Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for automotive seats is growing, coupled with significant cost control measures, leading to a projected 19% year-on-year growth in 2024 [2] - The company achieved a total revenue of 304.32 million yuan in 2024, representing an 18.04% increase year-on-year, and a net profit attributable to shareholders of 79.13 million yuan, up 18.93% year-on-year [2] - The increase in performance is primarily due to rising customer product demand, with approximately 90% of product orders coming from new energy vehicles [2] - Despite challenges such as customer attrition and fluctuating material prices, the company has effectively managed its operating expenses, resulting in a net profit margin increase to 26.00% [2] Summary by Sections Financial Performance - The company reported a total revenue of 304.32 million yuan in 2024, with a year-on-year growth of 18.04% [2] - The net profit attributable to shareholders was 79.13 million yuan, reflecting an 18.93% increase year-on-year [2] - The gross profit margin decreased by 3.23 percentage points to 42.96% due to various cost pressures [2] Product Growth - The company’s four core component products continue to grow, with the metal powder injection molding (MIM) parts showing a remarkable revenue increase of 36.27% [3] - The revenue from the seat adjustment assembly reached 10 million yuan, growing by 14.88% year-on-year, indicating a potential future growth driver [3] Market Position and Expansion - The company is a leading player in the domestic automotive seat adjustment system components market, with significant market shares in self-lubricating bearings and force transmission rods [4] - The company plans to expand its production capacity significantly by 2026, which will enhance its ability to meet growing order demands [4] - The company’s customer base includes major automotive seat manufacturers, positioning it well to benefit from industry growth [4] Earnings Forecast - The company is expected to achieve net profits of 100.56 million yuan in 2025, 127.34 million yuan in 2026, and 157.94 million yuan in 2027, with corresponding P/E ratios of 26.98, 21.31, and 17.18 [10]
明阳科技（837663）：2024年报点评：汽车座椅需求增长叠加费控成效显著，总成件业务打造第二成长曲线