Company Overview - The company, Yuanhang Precision (833914), is a leading enterprise in the field of precision nickel-based conductor materials, specializing in the production of nickel strips, foils, and precision structural components [8][11] - Established in 2006 and listed on the Beijing Stock Exchange in 2022, the company has accumulated significant R&D achievements, holding 12 invention patents and 83 utility model patents by 2023 [11] - The company's main products are widely used in consumer electronics, new energy vehicles, power tools, electric bicycles, energy storage, aerospace, and metal commemorative coins [11] Financial Performance - In 2023, the company reported revenue of 810 million yuan, a year-on-year decrease of 10.59%, and net profit attributable to shareholders of 32 million yuan, a year-on-year decrease of 40.87% [8][20] - The company's revenue and net profit are expected to recover in 2024, with revenue projected to reach 873.56 million yuan, a year-on-year increase of 7.89%, and net profit expected to reach 63.85 million yuan, a year-on-year increase of 102.02% [8][20] - The company's gross profit margin in 2023 was 10.42%, down 3.72 percentage points year-on-year, but it is expected to rebound to 14.98% in 2024 [24] Industry and Market Analysis - The demand for precision conductor materials is driven by the growth of power batteries, consumer batteries, and energy storage batteries [8] - The power battery market is expected to grow steadily, with shipments exceeding 1000GWh in 2024, a year-on-year increase of 24%, and 1300GWh in 2025, a year-on-year increase of 25% [8] - The energy storage battery market is expected to grow rapidly, with shipments reaching 330GWh in 2024, a year-on-year increase of over 50%, and 500GWh in 2025, a year-on-year increase of 51% [8] - The consumer battery market is supported by the electronics and AI sectors, with demand expected to remain stable and grow with emerging applications such as AIPC and smart robots [8] Strategic Development - The company is focusing on vertical integration, leveraging its R&D capabilities and technical advantages to maintain a leading position in the industry [8][43] - The company has established strong partnerships with major clients such as Panasonic, LG, Zhuhai CosMX, and EVE Energy, benefiting from the increasing downstream demand [8][48] - The company is expanding its production capacity, with plans to increase the production of precision nickel strip materials by 2500 tons and precision alloy stamping parts by 835 million pieces by 2025 [8][50] Investment Rating and Valuation - The company is given a "Buy" rating for the first time, with an expected net profit of 64 million yuan in 2024, a year-on-year increase of 102%, and a PE ratio of 22 times [8][55] - The company's valuation is considered attractive compared to peers, with a PE ratio of 22/19/16 times for 2024-2026, lower than the average PE ratio of -48/38/19 times for comparable companies [55][56]
远航精密：精密镍导体“小巨人”，结构优化助力新成长