Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [4]. Core Views - The demand for aluminum alloy precision die-casting parts remains strong across various downstream industries, including communication, energy storage, automotive, and heat dissipation, driven by trends such as the expansion of 5G networks and the lightweighting trend in the automotive sector [1][2]. - The company has established deep collaborations in the new energy vehicle sector, providing various aluminum alloy precision die-casting components, and is also actively engaged in the communication sector, particularly with 5G base station components [2]. - Despite short-term performance pressures, the company is expected to benefit from its ongoing efforts to expand into new industries such as semiconductors and energy storage, which could drive future growth [3][4]. Summary by Sections Financial Performance - In 2024, the company is projected to achieve revenue of 36.59 billion yuan, a year-on-year increase of 14.73%, with communication product revenue declining by 19.86% to 11.4 billion yuan, while automotive parts revenue is expected to rise by 46.31% to 23.66 billion yuan [3]. - The net profit attributable to shareholders is forecasted to be -1.64 billion yuan, a significant decline of 220.58% year-on-year, primarily due to the impact of global economic fluctuations and policy adjustments on the communication sector [3]. - Revenue projections for 2025, 2026, and 2027 are 42.76 billion yuan, 49.93 billion yuan, and 58.31 billion yuan, respectively, with corresponding EPS of 0.31 yuan, 0.73 yuan, and 1.17 yuan [4][9]. Market Position and Strategy - The company is focusing on expanding its market share and strengthening its competitive advantage by increasing market development efforts, particularly in North America, where a new factory is being prepared for production [3]. - The ongoing development of new heat dissipation materials and partnerships with leading clients like Ericsson in the communication sector are expected to enhance the company's market position [2]. Financial Metrics - The company is expected to achieve a gross margin of 9.7% in 2024, improving to 15.1% by 2027, with a projected net profit margin of -4.5% in 2024 turning positive by 2025 [12]. - The return on equity (ROE) is anticipated to improve from -5.3% in 2024 to 7.1% by 2027, indicating a recovery in profitability [12].
美利信（301307）：业绩短期承压，多轮驱动中长期成长