Investment Rating - The investment rating for the company is "Buy" [1]. Core Viewpoints - The company is a leading player in the fastener industry, with a strong presence in the power supply sector and a growing client base in the new energy vehicle sector. The company has established close partnerships in the aerospace field and is expanding into new business areas [1][6]. - The company has shown significant revenue growth, with a notable recovery in profitability. In Q1 2024, the net profit attributable to shareholders reached 0.13 billion yuan, a year-on-year increase of 74% [1][14]. - The fastener market is expected to grow rapidly, driven by the increasing penetration of new energy vehicles and the demand for high-strength fasteners in various applications [1][22]. Summary by Sections 1. Company Overview and Profitability Recovery - The company has been deeply involved in the fastener industry for over 20 years, maintaining a leading position and expanding into new business areas such as aerospace. It has established strong relationships with major clients in the new energy vehicle sector [1][6]. - Revenue has rebounded significantly, with 2023 revenue reported at 4.9 billion yuan, and Q1 2024 revenue at 1.36 billion yuan, reflecting a year-on-year growth of 60.14% [14][17]. 2. Fastener Market Growth Driven by New Energy - The fastener market is extensive, with the automotive sector being a core application area. The market size for automotive fasteners exceeds 100 billion yuan, and the demand is expected to grow with the rise of smart driving and intelligent transportation [1][22]. - The new energy vehicle fastener market is projected to maintain high growth rates, supported by increasing penetration rates of new energy vehicles and advancements in technology [1][22]. 3. Business Expansion and Competitive Advantages - The company is continuously expanding its product range and enhancing its competitiveness in metal and plastic fasteners. It has established a wide product line and is increasing its production capacity to meet domestic and international demand [1][6]. - The company has formed close partnerships with international tier 1 automotive parts manufacturers and leading domestic new energy vehicle companies, which strengthens its market position [1][6]. 4. Financial Projections and Valuation - The company is expected to achieve net profits of 0.52 billion yuan, 0.91 billion yuan, and 1.55 billion yuan from 2024 to 2026, with corresponding P/E ratios of 65 and 37 for 2024 and 2025 respectively [1][2].
超捷股份：深度报告：紧固件头部企业，多业务领域拓展打开增长天花板