SHBT(SH:603009) Soochow Securities·2025-03-28 03:23Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company has a stable growth trajectory in its automotive parts business, with significant potential in the lightweight and robotics sectors. The expansion into planetary roller screw production is expected to open new growth avenues [8][14]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the automotive chassis parts sector for over 20 years, focusing on high-value components. It has established itself as a leading manufacturer in China [14][19]. - The company has diversified its business by entering the automotive air conditioning compressor market and aluminum lightweight components, aligning with industry trends towards energy efficiency and lightweighting [14][19]. 2. Business Performance - The company achieved total revenue of 2,024 million yuan in 2024, representing a year-on-year growth of 7.6%. The net profit attributable to shareholders was 71.4 million yuan, up 40.4% year-on-year [25][29]. - The chassis parts business generated revenue of 1,397 million yuan in 2024, with a growth rate of 7%. The lightweight business contributed 133 million yuan, growing by 1% [29][57]. 3. Financial Projections - The company is projected to achieve net profits of 121.72 million yuan, 201.86 million yuan, and 565.36 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 70%, 66%, and 180% [1][8]. - The earnings per share (EPS) are expected to rise from 0.36 yuan in 2025 to 1.67 yuan in 2027, reflecting a significant increase in profitability [1]. 4. Market Position and Strategy - The company has a strong market position in the steering and shock absorber segments, with a market share of 40-50%. It is also expanding its high-precision components business, which is expected to see substantial growth [8][57]. - The company is investing 1.85 billion yuan to establish a production base for planetary roller screws, targeting the growing humanoid robot market, which is projected to exceed 90 billion yuan by 2030 [8][14]. 5. Product and Customer Base - The product portfolio includes steering components, shock absorbers, and aluminum lightweight parts, catering to major automotive manufacturers such as Bosch, BYD, and ZF [19][51]. - The company has established production bases in key automotive industry clusters across China, enhancing its responsiveness to customer needs and reducing logistics costs [55].