SHBT(SH:603009) Changjiang Securities·2025-09-19 06:22Investment Rating - The investment rating for the company is "Buy" with an upgrade noted in the report [10]. Core Viewpoints - The company, Beite Technology, is a leading domestic automotive parts manufacturer with strong technical accumulation in components such as compressors, steering gear racks, and shock absorber piston rods. The growth in the new energy vehicle market is expected to drive steady growth in the company's automotive parts business, with an anticipated increase in market share. Additionally, the company has strategically developed various screw products in the metal precision processing field, which is expected to become a second growth curve for the company, benefiting from the development wave of humanoid robots [3][6][8]. Summary by Sections Company Overview - Beite Technology has established technical barriers in the research and production of automotive chassis components, particularly in steering gear racks and shock absorber piston rods. The company has a rich product structure and maintains a leading position in segmented markets. Its main business includes three segments: chassis components, aluminum alloy lightweight products, and air conditioning compressors. The company is actively expanding into new business areas, including the establishment of subsidiaries focused on humanoid robot core components [6][17][19]. Market Demand and Growth - The company's main business in automotive parts is expected to grow due to the increasing market demand for new energy vehicle components. The company is enhancing its competitive advantage by collaborating with steel manufacturers to expand its product offerings. The demand for lightweight vehicles is becoming increasingly urgent as the penetration rate of new energy vehicles rises. The company is positioned to accelerate growth in its aluminum alloy business as production capacity comes online [7][48]. Humanoid Robot Industry - The humanoid robot market is poised for significant growth, with various manufacturers expected to ramp up production by 2025. The company has strategically positioned itself in the production of planetary roller screws, which are critical components for humanoid robots. The report anticipates that the company will achieve net profits of 117 million and 155 million yuan in 2025 and 2026, respectively, corresponding to PE ratios of 166 and 125 times [8][73]. Financial Performance - The company has demonstrated steady revenue growth, with a projected revenue of 2.024 billion yuan in 2024, reflecting a year-on-year increase of 7.57%. In the first half of 2025, the company reported total revenue of 1.113 billion yuan, a year-on-year increase of 14.71%. The net profit attributable to the parent company is expected to reach 71 million yuan in 2024, up 40.43% year-on-year, and 55 million yuan in the first half of 2025, up 45.14% year-on-year [27][29][68]. Competitive Position - The company has a stable shareholding structure, with the actual controller holding a significant portion of shares, ensuring stability in management. The company has also been expanding its overseas business, with export revenue accounting for 6.9% of total revenue in 2024, indicating a growing international presence [39][35]. Product Segmentation - The company's product revenue structure is diversified, with automotive chassis components accounting for 64.16%, air conditioning compressors 27.53%, and aluminum alloy lightweight products 8.31%. The company is focusing on enhancing its product offerings and expanding its market share in these segments [20][24].