均胜电子：汽零行业稀缺全球资产，周期向上行稳致远

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The investment value of scarce global automotive parts assets should be fully recognized at this time. The recovery of overseas parts profitability is expected post-2023, driven by downstream order price increases [2][3]. - The company has grown into a global leader with over 50 billion in revenue through strategic acquisitions, effectively managing and integrating these assets to maintain revenue stability [2]. - The company is positioned to benefit from the ongoing globalization of domestic automotive manufacturers, which is expected to enhance its market share significantly [2]. Summary by Sections 1. Global Scarcity and Recovery - The post-pandemic era is anticipated to bring a cyclical recovery for overseas automotive parts, with upstream inflation and raw material price increases impacting supply chain profitability [14]. - Downstream automotive manufacturers have seen significant profit recovery, primarily through price increases, with major companies like Toyota achieving record profits [20]. - The profitability of overseas supply chains remains at historical lows, particularly for European and American companies, but is expected to recover [27][33]. 2. Historical Review of Growth - The company has strategically acquired assets over the past decade, transitioning from domestic to international markets and expanding its product lines into automotive electronics and safety [39]. - Key acquisitions include the purchase of Preh, KSS, and Takata, which have solidified the company's position as a global leader in automotive parts [39][41]. 3. Future Growth Potential - The integration of acquired assets is nearing completion, with the company entering a phase of profit realization [3]. - The passive safety business has significant growth potential, with an optimistic forecast of a 40% expansion space in the industry [3]. - The automotive electronics segment is well-positioned to capitalize on the global trend towards vehicle intelligence, leveraging the company's advanced R&D capabilities [3]. 4. Financial Forecasts - Revenue projections for 2024-2026 are set at 60.4 billion, 64.3 billion, and 70.4 billion respectively, with year-on-year growth rates of 8%, 6%, and 9% [3]. - Net profit forecasts for the same period are 1.51 billion, 2.04 billion, and 2.74 billion, reflecting growth rates of 40%, 35%, and 34% respectively [3].