Group 1: Long-term Capital Investment Strategy - The report emphasizes the implementation of long-term assessments to cultivate patient capital, as outlined in the recent joint announcement by several financial regulatory bodies [5][6]. - It is projected that nearly 1 trillion yuan in incremental funds could be expected from public funds and insurance companies increasing their A-share investments [6]. - The introduction of long-term performance evaluations for institutional investors aims to stabilize market fluctuations and enhance investment strategies [7]. Group 2: Fund Fee Reforms - The report details a three-phase reform of public fund fees, which is expected to reduce investor costs significantly, with an estimated annual savings of 450 billion yuan [8]. - The first phase of fee reforms has already commenced, leading to a reduction of approximately 14 billion yuan in costs for investors [8]. - The reforms are designed to enhance investor participation and confidence in the market [8]. Group 3: Automotive Micro-Motor Industry - The report highlights Hengshuai Co., Ltd. as a leading player in the automotive micro-motor sector, focusing on expanding product applications in smart driving and comfort features [11][12]. - The company has seen significant growth in its tailgate motor products, with revenue increasing from 16 million yuan in 2018 to 210 million yuan in 2023, representing a rise in revenue share from 5% to 23% [12]. - The development of new cleaning systems for advanced driver-assistance systems (ADAS) is also noted, with the potential for increased vehicle value from traditional products to around 1,000 yuan per unit [13]. Group 4: International Expansion and Production Capacity - Hengshuai Co., Ltd. is expanding its international footprint by establishing factories in Thailand and the United States, which will enhance its production capabilities and optimize product structure [13]. - The Thai factory will focus on producing motors and cleaning pumps, while the U.S. facility will primarily manufacture cleaning systems, addressing high export costs [13]. - This strategic move is expected to shift the company's sales structure from cleaning pumps to cleaning systems, thereby increasing overall market competitiveness [13]. Group 5: Financial Projections and Investment Recommendations - The report forecasts Hengshuai Co., Ltd. to achieve net profits of 229 million yuan, 279 million yuan, and 343 million yuan from 2024 to 2026, with corresponding earnings per share (EPS) of 2.86 yuan, 3.49 yuan, and 4.29 yuan [14]. - Based on the closing price on January 23, 2025, the projected price-to-earnings (PE) ratios are 33X, 27X, and 22X for the respective years [14]. - The report initiates coverage with a "Buy" rating for Hengshuai Co., Ltd., reflecting confidence in its growth trajectory and market position [14].
东海证券：晨会纪要-20250127
东海证券·2025-01-27 05:06