Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5][36]. Core Insights - The company is a leading manufacturer of electronic wire harnesses, with products widely used in new energy vehicles and the low-altitude economy, indicating strong growth potential [5][6][29]. - Revenue and profit are expected to grow steadily in 2024, driven by new product launches and strengthened partnerships with domestic brands [5][13]. - The company has successfully expanded into the European and North American markets, with overseas revenue exceeding 50% for the first time in 2024 [5][6][24]. - The low-altitude economy, particularly through partnerships in the eVTOL sector, presents significant future growth opportunities [5][29][36]. Summary by Sections Company Overview - The company was established in 1998 and specializes in the R&D, production, and sales of various wire harness components and injection-molded integrated parts, covering over 300 series and 3,000 models [5][9][19]. Financial Performance - The company forecasts revenue of 2.6 billion yuan and a net profit of 400 million yuan for 2024, representing year-on-year growth of 13.69% and 14.28%, respectively [5][13][24]. - The projected revenue for 2025-2027 is expected to reach 3.06 billion yuan, 3.61 billion yuan, and 4.15 billion yuan, with corresponding net profits of 510 million yuan, 610 million yuan, and 720 million yuan [3][38]. Market Trends - The automotive wire harness market is projected to grow significantly, with the average value of wire harnesses in new energy vehicles potentially increasing to 5,000-6,000 yuan per vehicle [5][24][22]. - The global eVTOL market is expected to grow from 1.2 billion USD in 2023 to 23.4 billion USD by 2030, with a CAGR of 52% [5][35][36]. Competitive Position - The company is positioned favorably against competitors, with a slightly higher valuation compared to industry averages, reflecting its growth potential in the eVTOL sector [5][38][42].
威贸电子（833346）：电子线束领先企业，低空经济有望打开公司成长空间