Xin Lang Cai Jing·2025-06-01 10:32Group 1 - The core viewpoint is that the turbocharger is expected to rapidly increase in volume, enhancing the value per vehicle, while the company is also venturing into humanoid robots [1] - The company is a high-quality supplier of automotive engine components, focusing on domestic substitution in the joint segment through refined processes [1] - Revenue is projected to grow from 1.11 billion to 1.75 billion CNY from 2022 to 2024, with a CAGR of 26%, while net profit is expected to rise from 37 million to 51 million CNY, with a CAGR of 17% [1] Group 2 - The automotive engine components industry is experiencing domestic production growth, with the company steadily improving its capacity utilization [2] - The company provides exhaust (camshaft, ASP approximately 210 CNY), transmission (connecting rod, ASP approximately 150 CNY), and power transmission components (pulley, ASP approximately 55 CNY) [2] - The potential market size for these components is estimated to be 9.8 billion CNY in 2024, with high precision and equipment requirements leading to a historical reliance on foreign suppliers [2] Group 3 - The turbocharger market has a low domestic penetration rate, significant market potential, and high barriers to entry, with the market size expected to reach 21.1 billion CNY by 2027, growing at a CAGR of 14% from 2025 to 2027 [3] - The company anticipates sales volumes of 320,000, 930,000, and 1.19 million units from 2022 to 2024, with revenues of 286 million, 788 million, and 986 million CNY respectively, indicating rapid expansion [3] - The average selling price (ASP) for turbochargers is expected to exceed 800 CNY, as the company expands its product range [3] Group 4 - The company is entering the robotics sector, leveraging its process advantages to establish a production line for harmonic reducers [4] - Harmonic reducers are characterized by their compact size and high transmission precision, with significant material, tooth shape design, and processing barriers [5] - The company aims to utilize its expertise in heat treatment and precision machining to build production lines for harmonic reducers and lead screws [6] Group 5 - The robotics components business is positioned as a crucial new business segment, expected to become a significant growth driver [7] - Revenue forecasts for the company from 2025 to 2027 are projected at 2.42 billion, 3.14 billion, and 3.81 billion CNY, with year-on-year growth rates of 38.1%, 29.6%, and 21.5% respectively [8] - Net profit forecasts for the same period are 150 million, 200 million, and 260 million CNY, with year-on-year growth rates of 197.6%, 33.8%, and 31.1% respectively, corresponding to PE ratios of 34.3, 25.6, and 19.5X [8]