STAR SHUAIER(SZ:002860) ZHESHANG SECURITIES·2025-06-11 07:30Investment Rating - The report maintains a "Buy" rating for the company [3] Core Viewpoints - The company is a global leader in compressor accessories, expanding into new fields such as motors and photovoltaic components to create new growth curves [1] - The household appliance segment is experiencing steady growth due to the old-for-new policy and the expansion of small appliance categories, with projected revenue of 848 million yuan in 2024, a year-on-year increase of 21.04% [1] - The subsidiary, Zhejiang Special Motor, is focusing on R&D and market expansion in new energy and new product areas, with plans to enhance support for high-efficiency permanent magnet motors and servo motors [2] Summary by Sections Company Overview - The company has established long-term partnerships with major compressor manufacturers and household appliance companies, including Midea and Haier [1] - The product range includes thermal protectors, starters, sealing terminals, temperature controllers, and various motor products [1] Financial Performance - In Q1 2025, the company achieved revenue of 503 million yuan, a year-on-year increase of 8.37%, and a net profit of 64.3 million yuan, up 21.73% [1] - The forecast for 2025-2027 projects net profits of 233 million, 269 million, and 303 million yuan, respectively, with corresponding EPS of 0.64, 0.74, and 0.84 yuan per share [3][5] Market Outlook - The household appliance sector is expected to benefit from government support for consumer upgrades, with a focus on expanding the temperature controller product line for small appliances and automotive applications [1] - The company aims to leverage its strong cash position of 1.158 billion yuan to support future growth initiatives [2]