Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Insights - The company focuses on precision injection molding and has diversified its business to include the production and sales of injection-molded parts and health products, establishing a "molding integration" production scale [4]. - The revenue for the first three quarters of 2024 reached 1.339 billion yuan, a year-on-year increase of 45.56%, while the net profit attributable to shareholders was 177 million yuan, up 62.25% year-on-year [4]. - The gross margin for the first three quarters of 2024 was 28.94%, and the net margin was 13.71%, reflecting a stable revenue growth due to a diversified business model [4]. Revenue Growth from New Energy Products - The new energy sector has become a key driver for revenue growth in 2024, with significant sales of injection-molded parts for electric vehicles and other related products [5]. - The company has become a primary supplier for major new energy vehicle brands, including Tesla and NIO, following the acquisition of Yuke Plastic [5]. - In the first half of 2024, revenue from injection-molded products reached 361 million yuan, a 34.20% increase compared to the same period last year [5]. Supply to Global Motor Giants - The company supplies components for robots, including motor parts and gears, to major global manufacturers like Kollmorgen and Nidec [8]. - Nidec is a comprehensive motor manufacturer with over 300 branches worldwide, while Kollmorgen specializes in motion control systems [8]. Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 1.645 billion yuan, 2.039 billion yuan, and 2.541 billion yuan, respectively, with corresponding EPS of 1.66 yuan, 2.02 yuan, and 2.44 yuan [9]. - The current stock price corresponds to PE ratios of 25.5, 21.1, and 17.4 for the years 2024, 2025, and 2026, respectively [9].
唯科科技：公司动态研究报告：注塑模具名企加码新能源产品，供货全球电机巨头-20250220