Investment Rating - The report assigns an "Accumulate" rating for the company, indicating short-term growth potential, mid-term highlights, and long-term potential as a "small giant" in precision metal components [4][10]. Core Insights - The company, Yishi Precision, specializes in the research, production, and sales of precision metal components for automobiles, with a focus on three main business segments: dedicated components for new energy vehicles, general automotive components, and traditional fuel vehicle components. The revenue from these segments has shown an overall growth trend, with significant contributions from major clients like Tyco Electronics [4][5][56]. - In 2023, the company achieved a revenue of 276 million yuan (up 18.82% year-on-year) and a net profit of 51.51 million yuan (up 36.15% year-on-year) [4][56]. Summary by Sections 1. Company Overview - Yishi Precision was established in 2010 and has focused on precision metal components for the automotive industry. It has become a qualified supplier for several well-known automotive manufacturers and is recognized as a national-level "specialized and innovative" small giant enterprise [27][28]. 2. Core Competitiveness - The company has advanced production equipment and technology, including 12 invention patents and various high-end equipment, which enhance production efficiency and product quality. Its client base primarily consists of listed companies and leading suppliers in the automotive sector [4][67][73]. - Compared to peers like Ruima Precision and Zhongjie Precision, Yishi Precision, while smaller in scale, demonstrates superior growth and profitability [4][82]. 3. Market Potential and Sustainability - The demand for new energy vehicles is rapidly increasing, with the company’s new energy vehicle components revenue growing significantly. The company is also expanding its product offerings, including high-pressure connectors and air suspension components, which are expected to see increased demand [5][100][113]. - In 2023, China's automotive sales reached 30.09 million units, with new energy vehicles accounting for 9.495 million units, indicating a robust market for the company's products [105][109]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 66 million yuan, 78 million yuan, and 96 million yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 31.5, 26.4, and 21.6. This is significantly lower than the average P/E of comparable companies at 47.5 [6][124]. - The report anticipates a revenue growth rate of 26% in 2024, 21% in 2025, and 24% in 2026, with stable gross margins [11][123].
易实精密：短期有成长中期有看点长期有潜力的精密金属零部件“小巨人”