新股覆盖研究：新铝时代

Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for future returns compared to the market index [28]. Core Insights - The company, New Aluminum Era (301613.SZ), specializes in the research, production, and sales of aluminum alloy components for electric vehicle battery systems, with significant growth in revenue and profit over the past three years [9][10]. - The company is the largest supplier of aluminum battery boxes to BYD, covering over 98% of its vehicle models, and holds a market share of 8.04% in the domestic automotive battery box sector as of 2023 [21]. - The company has developed new generation CTB battery box products, which are expected to enhance product structure and efficiency, aligning with the trend of battery integration in electric vehicles [21][22]. Financial Performance - The company achieved revenues of 618.3 million yuan, 1.421 billion yuan, and 1.782 billion yuan in 2021, 2022, and 2023 respectively, with year-over-year growth rates of 86.44%, 129.89%, and 25.38% [10]. - The net profit attributable to the parent company was 26.8 million yuan, 165.4 million yuan, and 189.1 million yuan for the same years, with year-over-year growth rates of 1,273.01%, 516.79%, and 14.33% [10]. - For the first half of 2024, the company reported revenues of 915 million yuan, a decrease of 4.31% year-over-year, while net profit increased by 1.58% to 102 million yuan [10]. Industry Overview - The global market for electric vehicle components has been growing rapidly, with China's market for electric vehicle parts reaching 287 billion yuan by the end of 2021, and projected to grow significantly by 2030 [15][19]. - The battery box market is closely linked to the growth of the electric vehicle industry, with a forecasted market size of approximately 586 billion yuan in 2023, expected to reach 2,085 billion yuan by 2030 [19][20]. Competitive Position - Compared to peer companies, New Aluminum Era's revenue of 1.782 billion yuan in 2023 is below the average of 40.255 billion yuan for comparable companies, but its gross profit margin of 23.52% is positioned in the mid-to-high range of the industry [25][26]. - The company has a strong focus on innovation, holding 129 patents, including 18 invention patents, which positions it well within the competitive landscape of the electric vehicle supply chain [9][10].