SHBT(SH:603009) GOLDEN SUN SECURITIES·2024-10-10 00:08Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Views - The company is positioned to benefit from the upward trend in its traditional business while strategically entering the humanoid robot industry, which is expected to grow significantly [1][12]. - The chassis components and lightweight parts sectors are projected to have substantial growth potential, with the chassis components market expected to reach approximately 180 billion by 2030, growing at a CAGR of 19% from 2024 to 2030 [1][29]. - The company has a solid technical foundation and is expanding its product and production capacity, which is expected to lead to continued benefits from the growth of downstream customer sales [1][19]. Summary by Sections Company Overview - The company, established in 2006, has expanded its production capacity and product offerings significantly since its listing in 2014, including the establishment of a robotics division in 2024 [12][18]. Industry Analysis - The chassis components industry is characterized by high barriers to entry and significant opportunities for supply chain integration, driven by technological upgrades in automotive systems [25][28]. - The lightweight components sector is experiencing steady demand growth, particularly due to the increasing use of aluminum in new energy vehicles [34]. Financial Performance - The company reported a revenue of 1.88 billion in 2023, a year-on-year increase of 10.3%, with a projected revenue growth to 2.10 billion in 2024 [4][21]. - The net profit for 2023 was 0.51 billion, reflecting a 10.9% increase year-on-year, with expectations for continued profit recovery in 2024 [4][21]. Profitability and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 0.77 billion, 1.08 billion, and 1.67 billion respectively, with corresponding P/E ratios of 106, 76, and 49 [1][4]. - The company is expected to maintain rapid growth due to improvements in its traditional business and the anticipated rapid development of the robotics industry [1][4].