Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first coverage with a market price of 12.93 CNY [1]. Core Insights - The company has a strong foothold in the ultrasonic sensor market, with a significant growth trajectory expected due to increasing penetration in automotive electronics and other applications [3][4][6]. - The company has demonstrated robust financial performance, with a compound annual growth rate (CAGR) of 11% in revenue and 14% in net profit from 2012 to 2023 [3][15]. - The company is well-positioned to benefit from the domestic substitution trend in the ultrasonic sensor market, with substantial opportunities for growth in various sectors including automotive, industrial control, and consumer electronics [4][6]. Summary by Sections Company Overview - The company has over 20 years of experience in ultrasonic sensors, leading the domestic market with a revenue of 360 million CNY in 2023, accounting for 76% of total revenue [3][10]. - The company has maintained a high gross margin of over 30% and a net profit margin of over 10% consistently [3][15]. - The controlling shareholder has a technical background, which, along with stock incentives, enhances team motivation and cohesion [3][10]. Market Analysis - The global ultrasonic sensor market is valued at 37 billion CNY in 2023, with a projected CAGR of 13% from 2023 to 2032 [4]. - The Chinese market for ultrasonic sensors is close to 9 billion CNY, with a CAGR of 11% from 2014 to 2023 [4]. - The company is a leading domestic player in ultrasonic sensors, with significant room for domestic substitution against foreign competitors [4][6]. Product Development - The company is advancing into the pressure touch sensor market, which is expected to grow steadily, with a global market size of 11.4 billion CNY in 2022 and a projected CAGR of 8% from 2022 to 2028 [5][6]. - The company is collaborating with major 3C brands like ASUS, VIVO, and Xiaomi, aiming to produce 200 million units of pressure touch sensors by 2027 [6]. Financial Forecast and Valuation - The company is expected to achieve net profits of 96 million CNY, 116 million CNY, and 139 million CNY for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 19, 16, and 13 [1][6]. - The company has a strong cash flow position, with positive operating cash flow consistently since 2018 [23].
奥迪威：超声波传感器先锋，下游应用多点开花