Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company is experiencing accelerated growth in its actuator business, driven by the electric and intelligent transformation of the automotive industry. The revenue from actuators has become a pillar of the company's business, with significant contributions from major clients like BYD [5][10]. - The company is expanding its production capacity to meet increasing demand, with ongoing projects that will enhance its output of temperature sensors and actuators [4][5]. - The global automotive actuator market is projected to grow from 165.8 billion yuan in 2023 to 275.9 billion yuan by 2029, indicating a compound annual growth rate of 8.9% [8]. Summary by Sections Company Overview - The company specializes in automotive thermal management products, including sensors, controllers, and actuators. It has established a strong client base, including major automotive manufacturers and new energy vehicle companies [9]. Financial Performance - The company's revenue from actuators has shown substantial growth, with figures of 92 million yuan in 2021, 162 million yuan in 2022, and 211 million yuan in 2023, reflecting year-on-year growth rates of 37.2%, 77.2%, and 29.9% respectively [5]. - The gross margin has improved significantly, reaching 24.8% in the first half of 2024, up from 14.6% in 2021 [5]. Future Outlook - Revenue projections for 2024, 2025, and 2026 are estimated at 820 million yuan, 1.08 billion yuan, and 1.37 billion yuan respectively, with corresponding earnings per share (EPS) of 0.77 yuan, 1.03 yuan, and 1.35 yuan [10][12]. - The company is actively exploring new markets, including humanoid robotics, which could provide additional growth opportunities [8].
开特股份：公司动态研究报告：执行器成长飞轮加速，传感器扩张潜力十足