EventVideopokerwebsitesThe company released 23 annual reports and 24 quarterly reports, with revenue of 1.28 billion yuan in 23 years, + 29.1% year-on-year, net profit of 200 million yuan, revenue of 370 million yuan, + 63.3%, and net profit of 60 million yuan, + 87.9%, respectively. Rapid growth in performance, 1Q24 revenue and net profit are outstanding, net interest rate increased significantly. 23 years: thanks to the rapid expansion of the company's airbag and steering wheel business in the second half of the year, the company achieved revenue of 1.28 billion yuan, + 29.1% year-on-year, and home net profit of 200 million yuan, + 67.6% year-on-year. In terms of profit margins, the company's 23-year gross / net profit margin was 31.5% and 15.4% respectively, an increase of 3.1 and 3.4pct over 22 years, respectively, which is expected to benefit mainly from economies of scale, falling prices of bulk materials and increased product self-control rates. In terms of the period expense rate, the sales / management / R & D / financial expense rate of the company in 23 years was 2.1 shock 4.4 shock 5.3 shock 0.7% respectively, and the overall period expense rate decreased by 2.3pct compared with 22 years, in which the management expense rate decreased by 1.7pct. 24Q1: 1Q24 achieved revenue of 370 million yuan, compared with month-on-month, + 63.3% and net profit of 60 million yuan, and net profit of + 87.9% and 24.4%, respectively. The growth rate of overall revenue and net profit was outstanding compared with the same period last year, and the decline was mainly due to the Spring Festival. In terms of profit margin, 1Q24 realized gross / net interest rates of 30.7% and 16.6% respectively, and the net interest rate continued to rise compared with the 23 full-year level. In terms of the period expense rate, the 1Q24 sales / management / R & D / financial expense rate is 2.3 per cent, respectively. The expense rate during the period is lower than that of the whole year of 23. Product structure continues to be optimized, seat belt assembly + airbag + steering wheel go hand in hand. In terms of business, the company achieved sales of car seat belt assemblies in 23 years.Videopokerwebsites, 631.2 million sets (+ 10.9%), realized operating income of 900 million yuan (+ 22.2%), accounting for 70.6% of operating income, realized gross profit of 32.9% (+ 5.0pct); realized sales of 119.5 million sets of automobile airbags (+ 119.5%), realized operating income of 190 million yuan (+ 103.3%), accounted for 14.7% of operating income, and realized gross profit of 19.7% (+ 3.1pct). The car steering wheel achieved sales of 505,000 sets (+ 44.4%), operating income of 80 million yuan (+ 40.5%), accounting for 6.0% of operating income, and gross profit margin of 13.6% (- 2.0pct). In 2023, airbag assembly and steering wheel assembly products as the second growth point of the main business, designated projects have been mass production, especially the volume in the third and fourth quarters has a positive impact on the current performance. After the company has an annual output of 13.3 million sets of automobile safety system and supporting parts project (phase I project), it will increase the steering wheel assembly production capacity of 1.3 million sets and airbag assembly capacity of 4 million sets. Further improve the company's product production capacity and rapid response capacity, and occupy more automotive safety system product market share to ensure the company's supply capacity. Consolidate the customer base of independent brands, and gradually expand new forces + international brand customers. Based on independent brand customers, the company continues to expand a number of mainstream customers, such as new energy, new forces and international mainframe factories. At present, the company's main customers of automotive passive safety system products include Geely Automobile, SAIC GM Wuling, Great Wall Automobile, Chery Automobile, Changan Automobile, Yutong bus, BAIC Foton and other mainstream automobile brands. Among them, in terms of airbags, the company has supplied products for Geely's fourth generation Dihao, Geely Panda, Wuling Xingchi, Wuling colorful fruit, Wuling MINI, shortcut traveler, shortcut Dasheng, QQ ice cream, Chery iCAR and Hezhong Nezhong V models. In terms of international customers, according to the April 24 announcement, the company has obtained a fixed-point notice from the well-known European automaker S customer and obtained the project fixed point of the customer's F platform, which will provide full-vehicle seat belt products for the platform model. it is expected to start bulk supply in 2027, with a total production of about 550000 units in the life cycle, with sales of about 41.56 million euros. Maintain the "overweight" investment rating. With the rapid development of domestic independent brand cars, especially new energy independent brands, the company's seat belt assembly and parts have maintained considerable growth, airbags and steering wheel products have been released rapidly, and special seat safety devices have made steady progress. It is estimated that the company's 24-26 year net profit will be 2.8 million yuan, 3.9 billion yuan, and 5.1 billion yuan respectively, maintaining the "increased" investment rating. Risk tips: industry and market risk, technical risk, raw material price fluctuation risk, management risk caused by scale expansion, high customer concentration risk and so on. [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.