SHBT(603009) 群益证券·2025-02-13 08:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][11]. Core Insights - The company is a leading player in the automotive chassis components industry and is expanding into the humanoid robot screw industry. It has established three main business segments: chassis components, aluminum lightweight components, and air conditioning compressors. The company is transitioning from a single automotive parts supplier to a dual-driven model of "automotive + robotics" [5]. - The company has invested 1.85 billion RMB to establish a research and production base for planetary roller screws, which are critical components for humanoid robots. This move is expected to create a second growth curve for the company [5][9]. Summary by Sections Company Overview - The company has a market capitalization of 171.10 billion RMB and a share price of 50.56 RMB as of February 12, 2025. The stock has seen significant appreciation, with a one-year increase of 372.4% [1]. Business Segments - Chassis Components: The company has maintained a leading position in the automotive chassis sector, with a market share of over 50% in steering racks and over 45% in shock absorber piston rods as of 2022. Revenue from chassis components grew approximately 19% year-on-year in the first half of 2024, driven by new product launches [5][7]. - Aluminum Lightweight Components: This segment has experienced rapid growth, with a revenue increase of about 35% year-on-year in the first half of 2024. The company has entered the supply chains of major players like BYD and ZF [7]. - Thermal Management: The company is a leader in commercial vehicle air conditioning compressors and is expanding into the passenger vehicle sector. Revenue from this segment decreased by about 3% year-on-year in the first half of 2024, but sales of passenger vehicle units increased by 70% [7]. Financial Performance - The company reported a net profit of 51 million RMB in 2023, with projections of 81 million RMB for 2024, reflecting a year-on-year growth of 59.56%. The earnings per share (EPS) is expected to reach 0.23 RMB in 2024 [10][12]. - The gross profit margin improved to 19.8% in the first three quarters of 2024, up 1.9 percentage points year-on-year, primarily due to the increased contribution from high-margin chassis components [5]. Future Outlook - The company forecasts net profits of 81 million RMB, 109 million RMB, and 158 million RMB for 2024, 2025, and 2026, respectively, with significant year-on-year growth rates [10][12].