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]. - Emerging businesses such as robotics, low-altitude flight, and wireless charging for vehicles are market hotspots, with new products expected to be mass-produced by 2025 or 2026, contributing to revenue [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, with improved cash flow and stock buybacks anticipated [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. Founded in 1992 and listed in Hong Kong in 2005, it is the largest supplier of battery boxes and body structure parts globally, employing over 20,000 people across 77 factories and offices in 14 countries [9][10]. Financial Performance - The company has shown resilient revenue growth since its listing, 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 - The company has seen a continuous increase in overseas market share, with overseas revenue accounting for 59.2% of total revenue in the first half of 2024. The Americas and Europe represent significant portions of this revenue [26]. - The traditional business, including metal trims, plastic parts, and aluminum components, constitutes 67% of revenue, while new businesses like battery boxes account for 33% [29]. Emerging Business Development - The company has a strong order backlog of 236 billion, with over 53% of orders related to battery boxes, indicating significant growth potential in this area [31]. - The company has established a research center focused on automotive intelligent integration components and lightweight technology, leading to innovations in various sectors, including robotics and low-altitude flight [33][36].
敏实集团（00425）：布局机器人新赛道