SHINRY(SZ:300745) Haitong Securities·2024-07-14 05:31Investment Rating - The report maintains an "Outperform" rating for the company [27]. Core Insights - The company is expanding its global strategic partnerships, including a joint venture with Honda Trading to enhance its presence in the new energy market [3]. - The financial projections indicate a significant recovery in net profit, with estimates of 64 million yuan in 2024, 120 million yuan in 2025, and 285 million yuan in 2026 [13]. - The company aims to provide advanced and cost-effective power management products for electric vehicles, aligning with global standards [13]. Financial Summary - Revenue is projected to grow from 1,417 million yuan in 2023 to 5,608 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 65.5% [4][15]. - The gross margin is expected to improve from 13.0% in 2023 to 17.6% in 2026, indicating enhanced operational efficiency [4][15]. - The company anticipates a turnaround in net profit margins, moving from -12.0% in 2023 to 5.1% in 2026 [15]. Strategic Developments - The establishment of a joint venture with Shanghai Electric Drive to develop a multi-in-one integrated electronic control assembly platform for electric vehicles [21]. - Collaboration with Visteon to advance power electronics technology, leveraging both companies' strengths in the field [29].