Investment Rating - The report initiates coverage with a "Buy" rating for Hengbo Co., Ltd. [6] Core Insights - Hengbo Co., Ltd. is a leading supplier in the intake system sector, with a diversified layout in PEEK materials, which positions the company advantageously in the market [3][4] - The traditional business of Hengbo is performing well, with a projected market space of nearly 5 billion yuan for motorcycle and automotive intake systems in 2024, reflecting a competitive edge with a gross margin of approximately 30% and a net margin of 15% [3][4] - The company is expanding its business lines, including thermal management systems and smart motorcycle instruments, while also establishing joint ventures to enter the PEEK and automotive interior markets [5] - The Lafa5 model from Leapmotor targets the 100,000 yuan electric coupe market, offering competitive features and aiming for significant sales growth, with a target of 500,000 units in 2025 and one million in 2026 [8][10] Summary by Sections Hengbo Co., Ltd. - Hengbo Co., Ltd. was established in 2005 and went public in 2023, focusing on intake systems and components for various vehicles [4] - The company has a strong customer base, including major players like Honda and Yamaha, and has expanded into the automotive sector through partnerships with companies like Geely and GAC [4] - The intake system market is expected to grow alongside vehicle sales, with Hengbo maintaining a strong competitive position due to its high self-manufacturing rate and customer loyalty [4][5] Leapmotor Lafa5 - The Lafa5 model is designed to meet the needs of the younger generation, featuring a range of 515 km to 605 km and priced between 92,800 to 116,800 yuan [8][9] - The vehicle emphasizes aesthetics and practicality, with a sporty design and advanced smart features, aiming to set a new benchmark in the market [9][10] - Leapmotor's strategy includes global market expansion, particularly targeting the European market with a design that aligns with local consumer preferences [8][10]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7] Core Insights - The company is a leading supplier in the intake system sector, with a diversified layout in PEEK materials, opening new growth avenues [6][20] - The company has a strong historical performance in the intake system and is expanding into new business areas such as thermal management systems and intelligent instruments [6][15] - The company is expected to achieve significant revenue growth driven by its automotive and motorcycle segments, with a projected revenue of 1.05 billion yuan in 2025, reflecting a year-on-year growth rate of 21.5% [6][7] Financial Data and Profit Forecast - Total revenue forecast for 2024 is 865 million yuan, with a year-on-year growth rate of 10.2% [6] - The projected net profit attributable to the parent company for 2025 is 152 million yuan, with a year-on-year growth rate of 16.2% [6][7] - The company maintains a gross margin of approximately 30% and a net profit margin of around 15% [6][28] Business Overview - The company has established itself as a key player in the intake system market, with a market space of nearly 5 billion yuan in 2024 for automotive and motorcycle intake systems [6][48] - The company has a stable market share of 16.3% in the overall intake system market, with a significant presence in the motorcycle segment [49][50] - The company is actively expanding its product offerings to include lightweight materials and automotive interior components, enhancing its competitive edge [6][20] PEEK Business Potential - PEEK is identified as a high-potential material with applications in high-end manufacturing, particularly in humanoid robots, where its properties offer advantages over metals [6][22] - The company has formed a joint venture to enhance its capabilities in PEEK materials, positioning itself favorably in the market [6][22] Valuation and Market Outlook - The company is expected to achieve a net profit of 1.52 billion yuan by 2025, with a corresponding PE ratio of 68x [7][8] - The target market capitalization for 2026 is estimated at 12.6 billion yuan, indicating a potential upside of 22% from current levels [7][8]

Core Viewpoint - Huaxin has given a "Buy" rating to Hengbo Co., Ltd., highlighting its deep engagement in the automotive and motorcycle intake system sector and its expansion into the new energy business, which opens up growth opportunities [1][2]. Company Overview - Hengbo Co., Ltd. focuses on automotive and motorcycle intake systems and accessories, with over 90% of its revenue projected to come from this core business by the first half of 2025 [1][2]. - The company has established four major industrial bases in Taizhou, Zhejiang; Jiangmen, Guangdong; Tongliang, Chongqing; and Changzhou, Jiangsu, enabling large-scale manufacturing and rapid response capabilities [1][2]. Market Position and Growth Potential - Hengbo Co., Ltd. is expected to further increase its market share in the automotive and motorcycle intake and exhaust system sector [1][2]. - The company is actively entering the new energy vehicle component market, focusing on high-performance modified materials to tap into the lightweight sector, which is anticipated to lead to steady growth in performance [1][2].

