ZheJiang Meili High Technology (300611) Guoxin Securities·2025-03-27 05:36Investment Rating - The report gives an "Outperform" rating for the company [4][6]. Core Viewpoints - The company is experiencing high growth in its main business, with a forecasted net profit of 100 to 128 million yuan in 2024, representing a year-on-year increase of 145.71% to 214.51% [2][4]. - The company is actively expanding its global presence, with plans to establish production capacity in Mexico and acquire key assets in Germany to enhance local production capabilities [3][31]. - The company is focusing on new business areas such as electric, intelligent, and lightweight components, including springs for humanoid robots, which are currently in the small batch sampling stage [3][33]. Summary by Sections Business Overview - The company specializes in spring manufacturing, with 50% of its revenue coming from chassis components and 40% from body interior and power systems [2][17]. - The company has made strategic acquisitions to enhance its capabilities, including the acquisition of Shanghai Nuclear Engineering and AHLE, which will strengthen its technology reserves and market access [2][22]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 20.3% in revenue over the past five years, with a projected revenue of 1.76 billion yuan in 2024 and 2.26 billion yuan in 2025 [5][18]. - The net profit is expected to reach 1.18 billion yuan in 2024, with a significant increase in profitability forecasted for the following years [40][39]. Market Position and Strategy - The company is expanding its market share in the chassis spring business, with a current market share exceeding 10% and expected to grow further [25][24]. - The company has established a broad customer base, including major domestic and international automotive brands, and is enhancing its global footprint through strategic partnerships [28][31]. Future Outlook - The company plans to invest 650 million yuan in new production capacity for intelligent suspension and electric/hydraulic drive components, indicating a strong commitment to innovation and market expansion [3][33]. - The humanoid robot spring business is anticipated to open a new growth avenue for the company, with ongoing collaborations with various robotics companies [33][34].