Shanghai YanPu(SH:605128) ZHESHANG SECURITIES·2024-09-03 02:03Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company has secured a new project that is expected to generate approximately 2.269 billion yuan in revenue over five years, starting from 2025 to 2029 [2]. - Three projects are anticipated to achieve mass production by next year, with a lifecycle extending to 2029 [2]. - The new project involves platform-type products for automotive seat frames, which will also be applicable to future models developed by the client [2]. - The company's revenue from the new energy vehicle sector has been growing rapidly, contributing significantly to overall performance [2]. - The company has a strong technical team and has developed multiple core technologies, enhancing product quality and production efficiency [2]. - Revenue forecasts for 2024-2026 are projected at 2.402 billion, 3.011 billion, and 3.607 billion yuan, with year-on-year growth rates of 58.2%, 25.4%, and 19.8% respectively [3][7]. - Net profit forecasts for the same period are 144 million, 254 million, and 350 million yuan, with growth rates of 58.1%, 76.0%, and 38.0% respectively [3][7]. Financial Summary - The company's revenue for 2023 is reported at 1.519 billion yuan, with a year-on-year growth of 35.38% [3]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.22, 2.15, and 2.97 yuan respectively [3][7]. - The price-to-earnings (P/E) ratios for the next three years are expected to be 20, 11, and 8 times [3][7]. - The return on equity (ROE) is projected to increase from 7.81% in 2023 to 19.80% by 2026 [3][7].