汽车轻量化平台型企业，预计上市价格在110-115元之间

• The company is a leading enterprise in automotive lightweighting, with over 85% of its revenue coming from automotive parts[1][2] - The company has expanded its production capacity and diversified its product matrix, including forging and extrusion processes, to further enhance its market position[2][3] - The company has a stable gross profit margin of 24-25% in recent years, with low period expenses and good cash flow[1][2] - The company has a significant presence in the Tesla supply chain, with Tesla previously accounting for over 50% of its revenue, but this has decreased to below 50% as the company diversified its customer base[1][2] - The company is expanding its production capacity with new projects in Huzhou and Ningbo, and a new production base in Mexico, which will significantly increase its output and revenue[2][3] - The company's valuation is at a low point since its listing, with a PE (TTM) of 13.6X, comparable to its peers[3] - The company's convertible bond, Sheng 24, has a rating of AA- and is expected to be listed on July 10, 2024, with an estimated listing price of 110-115 yuan[6][7][8] - The convertible bond has a 6-year term, with an initial conversion price of 12.89 yuan, and a dilution rate of 23.28% for the total A-share capital[7][8] - The bond has a coupon rate structure of 0.20%, 0.40%, 0.60%, 1.50%, 1.80%, and 2.00% for each respective year, with a redemption price of 112 yuan at maturity[8][9] - The company's main customers include Tesla, Polaris, ZF, and other Tier 1 suppliers, with a decreasing customer concentration over the years[1][2][21] - The company's gross profit margin is in the mid-to-high range of the industry, with a stable level around 25% in recent years[21][22] - The company's cash flow is stable and good, with a net cash ratio generally above 100%[23][25] - The company is a leader in the field of precision aluminum alloy parts, with a diverse product range including automotive, industrial, and mold products[13][15] - The company is expanding its production capacity with new projects in Huzhou and Ningbo, and a new production base in Mexico, which will significantly increase its output and revenue[2][3][28] - The company's ROE is stable around 12%, with a stable profitability[28][30]