QI AUTOMOTIVE CO.(837242) 江海证券·2025-01-17 06:49Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve a net profit of 101 to 108 million yuan in 2024, representing a year-on-year growth of 45.01% to 55.06%. This rapid growth is attributed to the company's strategic execution and the stable development of the global automotive aftermarket [5][8] - The automotive industry in China is experiencing record sales, with production and sales reaching 31.28 million and 31.44 million vehicles in 2024, respectively, marking year-on-year growth of 3.7% and 4.5% [8] - The independent aftermarket (IAM) share is gradually increasing, from approximately 35% in 2018 to about 46% in 2022, with a trend towards concentration among leading enterprises [8] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 790.10 million yuan, 953.11 million yuan, and 1,110.17 million yuan, with year-on-year growth rates of 41.49%, 20.63%, and 16.48% respectively [7][8] - The forecasted net profit for the same years is 103.36 million yuan, 123.60 million yuan, and 145.12 million yuan, with growth rates of 48.40%, 19.58%, and 17.41% respectively [7][8] - The expected EPS for 2024, 2025, and 2026 is 1.60 yuan, 1.92 yuan, and 2.25 yuan, with corresponding P/E ratios of 18.12X, 15.16X, and 12.91X [8] Market Position and Strategy - The company is actively expanding its sales channels and has adopted a comprehensive marketing strategy that combines online and offline approaches, as well as domestic and international markets [8] - The company manages over 30,000 SKUs and introduces approximately 2,000 to 3,000 new product models annually, focusing on automotive electronic products and integrated "hardware and software" solutions [8]