Yunyi Electric(300304) 海通证券·2024-08-19 06:46Investment Rating - The report assigns an "Outperform" rating to Yunyi Electric (300304) [1] Core Views - Yunyi Electric is a global leader in automotive rectifiers and regulators, with 2023 revenue of 920 million yuan in this segment [4] - The company has expanded its product lines beyond rectifiers and regulators to include semiconductors, NOx sensors, electronic water pumps/fans, Lambda sensors, and precision injection molding parts [4] - Yunyi Electric aims to become a global leader in automotive core components, focusing on electrification and intelligent trends in the automotive industry [4] - The report forecasts net profits of 410 million yuan, 510 million yuan, and 660 million yuan for 2024-2026, with EPS of 0.46 yuan, 0.59 yuan, and 0.75 yuan respectively [4] - A target price range of 6.90-8.28 yuan is suggested based on 15-18x 2024 PE [4] Financial Performance and Projections - Revenue is expected to grow from 1.671 billion yuan in 2023 to 3.153 billion yuan in 2026, with a CAGR of 23.2% [5] - Net profit is projected to increase from 305 million yuan in 2023 to 659 million yuan in 2026 [5] - Gross margin is expected to remain stable around 30.6-30.9% from 2023 to 2026 [5] - ROE is forecasted to improve from 11.3% in 2023 to 15.7% in 2026 [5] Product Line Performance - Voltage regulator revenue is projected to grow from 681.11 million yuan in 2023 to 1.196 billion yuan in 2026 [8] - Rectifier revenue is expected to increase from 237.85 million yuan in 2023 to 280.59 million yuan in 2026 [8] - Smart wiper system revenue is forecasted to grow rapidly from 214.35 million yuan in 2023 to 651.19 million yuan in 2026 [8] - Precision injection molding revenue is projected to increase from 122.05 million yuan in 2023 to 278.46 million yuan in 2026 [8] - Sensor product revenue is expected to grow from 114.96 million yuan in 2023 to 337.98 million yuan in 2026 [8] Valuation and Peer Comparison - The company's 2024E PE of 12.93x is lower than the peer average of 15.6x [6][9] - The 2024E PB ratio of 1.74x is below the industry average [9] - The 2024E PS ratio of 2.51x is competitive compared to peers [9] Strategic Development - Yunyi Electric is focusing on vertical integration and full-process services from R&D to testing [4] - The company is strengthening strategic cooperation with industry chain partners and expanding overseas market share [4] - Technological innovation and product structure optimization are key drivers for future growth [4]