Zhong Guo Zheng Quan Bao·2025-12-25 22:12Core Viewpoint - The development of intelligent chassis technologies, such as fully active suspension and steer-by-wire systems, is becoming a key indicator of vehicle intelligence levels. Zhejiang Shibao is advancing its steer-by-wire technology, aiming for mass production by the second half of 2026, which aligns with the introduction of L3 autonomous driving standards [1][2]. Group 1: Company Performance - Zhejiang Shibao's stock price reacted positively to the news, achieving four consecutive trading limits from December 16, with a closing price of 21.22 yuan per share by December 25, marking five limit-up closures in eight trading days [1]. - In the 2024 annual report, Zhejiang Shibao reported a revenue of 2.693 billion yuan, representing a year-on-year growth of 48.04%, and a net profit attributable to shareholders of 149 million yuan, up 93.15% year-on-year. Revenue from steering systems and components accounted for 94.18% of total revenue [1][2]. Group 2: Industry Context - The automotive steering system industry has high entry barriers, requiring manufacturers to pass multiple standards and trials before becoming qualified suppliers for automakers. Zhejiang Shibao has established close relationships with major automakers, with its top five customers, including Chery, Geely, NIO, and Li Auto, contributing 1.778 billion yuan, or 66.01% of total sales [2]. - The recent favorable developments in L3 autonomous driving and the push for commercialization have attracted institutional funds to related concept stocks, leading to a strong market performance for Zhejiang Shibao, characterized by an "8 days 5 boards" trend [3]. Group 3: Challenges - Despite its focus on vertical integration within its main business, Zhejiang Shibao faces challenges such as high accounts receivable, which stood at 1.181 billion yuan as of September 30 [4].