Lucky Harvest(002965) 东吴证券·2025-03-28 12:41Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 75 CNY based on a 30x PE for 2025 [6][7]. Core Viewpoints - The company is a leading manufacturer of precision components, actively expanding into new business areas while maintaining a strong foundation in traditional sectors [9][12]. - The company has shown robust revenue growth, particularly in the new energy vehicle (NEV) sector, with a compound annual growth rate (CAGR) of 106% from 2020 to 2023 [6][22]. - The company is well-positioned in high-growth potential sectors, including NEVs, energy storage, and communication equipment, with a focus on deepening relationships with leading customers and expanding internationally [6][12]. Summary by Sections Company Overview - Founded in 2004, the company specializes in precision stamping molds and metal structural components for NEVs, energy storage devices, and communication equipment [9][12]. - The company has over 500 patents and two provincial R&D centers, showcasing its commitment to technological innovation [9][14]. Financial Performance - The company reported total revenue of 4.29 billion CNY in 2022, with projections of 5.70 billion CNY in 2023 and 6.72 billion CNY in 2024, reflecting a year-on-year growth of 32.96% [6][18]. - Net profit attributable to shareholders is expected to reach 4.12 billion CNY in 2024, with a projected PE ratio of 28 [6][18]. Business Segments - NEV components have become the company's main product line, with revenue increasing from 4.18 billion CNY in 2020 to 36.74 billion CNY in 2023, accounting for 64.42% of total revenue [6][22]. - The energy storage segment has also seen significant growth, with a CAGR of 48% from 2020 to 2023, maintaining stable gross margins [6][22]. Technological Advancements - The company has developed advanced technologies, including the cold media direct cooling technology, which enhances heat dissipation efficiency for NEVs and energy storage systems [30][31]. - The company is focused on lightweight solutions and modular design capabilities, which are critical for the automotive industry [31][32]. Market Position and Strategy - The company has established strong partnerships with leading automotive manufacturers, including BYD and GAC Group, positioning itself as a key supplier in the NEV market [6][12]. - The international expansion strategy includes establishing production bases in Mexico and Thailand to cater to North American and Southeast Asian markets [6][12].