Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative performance that is better than the market by 5% to 20% over the next 6 to 12 months [4][57]. Core Viewpoints - The company, a national-level specialized "little giant," focuses on precision automotive components, particularly in the production of windshield wiper system parts, window system parts, and air conditioning system parts, with a strong reputation for precision plastic gears and injection-molded parts in China [37][64]. - The automotive industry is experiencing a steady recovery, and the trend towards lightweight development in new energy vehicles presents opportunities for the plastic parts industry [60]. - The company has established solid customer relationships with leading global suppliers such as Valeo and Entran, and its products are used in well-known automotive brands including Mercedes-Benz, BMW, Audi, Volkswagen, and Tesla [64]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 231 million yuan, representing an 18.33% year-on-year increase, and a net profit attributable to shareholders of 39.85 million yuan, reflecting a 6.10% increase [62]. - The company forecasts net profits of 54 million yuan, 67 million yuan, and 84 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.82 yuan, 1.02 yuan, and 1.27 yuan per share [25][27]. Production Capacity and Projects - The company plans to invest 20 million yuan in the "New Energy Vehicle Precision Component Manufacturing Project," which is expected to increase annual production capacity by 80 million plastic parts and 8 million precision stamped parts, generating an additional revenue of 159 million yuan upon reaching full production [9][60]. - The project is scheduled to be completed within 24 months, with production expected to commence in May 2026 [60]. Market Position and Competitiveness - The company holds approximately 25% market share in the domestic windshield wiper motor gear segment, indicating a strong competitive position [60]. - The company’s gross margin is currently higher than that of comparable companies, reflecting its effective cost management and product differentiation strategies [36][60]. Product Development and Innovation - The company has developed four R&D projects related to new energy vehicles and has achieved significant advancements in production processes for precision components [54]. - The company holds 15 invention patents, showcasing its commitment to innovation and technological advancement in the automotive parts sector [60][48].
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