Investment Rating - The report assigns a "Buy" rating for Hengshuai Co., Ltd. (300969) [1] Core Insights - Hengshuai Co., Ltd. is a leading player in the automotive micro-motor sector, continuously expanding its product categories and application scenarios, particularly in the context of increasing consumer demand for automotive intelligence and comfort [3] - The company has established a strong market position through its collaboration with major clients and is actively developing new products to meet the evolving needs of the automotive industry [3] - The forecasted net profit for the years 2024 to 2026 is expected to be 229 million, 279 million, and 343 million CNY respectively, with corresponding EPS of 2.86, 3.49, and 4.29 CNY [3] Summary by Sections 1. Automotive Micro-Motor Leader - Hengshuai Co., Ltd. has been focused on automotive micro-motor technology for over 20 years, with traditional products including trunk and side door motors, fan motors, and motorcycle ABS motors [9] - The company is expanding its product offerings to include new applications such as charging door actuators and invisible door handle drive mechanisms, which are gaining traction in the market [9][10] - The revenue from trunk and side door motors has increased significantly, from 16 million CNY in 2018 to 210 million CNY in 2023, with the revenue share rising from 5% to 23% [3][10] 2. Micro-Motor: Aligning with Smart and Configurable Upgrades - The automotive micro-motor market is experiencing a rise in usage, with the average number of micro-motors per vehicle increasing due to enhanced consumer expectations for comfort and intelligence [30] - The company is developing a "1+N" product layout to cater to the growing demand for smart automotive features, including seat motors and thermal management-related motors [30][31] - The global automotive micro-motor market is projected to grow from 16.2 billion USD in 2023 to 19.9 billion USD by 2030, with a CAGR of 3% [38] 3. Cleaning Systems: Accelerating L3+ Autonomous Driving - Hengshuai Co., Ltd. is recognized as a hidden champion in the cleaning pump sector, supplying products to major global automotive manufacturers [3] - The company is expanding its cleaning system applications to include new products for L3+ autonomous driving, which is expected to increase the value per vehicle significantly [3][10] - The establishment of factories in Thailand and the USA is aimed at enhancing overseas market penetration and optimizing product structure [3][10] 4. Investment Recommendations - The report anticipates that the company will achieve net profits of 229 million CNY, 279 million CNY, and 343 million CNY from 2024 to 2026, with corresponding PE ratios of 33X, 27X, and 22X based on the closing price as of January 23, 2025 [3][12]
恒帅股份：公司深度报告：专注汽车微电机，开拓四门两盖、智能驾驶新场景