Shanghai YanPu(605128) 浙商证券·2024-12-15 10:23Investment Rating - The report maintains a "Buy" rating for Shanghai Yanpu (605128) [2] Core Views - The company successfully completed a private placement of 11.58 million shares at 32.89 yuan per share, raising a net amount of 375 million yuan [1] - The issuance price was 111.53% of the minimum price, indicating strong investor confidence [1] - Funds will be primarily used for seat frame projects, with 38% allocated to Huizhou Yanpu's advanced new energy vehicle seat frame production, 38% to Zhengzhou Yanpu's annual production of 300,000 sets of seat frame assemblies, and 24% to Tianjin Yanpu's annual production of 7.5 million plastic parts [1] - Revenue growth is driven by strong sales of AITO M7 and Xpeng Mona03, with AITO M7 sales exceeding 150,000 units in 24Q1-24Q3, a nearly 11-fold increase year-over-year, and Xpeng Mona03 achieving over 10,000 units in September 2024 [1] - The company is the sole supplier of seat frames for AITO M7 and Xpeng Mona03, benefiting from the rapid growth of downstream automakers [1] - The company has obtained all necessary qualifications for high-speed rail seat samples and passed factory audits, with mass production expected by early 2025 [1] - The company has secured new projects worth 2.35 billion yuan, covering full seat frame assemblies for domestic and new energy vehicle brands, indicating a strong partnership with Dongfeng Li'er and a solid foundation for future growth [1] - The company is transitioning to a platform-based development model, with a recent announcement of securing a seat frame assembly project from a leading new energy vehicle manufacturer, showcasing its ability to directly engage with OEMs [1] Financial Forecasts - Revenue is expected to grow from 2.39 billion yuan in 2024 to 3.73 billion yuan in 2026, with a CAGR of 25% [1] - Net profit attributable to shareholders is projected to increase from 164 million yuan in 2024 to 359 million yuan in 2026, with a CAGR of 48% [1] - The PE ratio is forecasted to decrease from 28x in 2024 to 13x in 2026 [1] - ROE is expected to rise from 12.78% in 2024 to 20.08% in 2026 [4] Financial Highlights - Revenue for 2023 was 1.52 billion yuan, with a 35.38% year-over-year growth [4] - Net profit attributable to shareholders for 2023 was 91 million yuan, a 99.32% increase year-over-year [4] - The company's gross margin improved from 16.12% in 2023 to 19.29% in 2026 [4] - The net margin is expected to increase from 5.78% in 2023 to 9.42% in 2026 [4] Related Reports - "Seat Frame Platform Transformation, Future Growth Enters Fast Lane" dated October 27, 2024 [3] - "Downstream Customers Rapidly Expanding, Capacity Utilization Drives Margin Improvement" dated October 22, 2024 [3] - "Company Secures New Project, Adding Approximately 2.3 Billion Yuan in Revenue Over 5 Years" dated September 3, 2024 [3]