QI AUTOMOTIVE CO.(837242) 开源证券·2025-02-28 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to achieve a total revenue of 752.24 million yuan in 2024, representing a year-on-year growth of 34.71%. The net profit attributable to the parent company is projected to be 106.19 million yuan, reflecting a year-on-year increase of 52.46% [3][38] - The company is focusing on expanding its product categories and vertical integration, particularly in automotive electronics, to become a leading platform player in the industry [5][32] Summary by Relevant Sections 1. Market Demand and Growth - The automotive aftermarket is characterized by a large and fragmented demand, with growth driven by increasing vehicle ownership and aging vehicles. The Chinese market is expected to grow rapidly, with a projected increase in vehicle ownership by 5%-10% annually and a significant rise in vehicle mileage [4][11][13] - The North American market shows stable growth, with a consistent increase in vehicle ownership from 250 million to 280 million vehicles between 2011 and 2022 [20][28] 2. Company Strategy and Product Development - The company plans to continuously develop and launch new products in automotive electronics, following the trend of new energy vehicles. It aims to enhance its manufacturing capabilities and enter high-value OEM markets [5][32] - The company is also focusing on remanufacturing and overseas production to reduce costs and enhance business value [5][37] 3. Financial Performance and Projections - The company expects to achieve net profits of 106 million, 115 million, and 133 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.61, 1.75, and 2.02 yuan [3][38] - The current price-to-earnings (P/E) ratios are projected to be 21.2, 19.5, and 16.9 for the years 2024, 2025, and 2026 [3][38]