Investment Rating - The investment rating for Fengmao Co., Ltd. (301459) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's growth potential and market positioning [2][3]. Core Viewpoints - The company is expected to invest up to RMB 1.5 billion in a new automotive parts production base in Jiaxing, which will enhance its capabilities in high-end automotive components [2][3]. - The core business is experiencing steady growth, with a projected 25% year-on-year increase in sales revenue from the transmission system in 2024, driven by technological upgrades [3][4]. - The company is diversifying its product offerings and expanding into non-automotive sectors, with applications in robotics, drones, and other high-value industries [3][4]. - A significant focus is on developing lightweight air suspension products for electric vehicles, alongside other components like battery pipeline systems [3][4]. - The company aims to enhance its global presence, with production bases planned in Thailand and Jinan, targeting Southeast Asia and Europe [3][4]. Financial Summary - Total revenue is projected to grow from RMB 802 million in 2023 to RMB 1,735 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 22.9% [4]. - Net profit attributable to the parent company is expected to increase from RMB 138 million in 2023 to RMB 304 million in 2027, with a CAGR of 23.6% [4]. - The gross margin is anticipated to improve slightly from 29.8% in 2023 to 31.2% in 2027, indicating effective cost management [4]. - Earnings per share (EPS) are projected to rise from RMB 1.33 in 2023 to RMB 2.92 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 30.75 to 13.97 [4].
丰茂股份（301459）：主业稳健增长，加大新兴业务投入