Q1 业绩高增长，新能源与储能数据中心业务共同发力公司24Q1 归母净利润0.4-0.48 亿元，同比+80%以上。根据公司23 年业绩公告测算23Q4 归母净利0.55 亿元，同比+46.83%，23Q3 归母净利润0.47 亿，同比+43.17%。23Q3 起公司业绩整体进入快速增长周期。Incidents:
On March 13, 2024, the company released the 2024Q1 performance forecast: net profit for 2024Q1 is expected to be RMB 0.4-0.48 million, +80.29%-+113.15%; net profit after deduction is estimated to be RMB 0.38-0.46 billion, +71.10% -+104.16% YoY.
Key points of investment:
Q1 performance grew rapidly, and the new energy storage data center business jointly contributed to the company's 24Q1 net profit of 0.4 to 48 million yuan, or more than 80% over the same period last year. According to the company's 23-year results announcement, the 23Q4 net profit to mother was estimated at 55 million yuan, +46.83% year-on-year, and 23Q3 net profit to mother was 47 million yuan, +43.17% year-on-year. Since 23Q3, the company's overall performance has entered a rapid growth cycle.
The implementation of the new energy business has accelerated, and high-quality customers lead long-term growth. Q1 The company's performance growth has benefited from the growth of the automobile business, which mainly focuses on new energy vehicles. The company's share of new energy vehicle revenue increased; at the same time, the company continued to optimize its product and customer structure to take advantage of the business scale effect, and the sales share of the top five major customers continued to increase, promoting an increase in profitability. Currently, customers cover famous brands such as Volkswagen, BYD, Changan, Geely, Ideal, Aian, Ideal, Chery, and Jihu.
Energy storage and data center business batch production starts a new business cycle
Q1 The company's expanded energy storage and data center liquid cooling pipeline system products are showing initial results. Energy storage liquid cooling piping systems have begun to be supplied in batches, and liquid cooling piping systems in the data center server sector have been supplied in small batches. Earlier, the company revealed that the company's products in the field of energy storage have cooperated with more than 40 customers, including G customers, B customers, and Q customers. The data center pipeline system is a key supplier for the No. 1 domestic customer.
Assembly supply+efficiency improvement to drive continuous growth in performance
While expanding its business, the company is actively promoting integrated development and efficiency improvement. In terms of business, vigorously promote rubber+nylon assembly piping, vehicle body accessory piping business, and further application of homemade products such as three-way pipes, joints, and clamps in OEMs to enhance customer stickiness and supply value. Continuously strengthen lean management and intelligent equipment transformation. On the basis of maintaining steady growth in overall business scale, the comprehensive cost ratio has been further reduced, and management efficiency and operational effectiveness have been steadily improved.
Investment advice and profit forecasting
Based on the increase in the share of the company's new energy business, the increase in systematic hose management and profitability, and the continued expansion of key new energy customers, and considering the acceleration of energy storage and data center business expansion, the company's 2023-2025 net profit forecast was raised to 1.64/2.36/ 293 billion yuan. The basic earnings per share corresponding to 2023-2025 are: 0.76/1.09/1.35 yuan, corresponding to the current stock price. The 2023-2025 PE was 23.40/16.30/13.12 times, respectively, maintaining the company's “gain” rating.
Risk warning
Risk of vehicle production and sales falling short of expectations, risk of rising raw material costs, risk of worsening industry competition exceeding expectations
