ZYNP(SZ:002448) Xin Lang Cai Jing·2025-12-13 00:33Core Insights - The company has a strong technical capability in the production of internal combustion engine cylinder liners and has expanded its product line to include key components such as pistons, piston rings, and bearings, establishing a comprehensive supply chain in the internal combustion engine friction pair components industry [1][2]. Group 1: Business Overview - The company has a long-standing presence in the internal combustion engine PCU business, serving both domestic and international markets with clients including BYD, Geely, Cummins, and Caterpillar [2]. - The company has entered the brake system sector through its subsidiary, producing innovative dual-metal brake drums and discs, which have broken foreign technological monopolies and achieved international leading standards [3]. Group 2: Product Development - The company has developed dual-metal composite brake drums and discs that enhance stiffness by 50% compared to similar market products and double their lifespan, showcasing its independent intellectual property [3]. - The company has successfully entered the international mainstream turbocharger supplier system and is achieving bulk supply in the domestic market for electronic control actuators [4]. Group 3: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 3.87 billion, 4.59 billion, and 5.31 billion yuan, representing year-on-year growth rates of 17%, 19%, and 16% respectively, with net profit forecasts of 420 million, 510 million, and 580 million yuan, reflecting growth rates of 104%, 22%, and 15% [6]. - The company is assigned a valuation of 18 times earnings for 2026, corresponding to a target stock price of 15.72 yuan and a target market value of 9.2 billion yuan, indicating a "buy" rating based on its leading position in the internal combustion engine PCU sector and growth potential in new businesses [6].