FII(SH:601138) Tianfeng Securities·2025-04-08 02:23Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [4][15]. Core Insights - The company is expected to maintain its competitive advantage due to its comprehensive global capacity layout amidst escalating trade tensions [2][3]. - The projected net profits for the years 2024, 2025, and 2026 are 23.22 billion, 33.02 billion, and 39.21 billion respectively, indicating a strong growth trajectory [3]. Financial Data and Valuation - Revenue is projected to grow from 476.34 billion in 2023 to 986.80 billion in 2026, with a growth rate of 35% in 2025 [3][10]. - The EBITDA is expected to increase from 37.33 billion in 2023 to 52.62 billion in 2026 [3][10]. - The net profit attributable to the parent company is forecasted to rise from 21.04 billion in 2023 to 39.21 billion in 2026, with a significant growth rate of 42.23% in 2025 [3][10]. - The earnings per share (EPS) is anticipated to grow from 1.06 in 2023 to 1.97 in 2026 [3][10]. - The price-to-earnings (P/E) ratio is projected to decrease from 16.19 in 2023 to 8.69 in 2026, indicating potential undervaluation [3][10]. Market Position and Strategy - The company has established production capacities in 14 countries and regions, leveraging its experience in lean management and supply chain management to enhance its competitive position [8]. - The company is expected to benefit from the US-Mexico-Canada Agreement, particularly through its production facilities in Mexico, which are shielded from tariff impacts [8]. - The company has also positioned itself with local production capabilities in the US, enhancing its resilience against tariff shocks [8].