Investment Rating - The report assigns a positive investment rating to the company, indicating a favorable outlook for future performance [4]. Core Insights - The company is one of the top global automotive parts suppliers, with a strong traditional business that supports performance growth. It has expanded into battery boxes, smart exteriors, and chassis components, accelerating its transition to electric and intelligent vehicles [4][9]. - Emerging businesses such as robotics, low-altitude flight, and automotive wireless charging are market hotspots, with new products expected to contribute to revenue by 2025 or 2026 [4]. - The company is expected to resume dividend payments after a hiatus in 2023 due to high capital expenditures and debt levels. It is transitioning from an expansion phase to a harvesting phase, which will improve cash flow and allow for stock buybacks [4]. - Projected net profits for 2024-2026 are 2.2 billion, 2.51 billion, and 3.15 billion, respectively, with corresponding P/E ratios of 11.3x, 9.9x, and 7.9x, indicating a currently low valuation [4]. Company Overview - The company has over 30 years of experience in the automotive parts industry, with a global presence and a workforce of over 20,000 employees across 77 factories and offices in 14 countries [9][10]. - It is the largest supplier of battery boxes and body structure components globally and a leading supplier of automotive exterior parts [9]. Financial Performance - The company has shown resilient revenue growth since its listing in 2005, with a 13.8% year-on-year increase in revenue to 11.09 billion in the first half of 2024, and a 20.4% increase in net profit to 1.07 billion [18][22]. - The gross profit margin and net profit margin have improved slightly in the first half of 2024, with figures of 28.5% and 9.7%, respectively [22]. Revenue Structure - In the first half of 2024, domestic revenue was 4.53 billion, accounting for 40.8% of total revenue, while overseas revenue was 6.57 billion, making up 59.2% [26]. - The customer base is well-balanced, with European customers accounting for 42%, American customers 19%, Chinese customers 15%, and Japanese customers 21% [26]. Traditional Business Development - Traditional businesses, including metal trims, plastic parts, and aluminum components, accounted for 67% of revenue in the first half of 2024, providing a solid foundation for ongoing development [29]. - The company has engaged in forward-looking R&D and product layout, enhancing the value of its offerings [29]. Emerging Business Opportunities - The company has a significant order backlog of 236 billion, with over 125 billion in battery box orders, representing more than 53% of total orders [31]. - The company is actively developing products in the robotics sector, including structural components and joint assemblies, and is also exploring low-altitude flight technologies [33][35]. Valuation - The report compares the company to similar businesses in the automotive parts and battery box sectors, suggesting a low current valuation with projected P/E ratios indicating potential for growth [41].
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