RTGF(SH:605133) Huaxin Securities·2025-06-18 09:37Investment Rating - The investment rating for the company is "Buy" and is maintained [2][6]. Core Viewpoints - The company is a leading enterprise in aluminum alloy die-casting, actively exploring a second growth curve through partnerships and new product developments [3][5]. - The company has established itself as a global leader in steering gear housings, with a significant market share increase from 12.43% in 2017 to 21.46% in 2021 [3][58]. - The company is expanding its production capacity in Mexico, which is expected to enhance profitability significantly [4][32]. - The company is entering the humanoid robot core components market through a joint venture, indicating diversification in its business strategy [5][9]. - Revenue and profit forecasts indicate strong growth, with projected revenues of 31.4 billion, 40.2 billion, and 49.8 billion yuan from 2025 to 2027, respectively [6][19]. Summary by Sections Company Overview - Established in 2000, the company specializes in precision die-casting of aluminum alloy automotive parts, including steering, transmission, and braking components [3][12]. - The company has formed stable partnerships with global Tier 1 automotive suppliers such as Bosch and ZF [3][58]. Production Capacity and Expansion - The company has successfully turned around its Mexican subsidiary, with plans for further expansion to meet increasing demand [4][32]. - The new projects in Mexico are expected to contribute approximately 110 million yuan in annual profits once fully operational [4]. Financial Performance - The company has shown rapid revenue growth, with a 32% increase in 2022, driven by business expansion and new project launches [19][23]. - Profitability is expected to improve, with net profits projected to reach 2.8 billion, 3.6 billion, and 4.5 billion yuan from 2025 to 2027 [6][19]. Market Trends - The aluminum alloy die-casting market is projected to grow significantly, driven by the increasing demand for lightweight materials in the automotive industry [48][54]. - The company is well-positioned to benefit from the rising penetration of electric vehicles, with a forecasted market size of nearly 500 billion yuan for aluminum alloy die-casting components by 2025 [48][54]. Strategic Initiatives - The company is actively pursuing joint ventures and partnerships to enhance its capabilities in humanoid robotics and other advanced manufacturing sectors [5][9]. - The company has a stable shareholding structure, which supports its long-term strategic goals [35][37].