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].
恒勃股份(301225)：汽摩进气系统领军企业 积极开拓成长新曲线