浙江仙通：密封条国资龙头，产销两旺价值稳健

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [6][48]. Core Insights - The company has been deeply engaged in the automotive sealing strip sector for thirty years, establishing itself as a domestic leader with a stable shareholding structure that supports steady development [6][14]. - In the first three quarters of 2024, the company achieved a total revenue of 842 million yuan, representing a year-on-year increase of 14.61%, and a net profit attributable to shareholders of 129 million yuan, up 33.24% year-on-year [6][18]. - The company has a significant technical advantage, achieving 90% self-manufactured molds and becoming the first domestic enterprise to mass-produce frameless sealing strips [6][14]. - The company has a robust order backlog, primarily consisting of new energy vehicle orders, which is expected to contribute to steady revenue growth [6][18]. Summary by Sections 1. Domestic Automotive Sealing Strip Industry Leader with Strong R&D Capability - The company is recognized as a domestic leader in the automotive sealing strip industry, with a focus on innovation and R&D [14][18]. - In 2023, the company’s revenue reached 1.066 billion yuan, a year-on-year increase of 13.81%, with a net profit of 151 million yuan, up 19.68% [18][45]. - The company has established partnerships with major automotive manufacturers, enhancing its market position [14][18]. 2. Acceleration of Domestic Substitution and Frameless Design Leading New Trends - The automotive sealing strip market in China is approximately 20 billion yuan, with the rise of frameless doors increasing the unit value of sealing strips [35][36]. - The company is positioned to benefit from the growing demand for frameless sealing strips, which require higher technical standards [36][37]. 3. Excellent Customer Base and Expected Doubling of New Project Approvals in 2024 - The company has a diverse and high-quality customer base, including major automotive manufacturers, which enhances customer loyalty and brand recognition [40][41]. - The company anticipates that the number of new project approvals in 2024 will double compared to the total for 2023, primarily driven by new energy vehicle projects [41][42]. 4. Profitability and Cost Control Advantages - The company maintains a gross profit margin of 31.14% in the first half of 2024, significantly higher than the industry average [43][44]. - The company’s self-manufactured molds and strict cost control measures contribute to its leading profitability metrics in the industry [42][43]. 5. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 189 million yuan, 241 million yuan, and 304 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.08%, 27.65%, and 26.20% [48][45]. - The report projects revenues of 1.226 billion yuan, 1.468 billion yuan, and 1.759 billion yuan for the same years, with corresponding growth rates of 15.00%, 19.80%, and 19.81% [45][46].