RAYHOO MOTOR DIES(SZ:002997) KAIYUAN SECURITIES·2024-07-09 23:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [42]. Core Insights - The company is a leading player in the automotive mold industry, capable of providing comprehensive high-end manufacturing equipment, intelligent manufacturing technology, and overall solutions for automotive body structures [51][67]. - The company has been expanding its business into the lightweight automotive parts sector, which is expected to drive growth in its second growth curve [45][67]. - The company has established strong partnerships with both domestic and international clients, enhancing its market position [54][77]. Summary by Sections 1. Automotive Mold Leader and Lightweight Expansion - The company has over 20 years of experience in automotive equipment manufacturing and has recently ventured into lightweight components [45][71]. - It has formed a deep collaboration with Chery, enhancing the certainty of its lightweight business development [46][67]. - The company’s revenue for 2023 reached 1.877 billion yuan, a year-on-year increase of 60.7%, with a compound annual growth rate (CAGR) of 34.02% from 2021 to 2023 [58]. 2. New Energy Vehicles and Lightweight Trends - The sales of new energy vehicles in China reached 9.495 million units in 2023, a year-on-year increase of 37.87%, with expectations to reach 11.5 million units in 2024 [60]. - The penetration rate of new energy vehicles in China is projected to increase from 30.5% in 2023 to 40% in 2024 [60]. - The global automotive manufacturing equipment market is expected to reach $11.4 billion by 2028, with a CAGR of 11.1% during the forecast period [60]. 3. Dual-Driven Growth from Lightweight and Equipment Manufacturing - The company has a clear equity structure, with Chery Technology as its second-largest shareholder, facilitating close cooperation [55]. - The lightweight components business is expected to contribute significantly to revenue growth, with a projected income share of around 20% by Q1 2024 [38]. - The company’s gross profit margin has remained stable above 20% from 2017 to 2023, indicating strong operational efficiency [58]. 4. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 348 million yuan, 470 million yuan, and 610 million yuan for the years 2024, 2025, and 2026, respectively [39]. - The earnings per share (EPS) are projected to be 1.66 yuan, 2.25 yuan, and 2.91 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 19.8, 14.7, and 11.3 [39].