Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage in this regard [6]. Core Insights - The company is a leader in functional protective sleeves, leveraging a "self-supply of monofilament + R&D innovation" to create a competitive moat [5]. - The company has shown strong growth, with a revenue increase of 34.30% year-on-year in 2024, reaching 865 million yuan, and a net profit increase of 26.01%, totaling 176 million yuan [3][20]. - The domestic automotive industry is experiencing a robust recovery, particularly in the new energy vehicle (NEV) sector, which is expected to drive demand for functional protective sleeves [4][47]. Summary by Sections Company Overview - Established in 2004, the company specializes in high polymer modified protective materials and has become a leading domestic player in functional protective sleeves, with applications in automotive, rail transit, communications electronics, and engineering machinery [3][15]. - The company has a vertical integration strategy, producing over 90% of its monofilament in-house, which stabilizes performance and reduces production costs [5][73]. Market Demand and Growth - The NEV market has seen explosive growth, with sales increasing from 330,000 units in 2015 to 12.86 million units in 2024, representing a CAGR of 50.17% [4][47]. - The market for functional protective sleeves in NEVs is projected to reach 4.932 billion yuan in 2024, reflecting a year-on-year growth of 34.78% [56]. Financial Performance and Projections - The company forecasts revenues of 1.055 billion yuan in 2025, 1.285 billion yuan in 2026, and 1.539 billion yuan in 2027, with respective growth rates of 22.0%, 21.8%, and 19.7% [6][8]. - The net profit is expected to reach 214 million yuan in 2025, 273 million yuan in 2026, and 336 million yuan in 2027, with growth rates of 21.4%, 27.8%, and 23.0% respectively [6][8]. Competitive Landscape - The market for functional protective sleeves is characterized by low concentration, with foreign companies currently holding a dominant position due to technological advantages [4][67]. - The company is positioned in the second tier of domestic competitors, gradually closing the gap with foreign firms as its R&D capabilities improve [67][71]. Strategic Initiatives - The company is expanding its international footprint with factories in Mexico and Morocco to better serve North American and European clients, enhancing its competitive edge [75].
骏鼎达（301538）：功能性保护套管领军者，“单丝自供+研发创新”打造护城河