Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The demand for automotive parts is expected to grow significantly due to the trends of electrification, connectivity, intelligence, and sharing in the automotive industry. The penetration rate of new energy vehicles has been increasing since 2013, with global sales reaching 10.522 million units in 2022, a year-on-year increase of 55.47% [2][47]. - The company has a leading comprehensive capability in automotive metal parts, with projected net profits of 69.44 million, 89.62 million, and 114.70 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 15.15, 11.74, and 9.17 times [3][15]. Summary by Sections Company Overview - The company, established in 2010, specializes in the R&D, production, and sales of precision metal components for automobiles. It has developed competitive advantages in precision machining, complex stamping, and laser welding, becoming a qualified supplier for several well-known automotive manufacturers [55][59]. Market Trends - The automotive parts industry is positioned upstream of the automotive manufacturing sector. The increasing market penetration of new energy vehicles is driving the demand for automotive parts, with the global automotive production reaching approximately 85.017 million units in 2022, a year-on-year increase of 6.07% [2][47]. Financial Performance - The company has shown continuous growth in revenue and net profit, with total revenue increasing from 73 million yuan in 2019 to 276 million yuan in 2023, representing a compound annual growth rate (CAGR) of 39.44%. The net profit also grew from 12 million yuan to 52 million yuan during the same period, with a CAGR of 44.28% [60][62]. Business Segments - The revenue from new energy vehicle components has significantly increased, from 9 million yuan in 2019 to 115 million yuan in 2023, with a CAGR of 89.07%. This segment now accounts for 41.81% of the company's total revenue [15][62]. Competitive Advantages - The company has established deep partnerships with leading global connector manufacturers, enhancing its production capacity and market reach. It has over 400 types of products, with a significant market share in brake system components [16][55]. Future Outlook - The company is expected to benefit from the ongoing trends in the automotive industry, particularly the shift towards new energy vehicles, which presents substantial growth opportunities in the automotive parts market [2][47].
易实精密：全方位汽车金属零件研产能力领先，新能源业务放量可期