新股覆盖研究：慧翰股份

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Views - The company, Huihan Co Ltd (301600 SZ), is engaged in the R&D, production, and sales of intelligent terminals for the Internet of Vehicles (IoV) and IoT smart modules, along with providing software and technical services [1][8] - The company has shown strong revenue and net profit growth from 2021 to 2023, with revenues of 422 million yuan, 580 million yuan, and 813 million yuan, respectively, and net profits of 59 million yuan, 86 million yuan, and 128 million yuan, respectively [1][3] - In H1 2024, the company achieved revenue of 430 million yuan, a 31 13% YoY increase, and a net profit of 74 million yuan, a 40 03% YoY increase [1][10] - The company expects revenue growth of 17 93% to 31 39% and net profit growth of 19 47% to 33 88% for the first nine months of 2024 [1] Business Overview - The company's main products include IoV intelligent terminals (TBOX and eCall terminals) and IoT smart modules (Bluetooth, WiFi, cellular, and positioning modules) [8] - The company is one of the earliest providers of IoV solutions in China and has established deep cooperation with major automakers such as SAIC Motor, Chery, Geely, BYD, and Great Wall Motors [8][24] - In 2023, the company's IoV TBOX products held a 5 59% market share in China and an 8 78% share in the domestic passenger vehicle market [24] Industry Analysis - The global automotive market has shown signs of recovery, with global car sales reaching 82 68 million units in 2021 and 81 63 million units in 2022 [16] - In 2023, China's car sales reached 30 09 million units, a 12% YoY increase [16] - The IoV market is expected to grow significantly, with global market size projected to reach 228 1 billion USD by 2024, and China's market size expected to reach 543 billion yuan [21][23] Competitive Advantages - The company benefits from its founder's extensive experience in communication technology and its early entry into the IoV market, which has allowed it to compete with international players and break foreign monopolies in 4G LTE cellular modules [24] - The company has a strong partnership with SAIC Motor, which has been its largest customer since 2012 and holds a 2 85% stake in the company through its subsidiary SAIC Venture Capital [24] Future Prospects - The company plans to further develop 5G IoV TBOX products and expand its presence in the smart automotive safety sector, leveraging its existing 4G TBOX and eCall product lines [26] - The company's IPO fundraising will be used for three projects: smart automotive safety system R&D and industrialization, 5G IoV TBOX R&D and industrialization, and R&D center construction [27] Financial Performance Comparison - The company's revenue in H1 2024 was 430 million yuan, with a net profit of 74 million yuan, showing a 31 13% and 40 03% YoY increase, respectively [28] - Compared to industry peers, the company has a lower revenue scale but a higher gross profit margin, with a 2023 gross profit margin of 27 02% compared to the industry average of 26 18% [30]