Core Viewpoint - The report from Huaxin Securities highlights that Hengbo Co., Ltd. is deeply engaged in the automotive and motorcycle intake system sector, while expanding into the new energy business, which opens up growth opportunities [1] Company Overview - The company's main business focuses on automotive and motorcycle intake systems and accessories, with revenue from this segment expected to exceed 90% by the first half of 2025 [1] - Hengbo has established four major industrial bases in Taizhou, Zhejiang; Jiangmen, Guangdong; Tongliang, Chongqing; and Changzhou, Jiangsu, enabling large-scale manufacturing and rapid response capabilities [1] Market Position and Growth Potential - The company is committed to the automotive and motorcycle intake and exhaust system field, with the potential for further market share increase [1] - Hengbo is actively entering the new energy vehicle component market, focusing on high-performance modified materials to tap into the lightweight sector, which is expected to lead to steady growth in performance [1] - The investment rating for the company is set at "Buy" [1]

Core Viewpoint - The company, Hengbo Holdings, is a leading supplier in the automotive intake system sector, expanding into new energy businesses to unlock growth potential [1][4]. Group 1: Company Overview - Established in 2005, Hengbo Holdings specializes in motorcycle intake systems and automotive components, entering the automotive parts market in 2007 [1]. - The company has developed a comprehensive product range, including ICE & HEV intake systems, fuel evaporation systems, and hydrogen fuel cell components [1][3]. - Hengbo Holdings has four major manufacturing bases in China, enhancing its production capacity and responsiveness [1]. Group 2: Financial Performance - Revenue from 2020 to 2024 showed consistent growth: 5.73, 6.33, 7.13, 7.85, and 8.65 billion CNY, with a CAGR of 10.84% [4]. - Net profit for the same period was 0.65, 0.95, 1.04, 1.15, and 1.31 billion CNY, with a CAGR of 19.15% [4]. - In Q1-Q3 2025, the company achieved revenue of 7.31 billion CNY, a year-on-year increase of 19.09% [4]. Group 3: Product Segmentation - The main products are categorized into four segments: automotive and motorcycle intake systems, with automotive parts contributing over 60% of revenue in 2025 [1][6]. - The company has successfully developed key components for new energy vehicles, including cooling systems and intelligent displays [2][8]. Group 4: Strategic Initiatives - The company is expanding its customer base in the new energy vehicle sector, collaborating with brands like Li Auto and Xpeng [7]. - It is also focusing on new product development and technological advancements, particularly in high-performance modified materials [10][11]. - Hengbo Holdings plans to establish a manufacturing network centered in Singapore to enhance its global presence [7]. Group 5: R&D and Innovation - The company has a strong R&D capability, with a focus on core technologies in intake systems and thermal management for new energy vehicles [8]. - It operates a CNAS-accredited laboratory with over 150 testing devices, enhancing its product quality and innovation [8]. - The company is actively pursuing patents for new materials and products, reinforcing its competitive edge [3][8]. Group 6: Market Potential - The global PEEK market is projected to grow significantly, with estimates reaching 7 billion CNY by 2025 and 13.1 billion CNY by 2031 [11][12]. - The company’s strategic positioning in high-performance materials aligns with market trends towards lightweight components [10][12].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first investment recommendation [2][15]. Core Insights - The company is a leading player in the automotive intake system sector and is actively expanding into new growth areas, particularly in the new energy vehicle market [4][5]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 10.84% from 2020 to 2024, and a significant increase in net profit with a CAGR of 19.15% during the same period [7][15]. - The company is focusing on enhancing its research and development capabilities and expanding its customer base, particularly in the new energy vehicle sector [11][12]. Summary by Sections Company Overview - Established in 2005, the company specializes in motorcycle intake systems and has expanded into automotive components, becoming a key supplier in the automotive parts market [4]. - The company has developed four major production bases across China, enhancing its manufacturing scale and responsiveness [4]. Business Segments - The company’s main business includes automotive and motorcycle intake systems, which accounted for over 90% of revenue in the first half of 2025 [5]. - The company is also expanding into new energy vehicle thermal management systems, with products like cooling water tanks and expansion tanks already in mass production [5][6]. Financial Performance - Revenue from 2020 to 2024 was reported as 573 million, 633 million, 713 million, 785 million, and 865 million yuan, respectively, with year-on-year growth rates ranging from 10.15% to 15.85% [7]. - The company achieved a net profit of 94 million yuan in the first three quarters of 2025, reflecting a year-on-year increase of 8.89% [7]. Profitability and Cost Management - The company maintained a gross margin above 30% from 2020 to 2024, indicating stable profitability driven by technical advantages and high self-sourcing rates [8]. - The overall expense ratio has shown a decreasing trend, with research and development expenses consistently increasing to support innovation [8]. Strategic Initiatives - The company is actively expanding its customer base in the new energy vehicle sector, targeting well-known brands and new entrants [10]. - It is also venturing into high-performance modified materials, establishing a joint venture to capture the lightweight materials market [13][14]. Future Outlook - Revenue projections for 2025 to 2027 are estimated at 981 million, 1.116 billion, and 1.270 billion yuan, respectively, with expected earnings per share (EPS) of 1.54, 1.71, and 1.94 yuan [15][17].

