国内市场掉队，傍上韩国现代，天有为：汽车仪表高增长何以为继？

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company Core Insights - The automotive electronics market in China is experiencing significant growth, with the market size reaching approximately 110.4 billion USD in 2021, but local companies only hold about 30% market share, indicating a strong presence of foreign competitors [2][8] - The company "Tian You Wei" has seen rapid revenue growth, with a CAGR of 54.4% from 2020 to 2023, and a revenue of 2.04 billion CNY in the first half of 2024, reflecting a 42% increase year-on-year [6][15] - The company has a high customer concentration, with the top five customers accounting for 85% of sales, and Hyundai Motor Group being the largest customer, contributing 60% of sales [12][15] Summary by Sections Company Overview - Tian You Wei is a family-owned business established in 2003, with significant control held by the founding couple [3][4] - The company specializes in automotive instruments, particularly in the electronic instrument segment [10] Market Dynamics - The automotive electronics cost as a percentage of total vehicle cost has increased from 3% in the 1970s to an expected 60% by 2025, highlighting the growing importance of automotive electronics [2] - The domestic automotive market is growing, with a 9.5% increase in passenger car sales in 2022 and a projected 10.6% growth in 2023 [26] Financial Performance - The company’s revenue has shown a strong upward trend, with total revenue reaching 2.04 billion CNY in the first half of 2024, marking a 42% increase from the previous year [6][15] - The gross profit margin for the company has been consistently higher than its peers, with a gross margin of 37.1% in the first half of 2024 compared to an industry average of around 18.78% [33][39] Competitive Landscape - The company faces intense competition from established foreign players like Bosch, Denso, and Continental, which dominate the automotive electronics market [21][20] - The company’s market share in the domestic automotive instrument sector has decreased, with a current share of 12% in 2024, down from 15% in 2018 [28] Product Development - The company is focusing on advanced products such as full LCD combination instruments and dual-screen instruments, which are expected to replace traditional electronic instruments [29][31] - The company has a relatively low R&D investment compared to its competitors, with a research expense ratio of only 3.6% in the first half of 2024 [50][51] Future Outlook - The company plans to raise 3 billion CNY through its IPO, with significant investments allocated for factory construction and R&D centers [58][59] - The growth potential is tempered by the need for increased R&D investment and the challenge of maintaining high gross margins amid rising competition [46][50]