顺威股份：国际化布局和新能源构建新成长动能-20250529

Investment Rating - The report maintains a rating of "Add" for the company [3]. Core Views - The company is experiencing new growth momentum through international expansion and the development of new energy sectors [1]. - The revenue growth is primarily driven by mergers and acquisitions, with a notable increase in automotive parts business [7]. - The air conditioning blade business shows steady growth, supported by strong partnerships with major domestic and international brands [7]. - The automotive parts segment is rapidly expanding, with significant contributions from new energy vehicle components and international operations [7]. - The company is expected to achieve revenues of 32.57 billion, 34.80 billion, and 37.18 billion yuan for the years 2025 to 2027, with corresponding net profits of 800 million, 1.05 billion, and 1.12 billion yuan [7]. Financial Data and Valuation - Total revenue for 2023 is reported at 2,267 million yuan, with projections of 2,697 million yuan for 2024 and 3,257 million yuan for 2025, reflecting a year-on-year growth of 8%, 19%, and 21% respectively [2][14]. - The company's net profit for 2023 is 35 million yuan, expected to rise to 54 million yuan in 2024 and 80 million yuan in 2025, indicating a year-on-year growth of -17%, 54%, and 48% respectively [2][14]. - The price-to-earnings (PE) ratio is projected to decrease from 118.6 in 2023 to 52.0 in 2025, and further to 39.9 in 2026 [2][15]. Key Financial Metrics - The company’s return on equity (ROE) is expected to improve from 3.0% in 2023 to 6.3% in 2025 [15]. - The debt-to-asset ratio is projected to increase from 53.2% in 2023 to 66.0% in 2025, indicating a rising leverage [15]. - The company’s earnings per share (EPS) is expected to grow from 0.05 yuan in 2023 to 0.11 yuan in 2025 [15].