富临精工：富聚锂电新能，临驭智机浪潮-20250304

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [8]. Core Insights - The company, a leading player in engine components, is actively expanding into the new energy sector, particularly in "electric drive + thermal management + suspension systems" and "lithium iron phosphate" markets. The lithium iron phosphate business is experiencing a turning point with increasing demand for high-pressure lithium iron phosphate products, leveraging its competitive advantage in oxalic acid processing [2][4][7]. Summary by Sections Engine Components - The company is a well-established leader in engine components, maintaining high profitability in traditional products. It has achieved significant market shares in various products, with a 21% and 13% market share in mechanical and hydraulic tappets respectively as of 2014. The VVT product currently holds a 12% market share, ranking first. The automotive engine market remains robust, benefiting from hybrid and export growth, with expectations for further market share gains in new technology areas like EVVT [4][31][35]. New Energy Business - The company has capitalized on the transition to new energy, expanding its product offerings to include electric drive systems, thermal management, and suspension systems. The electric drive system market is projected to exceed 100 billion, with revenues reaching 750 million in 2023, a 56.3% year-on-year increase. The thermal management market is also significant, with revenues of 380 million in 2023, reflecting a 93.5% year-on-year growth [4][5][31]. Lithium Iron Phosphate - The company entered the lithium iron phosphate sector in 2021, utilizing an oxalic acid method for production, which provides a competitive edge in high-pressure performance. The cost structure is expected to improve significantly with a projected 30-40% self-supply rate of lithium dihydrogen phosphate by 2025, potentially reducing costs by 600-700 yuan per ton [5][7]. Robotics - The company is venturing into the robotics sector, focusing on core components for robotic joints. With a market potential exceeding 30 billion, the company has established partnerships for mass production of robotic components, positioning itself as a key supplier in the industry [6][7]. Financial Projections - The company is expected to see a stable growth foundation from its engine components and lithium iron phosphate businesses, with new growth opportunities in robotics. Projected net profits for 2024, 2025, and 2026 are 410 million, 1.08 billion, and 1.52 billion respectively, with corresponding P/E ratios of 55, 21, and 15 [7].