世昌股份（920022）：汽车燃料系统领域的专精特新“小巨人”

Investment Rating - The report does not provide a specific investment rating for the company [51] Core Viewpoints - The company, Shichang Co., Ltd. (920022.BJ), specializes in the research, production, and sales of automotive fuel systems, primarily focusing on plastic fuel tank assemblies for vehicles. The company has established itself as a "little giant" in the specialized and innovative sector, recognized for its technological advantages and quality customer resources [1][29] - The market for plastic fuel tanks is expected to grow significantly, driven by the increasing production and sales of passenger vehicles in China, which have seen continuous growth since 2020. The company is well-positioned to benefit from this trend [2][44] - Shichang Co., Ltd. has a strong foundation for long-term growth, being one of the first companies to produce plastic fuel tanks that meet the "National VI standard" and having established stable partnerships with major automotive manufacturers [3][29] Summary by Relevant Sections Business Overview - Shichang Co., Ltd. focuses on the development, production, and sales of automotive fuel systems, with its main products being plastic fuel tank assemblies, which are categorized into atmospheric and high-pressure types. The company serves major automotive manufacturers such as Geely, Chery, and FAW [1][29] Market Analysis - The passenger vehicle market in China has shown robust growth, with production reaching 26.12 million units and sales at 26.06 million units in 2023. The market share of domestic brands is also increasing, indicating a favorable environment for the plastic fuel tank industry [2][44] Financial Performance - The company is projected to achieve revenues of 282 million, 406 million, and 515 million yuan from 2022 to 2024, with growth rates of -3.50%, 44.24%, and 26.79% respectively. Net profits are expected to be 18.12 million, 51.93 million, and 69.24 million yuan for the same period, with growth rates of -12.98%, 186.67%, and 33.33% [4][33] Competitive Position - Shichang Co., Ltd. is recognized as a national-level "little giant" enterprise and has received multiple accolades, including being a high-tech enterprise and a manufacturing champion in Hebei Province. The company holds 202 patents and has established long-term relationships with key automotive manufacturers, which supports its competitive position in the market [3][29] Valuation Analysis - The company’s projected PE ratio for 2024 is 9.50, which is significantly lower than the average PE ratio of comparable companies, indicating a potential undervaluation [4][28]