Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [7]. Core Views - The company is positioned to benefit from the dual drivers of new energy and intelligent manufacturing, with steady expansion across multiple business areas [3]. - The demand for electric heating components is expected to grow significantly due to the rapid increase in new energy vehicle production and sales, which are projected to reach 12.89 million units in 2024, reflecting a year-on-year growth of 34.4% [3]. - The company has established itself as a primary supplier of thermal management systems for new energy vehicles, leveraging various heating technologies to meet the green and low-carbon trends [3]. Summary by Sections Market Performance - The company's stock performance is compared against the CSI 300 index, indicating a positive trend [2]. Business Dynamics - In 2024, the company's revenue from electric heating components for new energy vehicles reached 157 million yuan, a year-on-year increase of 28.95%, with a gross margin of 31.61% [4]. - The production volume of electric heating components for new energy vehicles reached 3.05 million units, a 90.63% increase year-on-year, while the shipment volume was 2.52 million units, up 45.66% year-on-year [4]. - The company has deepened collaborations with several global clients, enhancing its international and diversified customer base [4]. Capacity and Profitability - The company has established production capacity in Zhejiang and Thailand, utilizing flexible manufacturing and automation to improve delivery capabilities [5]. - The gross margin for the electric heating components business improved to 30.72% in 2024, an increase of 0.7 percentage points from 2023, with net profit growing by 19.90% year-on-year [5]. - In Q1 2025, the company reported revenue of 454 million yuan, a year-on-year increase of 8.56%, and a net profit of 68.82 million yuan, up 20.54% year-on-year [5]. Earnings Forecast - The company is projected to achieve revenues of 2.122 billion yuan, 2.340 billion yuan, and 2.554 billion yuan for the years 2025, 2026, and 2027, respectively [9]. - The earnings per share (EPS) are forecasted to be 0.90 yuan, 1.04 yuan, and 1.17 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 23.5, 20.2, and 18.0 [7][9].
热威股份（603075）：公司动态研究报告：新能源与智能制造双轮驱动，多领域业务稳步扩张