Guangdong Sunwill Precising Plastic (SZ:002676) Southwest Securities·2025-01-21 05:56Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - The company is expected to achieve a net profit attributable to the parent company of 53 million to 60 million yuan in 2024, representing a year-on-year growth of 50.5% to 70.4% [7]. - The company benefits from increased domestic demand for air conditioning and growth in overseas exports, along with improvements in product technology, quality, and production efficiency [7]. - The company has a leading global market share in plastic air conditioning fan blades, with over 35% market share [7]. - The acquisition of 75% of Junwei Technology is expected to contribute to the company's profits starting from July 2024 [7]. Financial Performance Summary - Revenue Forecast: The company anticipates revenues of 2,730.58 million yuan in 2024, up from 2,266.95 million yuan in 2023, reflecting a growth rate of 20.45% [2]. - Net Profit Forecast: The net profit attributable to the parent company is projected to increase from 35.21 million yuan in 2023 to 56.73 million yuan in 2024, a growth rate of 61.10% [2]. - Earnings Per Share (EPS): EPS is expected to rise from 0.05 yuan in 2023 to 0.08 yuan in 2024 [2]. - Return on Equity (ROE): ROE is projected to improve from 2.95% in 2023 to 4.53% in 2024 [2]. Business Expansion and Strategy - The company is expanding its automotive parts business, which is expected to generate over 1 billion yuan in revenue, becoming a key growth driver [7]. - The company has established a complete industrial chain for plastic air conditioning fan blades, including plastic modification, mold design, and intelligent manufacturing [8][11]. - The company is diversifying its product offerings into new materials, automotive components, and intelligent manufacturing [8]. Market Position and Trends - The domestic air conditioning market is expected to grow steadily due to government policies promoting replacement of old units [7]. - The company has maintained a stable revenue contribution from its main product, plastic air conditioning fan blades, which accounts for approximately 70% of total revenue [20]. - The automotive parts business has seen its profit contribution increase from 5.8% in 2020 to 7.6% in 2023, indicating its growing importance [20].