Investment Rating - The report assigns an "Outperform" rating, indicating an expected relative performance exceeding the market by 5% to 20% [51]. Core Insights - The company is focusing on the production of precision automotive components, particularly in the windshield wiper system, door and window systems, and air conditioning system parts, with a notable shift in revenue contribution from these segments over recent years [20][39]. - The company has developed several advanced production processes and technologies, including high-strength small modulus injection gears and precision components for electric vehicle applications, which are expected to enhance production efficiency and product quality [7][34]. - The company is actively investing in new projects, including a precision component manufacturing project for electric vehicles, which is projected to generate significant revenue upon completion [12][34]. Summary by Sections Company Overview - The company specializes in precision automotive components, with a product range that includes injection-molded parts and stamping parts, focusing on high precision, strength, and durability [3][46]. Production Capacity and Efficiency - The company has maintained a high capacity utilization rate above 80% and a sales-to-production ratio exceeding 92% from 2020 to mid-2023, indicating strong operational efficiency [31][16]. Research and Development - The company has completed several R&D projects aimed at enhancing product performance and developing new technologies, with multiple patents filed for innovations in automotive components [7][5]. Financial Projections - The company anticipates net profits of 0.54 billion, 0.67 billion, and 0.84 billion for the years 2024 to 2026, with corresponding EPS of 0.82, 1.02, and 1.27, suggesting a favorable growth outlook [51][67]. Market Position - The company is positioned competitively within the automotive parts industry, with a focus on high-margin products and a growing share in the electric vehicle market, which is expected to drive future growth [65][20].
捷众科技：北交所首次覆盖报告：汽车精密注塑件“小巨人”，顺应新能源车轻量化趋势推进产能及渠道布局