playstrippoker| Qin 'an (603758): The cylinder head business with low valuation and high dividend is developing rapidly

The main business grows steadily and the company achieves revenue in 2023.Playstrippoker.400 million yuan, + 37.80% compared with the same period last year, and the net profit returned to the mother was 261 million yuan, a big increase of + 43.87% over the same period last year. In terms of profitability, the company's 2023 gross profit margin reached 27.85%, year-on-year + 7.68pctten 2023 net profit margin of 14.99%, year-on-year + 0.63pct. From the perspective of specific business, the cylinder head income was 805 million yuan, a year-on-year increase of 72.14%, accounting for 46.3% of the total revenue, and the gross profit margin was 22.17%, an increase of 2.45pct over the same period last year; the cylinder income was 495 million yuan, down 7.15% from the same period last year, accounting for 28.4% of the total revenue and 34.38% of the gross profit margin, which increased 15.25pct over the same period last year. Crankshaft revenue 163 million yuan, up 5.39% year on year, accounting for 9.4% of total revenue, gross profit margin 27.72%, down 5.55 pct; transmission box and other income 249 million yuan, a year-on-year increase of 164.74%, accounting for 14.3% of total revenue, a gross profit margin of 25.61%, an increase of 30.18pct over the same period last year. 23Q4's revenue reached 526 million yuan, + 29.05% / month-on-month + 8.56% compared with the same period last year; the net profit returned to the mother was 55 million yuan,-29.58% year-on-year and-28.75% compared with the same period last year. 24Q1's revenue was 416 million yuan, year-on-year + 25.98% / month-on-month-20.91%; return to the mother net profit of 49 million yuan, year-on-year-19.70%, month-on-month-11.58%. From the perspective of profitability, the company's 24Q1 gross profit margin is 26.98%, year-on-year-0.78pct/ quarter-on-1.32pctten 24Q1 net profit 11.71%, year-on-year-6.66pct/ month-on-month 1.23pct. The rate of three fees (excluding the rate of R & D expenses) of 24Q1 reached 5.96%, compared with the same period of 2.64pct/ and 0.18pct. The rate of sales expenses / administrative expenses / financial expenses is 1.24%, 5.92%, 1.20%, respectively, compared with 0.75pct/1.21pct / 0.68pct, and the rate of R & D expenses is 1.93%, year-on-year-0.12pct. Actively expand the market and promote new energy business to land new customers. In 2023, the company will continue to actively expand market space and obtainPlaystrippokerIncluding Changan Ford part of the transmission box, cylinder head export orders (exported to North American Ford through Changan Ford), including a number of projects. At the same time, some pure electricity and hybrid customers in the new energy field have been invited to make quotations. At present, customers cover passenger and commercial vehicle customers, including Changan Ford, ideal Xinchen, China FAW, Jiangling Ford, Geely Motor, Changan Automobile, Dongan Power, Liuzhou Wuling, SAIC GM Wuling, BAIC Foton and so on. The company's products extend from fuel engine and transmission core components to new energy hybrid engine core components, transmission critical parts and motor shell and other new fields. In addition, the subsidiary Metro Qin'an has steadily promoted the research and development of hybrid drive system products according to the plan, and has completed the development and manufacture of special engine, motor and reducer samples, and the assembly of motor controller prototypes, as well as some performance and durability tests of engines and reducers. In the process of product research and development and prototype manufacturing, the company has established a good cooperative relationship with excellent auto parts suppliers at home and abroad, and initially established a relatively complete supply chain system. Investment advice: due to the adjustment of the company's business structure, the 24-26 net profit forecast for 24-26 is slightly reduced to 349, 427, and 515 million yuan (the previous forecast is 2024, 2025 profit of 386, 610, 000). The current market capitalization corresponds to PE times as much as 11-9-8, maintaining the "buy" rating. Risk tips: car demand is lower than expected, raw material prices continue to rise, and the company's new business expansion is not as 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.