建邦科技：汽车后市场的变革先例，高成长验证轻资产优势

Investment Rating - The report assigns a "Buy" rating to the company, citing its high growth potential and light-asset strategy in the automotive aftermarket [5][6] Core Views - The company focuses on non-wear parts in the automotive aftermarket and is expanding into automotive electronics as a second growth curve [1][5] - The company has a CAGR of 16% in revenue and 56% in net profit from 2014 to 2023, driven by its light-asset strategy and strong market positioning [1][6] - The company is leveraging cross-border e-commerce opportunities, with 3 out of its top 5 customers in 2023 being cross-border e-commerce clients [2][5] Market Performance - The company's stock closed at 34.83 yuan on November 21, 2024, with a total market capitalization of 2,246.03 million yuan and a circulating market capitalization of 1,231.99 million yuan [3] - The company's debt-to-asset ratio is 28.05%, and its net asset per share is 8.65 yuan [3] Product Development - The company has expanded its product offerings to nearly 30,000 SKUs, with a focus on traditional categories like transmission, braking, and steering systems, as well as new categories like automotive electronics [5] - Automotive electronics revenue grew by 227.9% in 2023, driven by new product launches and increased market demand [5][6] Overseas Expansion - The company is expanding its overseas presence, particularly in the US aftermarket, and has signed a framework contract with Fuzhou Yangteng Network Technology for automotive parts procurement worth at least 80 million yuan [2][5] - The company is also building production capacity in Thailand to leverage lower labor costs and enhance its global competitiveness [5][6] Financial Projections - The company is expected to achieve net profits of 98 million, 117 million, and 139 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 22.9x, 19.2x, and 16.1x [6][7] - Revenue is projected to grow at a CAGR of 27%, 20%, and 22% from 2024 to 2026, with stable gross margins [11] Industry Insights - The global automotive aftermarket is growing, with the US market reaching 319.7 billion USD in 2023, driven by high vehicle ownership and aging vehicles [2][5] - Cross-border e-commerce in the automotive parts sector is a blue ocean market, with online sales penetration expected to rise from 6% in 2017 to 20% by 2030 in mature markets like the US and Europe [2][5] Competitive Advantages - The company operates a light-asset model, focusing on R&D, quality control, and supply chain management, while outsourcing production [5][6] - The company has a strong relationship with key clients like Dorman and Cardone, and is expanding its domestic market presence through partnerships with companies like Tuhu and San Tou Liu Bi [1][5]