Henghe Mould(SZ:300539) ZHESHANG SECURITIES·2025-05-20 10:53Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a 12% year-on-year increase in net profit for 2024 and a 38% increase for Q1 2025, driven by growth in automotive smart cockpit and lightweight components [1][2] - The automotive parts business is expected to grow rapidly due to trends in automotive intelligence and lightweighting, with significant market potential in smart cockpit solutions and lightweight materials [3][4] Financial Performance - In 2024, the company achieved operating revenue of 751 million yuan, a year-on-year increase of 10.83%, and a net profit of 38 million yuan, up 12.18% [1] - For Q1 2025, the company reported operating revenue of 203 million yuan, a year-on-year increase of 22.04%, and a net profit of 11.18 million yuan, up 37.68% [2] - The gross profit margin for 2024 was 22.08%, an increase of 1.2 percentage points year-on-year, while the net profit margin was 5.2%, up 0.36 percentage points [2] Growth Projections - Revenue projections for 2025-2027 are 1.007 billion, 1.196 billion, and 1.402 billion yuan, representing year-on-year growth rates of 34%, 19%, and 17% respectively [5] - Net profit projections for the same period are approximately 61 million, 82 million, and 115 million yuan, with year-on-year growth rates of 59%, 36%, and 39% respectively [5] Market Trends - The global market for automotive smart cockpit solutions is expected to reach 429.6 billion yuan by 2025, with a year-on-year growth of 17% [3] - The lightweight automotive parts market is projected to grow significantly, with the global tailgate market expected to reach 15 billion USD by the end of 2027 [3] Competitive Position - The company has established a strong customer base in both the smart home and automotive sectors, collaborating with well-known brands such as Huawei, BYD, and Xiaomi [4]