Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 89.44 [2][4]. Core Insights - The company specializes in aluminum alloy components for NEV battery systems, with significant market potential. Its main products include battery boxes, cell casings, and precision structures. In the first three quarters of 2024, the company reported revenue of RMB 1.38 billion, a slight decrease of 0.5% year-on-year, while net profit attributable to shareholders was RMB 150 million, an increase of 0.7% year-on-year, with a gross profit margin of 24.8%, up 0.5 percentage points year-on-year. The market for battery boxes is projected to grow from RMB 29.3 billion in 2023 to over RMB 104.2 billion by 2030 [2][3][17]. Summary by Sections Business Overview - The company is a leading supplier of battery boxes, having shipped 763,000 units in 2023, capturing an 8.0% market share, ranking third in the industry. It has established strong relationships with major clients such as BYD, Geely, and Gotion High-Tech, and has recently entered the supply chain of CALB Group [3][12][17]. Market Trends - The integration trend in battery systems is driving an increase in average selling prices (ASP). The ASP of battery boxes has risen from RMB 1,516 in 2021 to RMB 2,098 in the first half of 2024, with CTB prices exceeding RMB 2,800. The sales share of CTB products has increased from 26.3% in 2023 to 56.4% in the first half of 2024 [3][4][17]. Cost Advantages - The company has a cost advantage due to its aluminum extrusion process, which has been extended to aluminum casting, allowing for recycling and further cost benefits. This integrated production process is expected to enhance overall cost efficiency [4][17]. Financial Projections - The company is projected to achieve net profits of RMB 210 million, RMB 310 million, and RMB 390 million for the years 2024, 2025, and 2026, respectively, with corresponding earnings per share (EPS) of RMB 2.14, RMB 3.19, and RMB 4.04 [4][15][17].
新铝时代：首次覆盖：电池盒箱体领军企业，一体化构筑成本优势