TC(603085) 华安证券·2024-09-22 22:36Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company, Tiancheng Zikong, is a leading supplier in the seating industry, having expanded its product lines to include passenger car seats, aviation seats, and seats for engineering and commercial vehicles. The company has formed a strategic partnership with Fengfei Aviation to develop components and materials for electric vertical takeoff and landing (eVTOL) aircraft, which is expected to be a significant growth driver [2][8]. - The company is expected to see a recovery in performance as the automotive seating segment gains new customers and the aviation and engineering vehicle seating markets improve with industry recovery. The development and mass production of eVTOL components will also serve as a key catalyst for future growth [2][3]. Summary by Sections 1. Basic Information - Tiancheng Zikong was established in 1984 and has evolved from manufacturing seats for engineering machinery and commercial vehicles to including passenger car seats and aviation seats through acquisitions and strategic partnerships. The company has a strong technical foundation in key areas such as carbon fiber composites and aluminum alloy frames [8]. 2. Passenger Car Seats - The passenger car seat segment is expected to benefit from new customer acquisitions and an increase in average selling price (ASP). The domestic market has significant potential for replacing foreign suppliers, and the company aims to become one of the top three suppliers in this segment with a production scale exceeding 2 million sets annually [2][3][24]. 3. Aviation Seats - The aviation seat segment is anticipated to improve as global air travel recovers. The company has obtained certifications from the European Union Aviation Safety Agency (EASA) and the Federal Aviation Administration (FAA), positioning itself to become a leading supplier in this market. The partnership with Fengfei Aviation for eVTOL components is a notable development [2][3][24]. 4. Engineering and Commercial Vehicle Seats - The engineering and commercial vehicle seat segment is gradually recovering from a cyclical low. The company has established a stable customer base and aims to maintain a high market share, targeting to be among the top three suppliers globally [2][3][24]. 5. Financial Forecast and Investment Advice - The company is projected to experience significant profit growth from 2024 to 2026, with net profits expected to reach 54 million, 187 million, and 233 million yuan, reflecting growth rates of 278%, 248%, and 25% respectively. The current valuation suggests a price-to-earnings ratio (P/E) of 58 for 2024, decreasing to 13 by 2026, indicating strong future potential [2][3][24].