IAT(SZ:300825) Zhong Guo Neng Yuan Wang·2025-08-13 08:06Core Viewpoint - The report from Huajin Securities highlights the growth potential of Alter (300825) driven by the transformation in the automotive industry, emphasizing a dual strategy of "AI + overseas expansion" to foster a new growth cycle [1] Company Overview - The company is a leading independent automotive design firm in China, covering the entire automotive design process from product definition to manufacturing, and is integrating AI into its design operations to reshape its R&D paradigm [2] - With over 20 years of experience in vehicle development design services, the company offers comprehensive "turnkey" services across various vehicle types, having successfully developed nearly 500 models for over 80 clients [2] Industry Trends - The shift towards electrification and intelligence in the automotive sector is expected to enhance the growth opportunities for independent third-party design companies, with the company poised to benefit from this trend [3] - The global automotive market is rapidly transitioning to electric and intelligent vehicles, necessitating continuous innovation from automakers to meet consumer demands for diverse and novel products [3] Strategic Initiatives - The company has established seven R&D centers globally, focusing on markets in Japan, Southeast Asia, and the Middle East, to strengthen collaboration with clients and industry partners [3] - A business order for converting diesel light trucks to electric has been signed with Japan's YAMATO, with the first batch of 103 units delivered in April 2023, and further deliveries expected to ramp up by the second half of 2025 [3] Product Development - The company is focusing on key automotive components, expanding its supply chain, and moving into vehicle manufacturing [4] - It has developed capabilities in producing various powertrain components, including the world's first electromagnetic DHT, with a procurement contract worth no less than 1.451 billion RMB signed in August 2024 [4] - Collaborations with major companies like Huawei for smart vehicle control modules are underway, indicating a strong focus on automotive electronics [4] Financial Projections - Revenue forecasts for 2025-2027 are 1.368 billion, 1.961 billion, and 2.800 billion RMB, representing year-on-year growth rates of 40.9%, 43.3%, and 42.7% respectively [5] - Net profit attributable to the parent company is projected to be 49 million, 101 million, and 201 million RMB for the same period, with growth rates of 136.6%, 108.5%, and 98.5% [5] - The company is expected to explore AI applications in automotive design, with the AI-powered product "TAI" set to launch in March 2025, contributing to revenue [3][5]