新铝时代：新股覆盖研究

Investment Rating - The report assigns a positive investment rating to the company, indicating a potential for significant returns in the upcoming months [28]. Core Insights - The company, New Aluminum Era (301613.SZ), specializes in the research, development, production, and sales of aluminum alloy components for electric vehicle battery systems. It has shown substantial revenue growth over the past three years, with revenues of 618.3 million yuan in 2021, 1.42 billion yuan in 2022, and 1.78 billion yuan in 2023, reflecting year-on-year growth rates of 86.44%, 129.89%, and 25.38% respectively [10][4]. - The company is the largest supplier of aluminum battery boxes to BYD, covering over 98% of its vehicle models and holding a market share of 8.04% in the domestic battery box sector as of 2023 [21][10]. - The report highlights the company's transition to new generation CTB battery box products, which have a higher space utilization rate and efficiency, indicating a positive trend in product development and market positioning [21][22]. Financial Performance - The company achieved a net profit of 1.89 billion yuan in 2023, with a year-on-year increase of 14.33%. For the first half of 2024, it reported revenues of 915 million yuan, a slight decrease of 4.31%, but a net profit increase of 1.58% [10][4]. - The average selling price of the core product, the battery box, increased by 12.24% in the first half of 2024 compared to the previous year, indicating a positive pricing trend [22]. Industry Overview - The global market for electric vehicle components is expected to grow significantly, with the Chinese market projected to reach 1,145.8 billion yuan by 2030, driven by increasing penetration of electric vehicles [15][19]. - The battery box market is closely linked to the growth of the electric vehicle sector, with a forecasted market size of approximately 293 billion yuan in 2023, expected to exceed 1,042 billion yuan by 2030 [19][20]. Competitive Positioning - Compared to peer companies, New Aluminum Era's revenue is lower than the average of 40.26 billion yuan for comparable firms, but its gross profit margin is positioned in the mid-high range of the industry [25][26]. - The company has a strong competitive edge due to its established relationship with BYD and its innovative product offerings, which are expected to enhance its market share further [21][10].