核心观点 公司25Q3营业收入2.63亿元，同比增加21.25%，环比增加4.42%；归母净利润0.28 亿元，同比下降 2.54%，环比下降16.88%；扣非归母净利润0.27 亿元，同比增加1.65%，环比下降4.94%。车端大客户持 续上量，推动营收增速上行。汽车业务营收占比提升，综合毛利率有所下降。设立PEEK 合资公司进军 机器人，汽车内饰及海外布局全面推进，看好公司主业营收市占率提升，及PEEK等新兴业务贡献成长 动能。 事件 公司发布三季报。2025 前三季度营业收入7.31 亿元，同比增加19.09%；归母净利润0.94 亿元，同比增 加8.89%；扣非归母净利润0.87 亿元，同比增加8.65%；基本每股收益0.93，同比增加9.41%。2025Q3 营 业收入2.63 亿元，同比增加21.25%，环比增加4.42%；归母净利润0.28 亿元，同比下降2.54%，环比下 降16.88%；扣非归母净利润0.27 亿元，同比增加1.65%，环比下降4.94%。 Q3 公司PEEK、汽车内饰及海外布局全面推进： 1）8 月1 日，公司与DMI（实控人为许砥中教授）成 立合资公司，恒勃持股80%并提 ...

Group 1: Company Overview - The company, established in 1995, has developed production bases in Zhejiang Taizhou, Guangdong Jiangmen, Chongqing Tongliang, and Jiangsu Changzhou, and successfully went public in 2023 [2] - Main products include automotive and motorcycle intake systems, carbon canisters, smart instruments, water side flow plates, and pipelines, widely used in fuel vehicles, hybrid, and new energy vehicles [2] - Key clients include major automotive manufacturers such as GAC, Chery, Geely, BYD, and Seres [2] Group 2: Technological Advancements - The company has achieved core process autonomy through independent research and development and is actively investing in the PEEK high-performance materials industry [2] - A joint venture with Discover Material Inc. focuses on the domestic application of advanced materials, particularly in robotics, aerospace, and medical devices [2][3] - PEEK materials are characterized by high strength, wear resistance, self-lubrication, high-temperature resistance, and good insulation, suitable for extreme environments [3] Group 3: Market Strategies - The company anticipates price reductions from major manufacturers and is preparing by simplifying designs, optimizing production processes, and enhancing bargaining power [3] - Adjustments in payment terms by automotive manufacturers to 60 days are expected to improve cash flow and reduce bad debt risks for the company [3] Group 4: Stock Performance and Shareholder Actions - The company emphasizes market value management and aims to align intrinsic and market value, with stock price fluctuations influenced by various external factors [4] - Recent share reductions were primarily due to employee stock platforms and early external investors, with the scale being relatively small [5]

Group 1 - The core point of the article is that Hengbo Co., Ltd. (301225) announced the election of Liu Weili as the employee representative director of the company's fourth board of directors [1]

Group 1 - Hengbo Co., Ltd. (SZ 301225) held its 14th meeting of the 4th Board of Directors on November 14, 2025, to review the proposal for electing directors to execute company affairs [1] - For the year 2024, Hengbo's revenue composition is 96.86% from manufacturing and 3.14% from other businesses [1] - As of the report date, Hengbo's market capitalization is 8.8 billion yuan [1]