Huada(603358) 天风证券·2024-10-24 08:08Investment Rating - The report maintains a "Buy" rating for the company with a target price range of 44.5-53.4 yuan, based on a 25-30x PE multiple for 2025 [4][14] Core Views - The company is accelerating its dual transformation in both customer base and business segments, leveraging its leading position in automotive stamping to expand into new energy vehicles and robotics [1][8] - Strategic investments in Chery and partnerships with leading new energy vehicle companies are expected to drive growth [1][9] - The company is proactively positioning itself in the humanoid robotics industry through a strategic cooperation agreement with Efotech, a leading domestic industrial/humanoid robot manufacturer [2][11] - The company is exploring opportunities in the low-altitude economy, particularly in the flying car and eVTOL sectors, which could create new growth curves [3][13] Financial Projections - Revenue is expected to grow from 7.296 billion yuan in 2024 to 11.152 billion yuan in 2026, representing a CAGR of 23.7% [7][14] - Net profit attributable to the parent company is projected to increase from 577 million yuan in 2024 to 955 million yuan in 2026, with a CAGR of 28.6% [7][14] - EPS is forecasted to rise from 1.31 yuan in 2024 to 2.18 yuan in 2026 [7][14] Strategic Developments - The company secured 40 body component projects from 23 domestic customers and 18 battery tray projects from 6 customers, with a total lifecycle sales value of 9.1 billion yuan [1] - A strategic cooperation agreement with Efotech focuses on developing lightweight materials and components for industrial/humanoid robots, with potential for replication across the company's bases [2][12] - The company is exploring the low-altitude economy through discussions with Guangdong Haiou Flying Car Group, aiming to accelerate the industrialization of flying cars and eVTOL [3][13] Industry Outlook - The humanoid robotics market in China is projected to grow from 2.158 billion yuan in 2024 to 37.97 billion yuan in 2030, with a CAGR exceeding 61% [11] - The low-altitude economy, particularly flying cars, is seen as a significant new productive force, with 2024 expected to be a year of rapid development [3][13]