RAYHOO MOTOR DIES(002997) 浙商证券·2024-07-16 02:02Investment Rating - The report assigns a "Buy" rating for the company for the first time [3][37]. Core Insights - The company, established in 2002, specializes in automotive molds and automation production lines, achieving a revenue of 1.88 billion yuan in 2023, representing a year-on-year growth of 60.7% [1][15]. - The company has deep ties with Chery, with a robust order book in traditional mold and production line businesses, and is expected to benefit from the growth in lightweight components and the expansion of its customer base [1][16]. - The company is positioned to capitalize on the accelerating demand for molds driven by the rapid introduction of new energy vehicle models and the expansion of downstream automakers [2][31]. Summary by Sections Company Overview - The company has a strong foothold in the automotive manufacturing equipment sector, with a focus on molds and automation production lines. In 2023, it achieved a revenue of 1.88 billion yuan, marking a significant increase from the previous year [1][15][28]. - The lightweight components segment, initiated in 2022, has begun mass production of aluminum die-cast and stamped parts, which is expected to become a second growth curve for the company [1][15][28]. Market Dynamics - The demand for molds is increasing due to the faster launch of new energy vehicle models, which requires new mold development. The company has a competitive edge in stamping molds and automation production lines, supported by a strong customer base including major automotive brands [2][31][46]. - The company’s automotive manufacturing equipment business had an order backlog of 3.419 billion yuan at the end of 2023, reflecting a year-on-year increase of 12.84% [2][22][46]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 2.77 billion, 3.79 billion, and 4.92 billion yuan, respectively, with growth rates of 47.6%, 36.8%, and 29.9%. Net profit is projected to be 310 million, 410 million, and 510 million yuan for the same years, with corresponding growth rates of 51.2%, 34.5%, and 22.8% [3][49]. Growth Opportunities - The lightweight trend in the automotive industry is expected to drive the market for aluminum die-cast components, with the company well-positioned to benefit from this shift due to its established expertise and customer relationships [16][73]. - The company has initiated several projects in the lightweight components sector, with production capacity rapidly coming online, which is anticipated to contribute positively to future revenue growth [90][91].