Zhejiang Shibao (01057) Fa Yingxi expects annual net profit to increase sharply by 373.98%-437.17% year-on-year to 75 million to 85 million yuan

According to the Zhitong Finance App, Zhejiang Shibao (01057) announced that the company expects to obtain net profit of 75 million to 85 million yuan (RMB, same below) for the year ended December 31, 2023, a sharp increase of 373.98%-437.17% over the same period last year.

The announcement said that during the reporting period, benefiting from the overall good performance of the automotive industry, the company's sales of hydraulic recirculating ball steering gear and electric power steering system products increased. At the same time, mass production of new products such as intelligent electric circulation ball steering gears, intelligent electrohydraulic circulation ball steering gears, pipe columns, and intermediate shafts began one after another, bringing new revenue sources to the company, increasing revenue and improving gross margin, and the company's net profit increased sharply year-on-year.