Introduction to this report:
The company's rapid development in the field of electric vehicles and optical storage in 2023 led to a significant increase in performance. As orders in the new energy sector are released and scale effects are further reflected, the company's performance growth is expected to be strong in 2024.
Key points of investment:
Maintain an increase in holdings rating. Raise the company's 23-year EPS to 2.24 yuan (+0.15), maintain 24-25 EPS at 3.18 yuan and 4.84 yuan, and maintain the target price of 57.24 yuan.
The performance was in line with expectations. The company is expected to achieve net profit of 398-42 billion yuan in 23, an increase of 55.12%-63.69%; net profit after deducting non-return to mother is expected to reach 378-40 million yuan, an increase of 58.15% to 67.36%. Among them, based on average, Q4 is expected to achieve net profit of 132 million yuan, an increase of 48.3%, and a 21.1% increase; Q4 net profit without return to mother was 118 million yuan, an increase of 40.5%, and a 10.3% increase.
Demand for new energy sources is released during the peak season. With the arrival of demand for new energy vehicles in the peak season, the company's auto parts and battery case business grew at the same time, and production capacity utilization increased. The company's early targeted new projects entered the mass production stage, while production process optimization and scale effects in the fourth quarter further improved profitability.
The field of new energy continues to expand. In the field of electric vehicles, the company directly and indirectly supplies lightweight body structural parts to models such as Aian and Wanjie, and has built a full-life cycle cooperation model with Ningde Times in the field of battery pack boxes: in the field of optical storage, the company has now supplied H customers, Jinlang Technology, Enphase, C customers, Everweft Lithium, Honeycomb Energy, Sunwoda, Xinnengan, Xiamen Haichen, Nanwang Technology, Wenstorage Innovation, Maitian Energy, Hubei Chuneng, CRRC, Polyfluoride and other well-known domestic and foreign companies Related to energy system solutions and OEM products. We believe that the company's electric vehicle and optical storage business customer structure is of high quality and will continue to benefit from the growth of the new energy industry.
Risk warning: NEV sales fall short of expectations, energy storage demand falls short of expectations