Anhui Higasket Plastics (SH:603150) Tianfeng Securities·2025-09-09 14:08Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [7]. Core Views - The company is a leader in refrigerator door seals and is expanding into automotive parts, focusing on intelligent driving and new materials [1][3]. - The company has achieved significant growth in overseas markets, with overseas revenue expected to exceed 500 million yuan in 2024 [2][30]. - The company is actively developing new materials, including a patented alloy that may open new market opportunities [4][39]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of home appliance and automotive parts, with its main product being refrigerator door seals, recognized as a "manufacturing single champion product" [1][14]. - By the end of 2024, the company will have established 16 overseas bases, achieving its "1515" internationalization strategy ahead of schedule [1][15]. Home Appliance Business - The home appliance segment is the cornerstone of the company's revenue and profit, with growth driven by new products and overseas expansion [2]. - The company has expanded its product offerings beyond refrigerator seals to include components, injection molding, and glass products, with a focus on washing machine seals [23][24]. - In 2024, overseas revenue is projected to surpass 500 million yuan, with significant growth in markets like Vietnam and Thailand [30]. Automotive Parts - The company is positioning itself in the automotive sector, focusing on intelligent steering and sensing components, with a recent acquisition of a 51% stake in Guo Taiyang, a company specializing in steering systems [3][36]. - The shift from electric power steering (EPS) to steer-by-wire (SbW) systems is anticipated to drive growth in this segment [32]. Material Development - The company is enhancing its material research capabilities, transitioning from soft PVC to TPE for refrigerator seals, and has developed a new alloy material with superior properties [4][39]. - The new alloy material is expected to find applications in various fields, potentially creating new growth avenues for the company [39]. Financial Forecast - Revenue projections for 2025-2027 are 4.2 billion, 5.07 billion, and 6.04 billion yuan, respectively, with net profits expected to grow to 160 million, 210 million, and 270 million yuan [5][41]. - The company is valued at a target price of 46.25 yuan based on a 25X valuation for 2025 [5][44].