星宇股份：寻找α系列报告一：客户结构持续优化，出海战略稳步推进

Investment Rating - The report assigns a "Buy" rating for Xingyu Co., Ltd. (601799.SH) [1] Core Viewpoints - Xingyu Co., Ltd. has a strong customer resource accumulation in the automotive lighting sector and is actively expanding its overseas market presence [2][9] - The company is focusing on upgrading its automotive lighting products, with a significant shift towards LED technology, which has reached a market penetration rate of 78% in 2022 [3][17] - The automotive lighting market is expected to grow to 80.9 billion yuan in 2024, representing a year-on-year growth of 18.8% [29] Summary by Sections 1. Focus on Automotive Lighting Sector - Established in 1993, Xingyu Co., Ltd. is one of China's leading manufacturers and designers of complete automotive lighting systems, serving a diverse range of domestic and international automotive brands [9][12] 2. Continuous Upgrade of Automotive Lighting - The transition from halogen and xenon lights to LED and semiconductor laser diode lights is driving up the unit value of automotive lighting products. For instance, the price of LED headlights ranges from 1,600 to 2,000 yuan per set, compared to 400-500 yuan for halogen lights [3][18] - The report highlights the increasing functionality of automotive lights, including adaptive front lighting systems (AFS) and digital light processing (DLP) technology, with ADB penetration expected to reach 24% by 2024 [22][23] 3. Optimizing Customer Structure and Expanding Overseas - The company is diversifying its customer base, moving from primarily serving Chery Automotive to collaborating with major joint venture clients and new energy vehicle manufacturers [31][36] - Xingyu has established a production base in Serbia, which is expected to facilitate entry into the European high-end automotive market [36][37] 4. Earnings Forecast and Investment Recommendations - Projected revenues for 2024-2026 are 133.2 billion, 163.0 billion, and 199.1 billion yuan, with corresponding net profits of 15.3 billion, 19.7 billion, and 24.7 billion yuan [41] - The report suggests a valuation premium for the company due to its ongoing optimization of customer structure and international market expansion, leading to a "Buy" rating [41][42]