The performance is in line with expectations. Operating income in 2023 58Wackyracescrashanddash. 6.1 billion yuanWackyracescrashanddash, a year-on-year increase of 13Wackyracescrashanddash.9%; net profit of 654 million yuanWackyracescrashanddash, an increase of 14.8% over the same period last year; the net profit of non-return was 679 million yuan, an increase of 26.0% over the same period last year. In the fourth quarter, the operating income was 1.453 billion yuan, down 3.3% from the same period last year and 5.0% from the same period last year; the net profit from the home was 115 million yuan, up 37.3% from the same period last year, down 42.7% from the previous year; and deducting the non-return net profit from 112 million yuan, up 80.2% from the same period last year and down 43.8% from the previous month. In the first quarter of 2024, the operating income was 1.589 billion yuan, up 15.8 percent over the same period last year; the net profit returned to the mother was 195 million yuan, up 26.9 percent over the same period last year; and the non-return net profit was 205 million yuan, an increase of 48.6 percent over the same period last year. The company's performance grew steadily in the first quarter, which is expected to be mainly due to the continued volume of orders received in the early stages of the business, such as the ceiling. The company intends to pay a cash dividend of 4 yuan for every 10 shares and 3 bonus shares for every 10 shares to all shareholders. The gross profit margin improved in the first quarter compared with the previous quarter, and the cash flow improved significantly. The gross profit margin in 2023 was 27.3%, up 4.2% from the same period last year; the gross profit margin in the fourth quarter was 25.1%, up 12.1% from the same period last year, down 3.0% from the previous quarter. Gross profit margin in the first quarter of 2024 was 27.8%, up 0.3 percentage points from the same period last year, and 2.7 percentage points higher than in the fourth quarter of 23. In 2023, the expense rate for the whole year was 12.6%, an increase of 1.1% over the same period last year, of which the financial expense rate increased by 1.7% over the same period last year, mainly due to an increase of 25.91 million yuan in interest expenses and a decrease in exchange earnings of 65.14 million yuan. During the first quarter, the expense rate was 12.6%, down 2.2% from the same period last year; of which the financial expense rate was 1.7% lower than the same period last year, which is expected to be affected by exchange rate fluctuations. In 2023, the net cash flow of operating activities was 624 million yuan, an increase of 155.4% over the same period last year. The net cash flow of operating activities in the first quarter of 2024 was 158 million yuan, an increase of 153.0% over the same period last year. The profitability of traditional business has improved, and the ceiling business has helped to increase the value of bicycles. The company's product line is gradually expanded from sunshade, headrest, ceiling central controller and other products to ceiling and ceiling system integration to achieve modular and integrated supply. In 2023, the revenue of the sunshade / headrest / ceiling central controller business of the company realized 38.61max 10.06 / 503 million yuan respectively, an increase of 5.6%, 29.2%, 21.2% and 27.5%, 32.6%, 17.2% and 3.53.1% respectively over the same period last year. The unit price of 67.73swap is 106.98 yuan, an increase of 4.7%, 5.8% and 5.4% respectively over the same period last year. In 2023, the company's ceiling and ceiling system integration business entered the harvest stage, with annual revenue of 334 million yuan and gross profit margin of 26.2%. The sales unit price reached 2417 yuan, much higher than the company's traditional business. With the continuous release of the company's ceiling business capacity, it is expected that the value of the company's bicycles will continue to increase steadily. The expansion of ceiling capacity will lay the foundation for the company's medium-and long-term growth. In 2023, the company issued convertible bonds to raise 908 million yuan, it will be used for the construction project of Mexican ceiling base (estimated annual production of 300,000 sets of roof system integration products, 600000 sets of automobile roof products) and Zhoushan roof product construction project (estimated annual production of 700000 sets of roof products), which is expected to be put into production in 2025. According to the company announcement and investor Q & A, the company's ceiling business has been designated by Tesla, Rivian, GM, Ford and other North American car companies. It is expected that the global ceiling capacity layout of the company will be gradually improved after the fund-raising project is put into production, and it is expected that the company will continue to obtain new customers and new orders for the roof project in the future, and the roof business is expected to become the core momentum of the company's medium-and long-term growth. Adjust the income, gross profit margin, expense rate, etc., increase the 2026 forecast, forecast the company's 2024-2026 net profit of 9.06,11.29 and 1.394 billion yuan respectively (the original 24-25 years 10.31 yuan, 1.315 billion yuan), comparable to the company's 24-year PE average valuation of 21 times, corresponding to the target price of 14.91 yuan, to maintain the buy rating. The risk suggests that sales in the passenger car industry are lower than expected, the penetration rate of new energy vehicles in North America is lower than expected, Tesla and other car companies' sales of new energy vehicles are lower than expected, and the number of sunshades, headrests and ceiling products of passenger cars is lower than expected. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.