC Aion, Geely, BYD, and CATL, which positions it well for future growth [51]. - The report maintains a target price of 47.95 yuan per share based on a 15x PE ratio for 2024, indicating significant upside potential from the current price of 36.33 yuan [14][51].