rallyxarcade|宁波华翔(002048)：业绩表现稳健 客户结构持续优化

Core point of view: the company's 23 years of revenue and performance of the overall sound performance. According to the company's annual report, the company achieved operating income of 232 in 23 years.Rallyxarcade.400 million yuan, + 17.9% year-on-year, net profit before / after deducting non-parent is 10.3 / 940 million yuan respectively, + 4.4% Universe 5.9% year-on-year. According to the quarterly report, the company's 24Q1 achieved operating income of 5.68 billion yuan, + 22.6% compared with the same period last year, and the net profit before and after deducting the non-parent was 2.2 billion yuan, respectively, and + 11.9% and 8.0% respectively compared with the same period last year. The company's revenue and performance as a whole are sound. The company's 23-year gross profit margin performance is solid, R & D investment continues to increase. The company's 23-year gross profit margin was 17.0%, unchanged from a year earlier. The company's 23-year net interest rate was 6.2%, down 0.6 pct from the same period last year, and the period expense rate was 9.3%, up 0.3pct from the same period last year. Among them, the sales / management / finance / R & D expense rates are 1.5, 4.3, 0.0 and 3.5%, respectively, compared with the same period last year-0.1/+0.2/+0.1/+0.0pct. The 23-year gross profit margin of the company intensifies the competition in the downstream industry, and the pressure of annual decline increases.RallyxarcadeUnder the circumstances, the overall performance is sound. The company continues to optimize the customer structure and continue to promote overseas loss reduction. According to the company's annual report, the company has rapidly and continuously iterated its customer structure, rapidly cut into and continuously expanded its market share in independent brands and new energy vehicles, and has become an important supplier of mainframe factories such as T car Factory, BYD, Chery, Geely, ideal, Lilly, Xiaopeng, Selis and so on. At the same time, the company continues to promote overseas loss reduction, North America through structural adjustment, costs further reduced, loss reduction effect is obvious; however, the company increased mass production of new projects in Europe in 2023, the higher costs during the climbing period led to increased losses. Profit forecast and investment suggestions: the company completes the optimization of the governance structure and has a profound knowledge of the parts industry. In the face of industry change, it is expected to meet a new and upward cycle. We estimate that the company's EPS for 24-26 will be 1.66 pound 1.92 yuan per share, maintain the company's fair value of 16.85 yuan per share, and maintain a "buy" rating. Risk tips: the prosperity of the passenger car industry is declining; the company's new product promotion is not as expected; the industry competition is intensified. [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.