Investment Rating - The report gives a "Buy" rating for the company Yoshioka Precision [3][5]. Core Views - Yoshioka Precision is a core enterprise in precision casting in China, driven by both automotive and electronic appliance sectors. The company has over 20 years of experience in the precision metal parts field, with products used in various applications including automotive body structures and electronic devices [2][4]. - The company achieved a revenue of 458 million in 2023, a 14.4% increase year-on-year, while the net profit attributable to shareholders was 43 million, a decrease of 29.6%. For the first three quarters of 2024, the revenue reached 397 million, up 19.2%, and the net profit was 44 million, up 36.1% [2][22]. Summary by Sections Company Overview - Yoshioka Precision specializes in the R&D, production, and sales of aluminum and zinc alloy precision components, primarily for the automotive and electronic appliance sectors. The company was established in November 2002 and has undergone several transformations, including its listing on the Beijing Stock Exchange in November 2021 [16][22]. Industry Recovery - The automotive sector is experiencing a recovery, with a notable increase in demand for new energy vehicles. In the first ten months of 2024, domestic new energy vehicle sales reached approximately 975,000 units, a 33.9% increase year-on-year. The government has also introduced measures to support vehicle replacement and upgrades [4][42]. Product Quality and Client Relationships - Yoshioka Precision has established strong relationships with key clients, including well-known companies like Mando and Broze. The company is investing in the intelligent transformation of its production lines, with a project expected to reach full production by the end of 2024 [4][22]. Financial Forecast and Valuation - The company is expected to achieve net profits of 62 million, 79 million, and 95 million for the years 2024, 2025, and 2026, respectively. The estimated earnings per share (EPS) for these years are projected to be 0.33, 0.41, and 0.50 yuan. The report provides a reasonable valuation range for the stock at 24.75 to 27.39 yuan per share [5][6].
吉冈精密：公司深度报告：深耕精密铸造，客户导入+海外布局迎成长