Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage [6]. Core Views - The company is a leader in functional protective tubing, leveraging a "self-supplied monofilament + R&D innovation" strategy to create a competitive moat [5]. - The company has shown strong growth in revenue and profitability, with a significant focus on the automotive sector, particularly in the context of the booming new energy vehicle market [4][20]. - The company is expanding its production capacity and enhancing its technological capabilities, which are expected to drive future growth [5][6]. Summary by Sections Company Overview - The company, established in 2004, specializes in high polymer modified protective materials and has become a leading domestic player in functional protective tubing, with applications in automotive, rail transportation, communications electronics, and engineering machinery [3][15]. - The company has achieved a revenue of 865 million yuan in 2024, a year-on-year increase of 34.30%, with the automotive sector accounting for 65.60% of its revenue [3][20]. Market Demand and Growth - The domestic automotive industry is experiencing a strong recovery, with new energy vehicle sales expected to exceed 15 million units in 2025, reflecting a compound annual growth rate (CAGR) of 50.17% from 2015 to 2024 [4][47]. - The market for functional protective tubing in new energy vehicles is projected to reach 49.32 billion yuan in 2024, with a year-on-year growth of 34.78% [4][56]. Production and Technological Advantages - The company has developed a vertical integration production system, achieving over 90% self-supply of monofilament, which stabilizes performance and reduces production costs [5][73]. - Continuous R&D efforts have led to product performance that matches international standards, enhancing customer relationships and creating a strong product moat [5][73]. Financial Projections and Valuation - Revenue projections for 2025 to 2027 are 1.055 billion yuan, 1.285 billion yuan, and 1.539 billion yuan, respectively, with corresponding net profits of 214 million yuan, 273 million yuan, and 336 million yuan [6][8]. - The company is expected to maintain a strong growth trajectory, with an estimated EPS of 2.73 yuan in 2025, reflecting a P/E ratio of 19.0 [6][8]. Competitive Landscape - The functional protective tubing market is characterized by low concentration, with foreign companies currently holding a dominant position. However, domestic companies are rapidly closing the technology gap, accelerating the process of domestic substitution [4][67]. - The company is strategically expanding its international presence with factories in Mexico and Morocco to better serve North American and European clients [75].
骏鼎达（301538.SZ）：功能性保护套管领军者，“单丝自供+研发创新”打造护城河