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 and expansion strategies [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 focus on advanced automotive components such as thermal management systems and air suspension systems [2][3]. - The core business is showing steady growth, with a projected 25% year-on-year increase in sales revenue from the transmission system in 2024, driven by technology 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 areas [3][4]. - The company plans to enhance its product matrix by developing lightweight air spring products for electric vehicles and expanding production capacity in multiple locations, including a new base in Jinan and a production facility in Thailand [3][4]. - Profit forecasts indicate a net profit of RMB 1.99 billion, RMB 2.46 billion, and RMB 3.04 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.92, RMB 2.37, and RMB 2.92 [3][4]. Summary by Sections Investment Overview - The company is making significant investments in emerging business areas, which are expected to create new growth opportunities [3]. - The new production base will cover approximately 150 acres and is anticipated to generate an annual output value of around RMB 1.5 billion within five years of completion [2][3]. Financial Performance - Total revenue is projected to grow from RMB 802 million in 2023 to RMB 1.735 billion in 2027, reflecting a compound annual growth rate (CAGR) of approximately 22.9% [4]. - The 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]. Product Development and Market Expansion - The company is focusing on expanding its product categories, particularly in air suspension systems and thermal management systems, to meet the rising demand in the automotive sector [3]. - The company is also enhancing its global presence by exporting products to various regions, including Europe, Southeast Asia, and South America [3].
丰茂股份：主业稳健增长，加大新兴业务投入-20250605