Investment Rating - The investment rating for the company is "Buy" [24] Core Viewpoints - The company focuses on the research, production, and sales of customized automotive system connectors, primarily producing special fasteners and seat locks, which are widely used in various automotive systems [6][17] - The company has established strong relationships with major automotive manufacturers and suppliers, with over 70% of its revenue coming from the automotive seating sector [16][17] - The company is actively expanding its product applications in the new energy vehicle and automotive electronics sectors, which is expected to drive future growth [17] Financial Performance - The company achieved operating revenues of 491.2 million, 553.3 million, and 681.7 million yuan for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 8.20%, 12.64%, and 23.20% [7][19] - The net profit attributable to the parent company for the same years was 76.8 million, 82.6 million, and 107.7 million yuan, with year-over-year growth rates of -61.61%, 7.57%, and 30.36% [7][19] - For the first quarter of 2025, the company expects operating revenue to grow by 16.28% to 32.69% compared to the same period last year, with net profit expected to increase by 58.32% to 79.07% [19] Industry Overview - The automotive fastener market is characterized by a high demand, with an estimated requirement of 1,536.71 billion fasteners in 2023, driven by the production of over 26 million passenger vehicles [12] - The automotive seating market is projected to grow at an annual rate of 4.6% in China, reaching a market size of 880 billion yuan by 2025 [13][14] - The industry is experiencing a trend towards lightweight, diversified, intelligent, and environmentally friendly developments, which is influencing the fastener sector [12][15] Company Highlights - The company has a diverse product portfolio with over 4,000 types of special fasteners and is recognized as a core supplier in the automotive seating sector [16] - The company has secured a 7.45% market share in the Chinese passenger car seat lock market as of 2023 [16] - The company is positioned to benefit from the growing demand in the new energy vehicle sector, having entered the supply chains of major manufacturers like NIO and BYD [17]
新股覆盖研究：浙江华远