LSKJ(300680) 华龙证券·2025-02-26 08:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is positioned as a leader in the EGR (Exhaust Gas Recirculation) market, benefiting from the trends of electrification and hybridization, with significant growth potential in its second growth curve through EGR and motor core businesses. Additionally, the company is strategically expanding into the fields of robotics and commercial aerospace, creating a third growth curve [6][8] Summary by Sections EGR Leadership and Growth - The company has transitioned from focusing solely on EGR systems for commercial vehicles to expanding into precision component processing through acquisitions, leveraging its public listing for financing to enhance production capacity for core products like motor cores. The company anticipates a net profit of 210-240 million yuan in 2024, representing a year-on-year increase of 43.03%-63.46% [6][8] - The company has established itself as a leading EGR supplier, benefiting from the increasing sales of new energy vehicles, particularly plug-in hybrid models, and is well-positioned to capture significant market share as EGR systems become mainstream under stricter emissions regulations [6][8] Electric and Hybridization Benefits - The company is expected to benefit from the growing demand for EGR systems in both passenger and commercial vehicles, with the EGR market projected to reach 3.22 billion yuan by 2027, growing at a CAGR of 15.6% from 2024 to 2027. The passenger vehicle segment is expected to grow at a CAGR of 20.2% during the same period [43][44] - The company has a strong customer base, including major players like BYD and SAIC, and is set to gain from the upcoming surge in plug-in hybrid and extended-range vehicle models [48][49] Motor Core Business Expansion - The motor core business is expected to see substantial growth driven by the increasing penetration of new energy vehicles and the dual-motor trend in plug-in and pure electric vehicles. The market for motor cores is projected to reach 11.33 billion yuan by 2027, with a CAGR of 26.2% from 2024 to 2027 [55][56] - The company has successfully expanded its production capacity for motor cores through two rounds of fundraising, with a total capacity expected to reach 4.32 million sets upon full production [58][59] Strategic Layout in Robotics and Aerospace - The company is advancing its capabilities in humanoid robotics, with mass production expected to commence in 2025, focusing on the development of dexterous hand technology, which is critical for the functionality of humanoid robots [6][8] - In the commercial aerospace sector, the company is actively participating in projects that are expected to contribute to the rapid growth of the industry, with the Chinese commercial aerospace market projected to reach 6 trillion yuan by 2028 [6][8]