Introduction to this report:
The company's 2023 performance was in line with expectations, orders were released at an accelerated pace, revenue reached a record high in a single quarter, the trend of upgrading automotive acoustics continued to be realized, process optimization and scale effects were compounded by external factors, and profitability continued to be repaired.
Key points of investment:
The increase rating was maintained, and the target price was lowered to 47.4 yuan. Considering the improvement in profitability, the company's 2023-2025 EPS forecast was adjusted to 1.00 (+0.06) /1.58 (+0.04) /2.14 (+0.11) yuan. Considering increased downstream competition, the target price was lowered to 47.4 yuan (originally 59.26 yuan), corresponding to 30 times PE in 2024.
The 2023 earnings forecast is in line with expectations, and revenue results continue to grow. The company announced its 2023 performance forecast. It is expected to achieve revenue of 2.3 billion yuan in 2023, an increase of 30%; net profit to mother of 160 million yuan, an increase of 83.6%; after deducting 160 million yuan of non-return to mother, an increase of 144%. The company has benefited from the recovery in demand from new energy sources and overseas markets, the scale of production and sales has expanded, and revenue performance continues to grow. The company continues to strengthen the control of costs and expenses, strengthen automation upgrading and increase labor productivity for all employees, and drive the continuous improvement of the company's profitability.
Key customers continued to grow, Q4 revenue reached a new high, and performance increased significantly from month to month. According to the performance forecast estimates, the company's 4Q23 is expected to achieve revenue of 710 million yuan, 24.5% increase, 12.4% increase, net profit to mother of 0.53 billion yuan, increase of 82.8%, 47.2% after deducting non-return parent, 382%, and 55.9%. Delivery of new vehicles to the company's key customers, such as Huawei and Ideal, continues to rise, and the company's revenue side continues to rise, and the company's revenue side is growing rapidly year on month.
The trend of upgrading automotive acoustics continues to materialize, and new orders from new customers are being released at an accelerated pace. The electrification and intelligence of automobiles has led to an increase in the number of car speakers and an increase in power amplifier configurations. The trend of upgrading automotive acoustics has brought about a sharp rise in volume and price, and the company has fully benefited as a domestic leader. The company leverages its advantages in production capacity, manufacturing, R&D, etc., and is expected to continue to expand new customers and new orders to provide growth impetus.
Risk warning: Raw material prices have risen, and sales of new products have fallen short of expectations.