顺威股份（002676）：国际化布局和新能源构建新成长动能

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company is expected to achieve significant revenue growth driven by acquisitions and core business expansion, with projected revenues of 32.57 billion, 34.80 billion, and 37.18 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21%, 7%, and 7% [6] - The automotive parts business is rapidly growing, with a 178.55% year-on-year increase in revenue to 4.56 billion in 2024, indicating a new growth driver for the company [6] - The company has established strong partnerships with major players in both the home appliance and automotive sectors, enhancing its market position [6] Financial Data and Valuation - Total revenue for 2023 is reported at 2,267 million, with a projected increase to 3,257 million in 2025, representing a year-on-year growth of 21% [2][13] - The net profit attributable to the parent company is expected to rise from 54 million in 2024 to 80 million in 2025, marking a 48% increase [2][13] - The company's price-to-earnings (PE) ratio is projected to decrease from 77.1 in 2024 to 52.0 in 2025, indicating improving valuation metrics [2][14] Business Segments - The air conditioning fan blade business is showing stable growth, with revenues of 16.25 billion in 2024, up 12.29% year-on-year [6] - The newly acquired Junwei Technology is expected to contribute significantly to the company's automotive parts segment, particularly in the field of new energy vehicles [6] - The company is focusing on international expansion with factories in Thailand and Mexico, enhancing its local supply capabilities [6]