Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [13]. Core Insights - The company, Jiezhong Technology, is recognized as a "little giant" specializing in precision injection parts for the automotive industry, with a focus on three main business segments: wiper systems, window systems, and air conditioning systems [31][36]. - The company has shown consistent revenue growth, with a projected increase in total revenue from 231.19 million yuan in 2023 to 294.20 million yuan in 2024, representing a year-on-year growth of 27.26% [1]. - The company has established strong relationships with leading downstream clients, including major automotive manufacturers and suppliers, which enhances its market position and revenue stability [2]. Revenue and Profitability - The total revenue for Jiezhong Technology has been steadily increasing, with a compound annual growth rate (CAGR) of 8.85% from 2019 to 2023, reaching 231.19 million yuan in 2023 [59]. - The net profit attributable to shareholders is also on the rise, with projections of 52.70 million yuan in 2024, reflecting a year-on-year growth of 32.24% [1]. - The company has a strong gross profit margin, maintaining over 36% from 2019 to 2023, with a gross profit of 84 million yuan in 2023, up 17.67% year-on-year [41]. Business Segments - The wiper system components account for over 50% of the company's revenue, while the window system components have seen significant growth, increasing from 26 million yuan in 2019 to 87 million yuan in 2023, with a CAGR of 35.1% [1][40]. - The air conditioning system components are emerging products, with revenue growth from 1 million yuan in 2019 to 25 million yuan in 2023, achieving a remarkable CAGR of 123.5% [40]. Market Trends - The global market for automotive parts is expected to grow significantly, driven by the increasing demand for electric vehicles and the trend of lightweight materials replacing steel in automotive manufacturing [12][68]. - The report highlights that the global sales of new energy vehicles reached 10.52 million units in 2022, a year-on-year increase of 55.47%, which is expected to further boost the automotive parts industry [12][47]. Client Relationships - Jiezhong Technology has a robust client base, including top-tier automotive suppliers and manufacturers such as Valeo, SAIC, and General Motors, which enhances its market credibility and sales reliability [2][31]. - The company has successfully expanded its international market presence, with operations in regions like Mexico and Poland, contributing to a gross margin of 47.4% in overseas business, significantly higher than the domestic margin [2].
捷众科技：汽车精密注塑件专精特新“小巨人”，新能源智造项目放量可期