Investment Rating - The report assigns a "Buy" rating for the company with a target price of 145.2 CNY based on a PE of 20X for 2025 [5][3]. Core Insights - The company is positioned to expand its growth through overseas markets and the two-wheeler market, leveraging its cost advantages and technological innovations [2][3]. - The company has a significant cost advantage, with a gross margin level exceeding 10 percentage points compared to industry peers, attributed to manufacturing cost efficiencies, technological innovations, and a favorable customer structure [1][27]. Summary by Sections Company Overview - The company, established in 2003, focuses on automotive instruments and has expanded into smart cockpit products, maintaining a leading position in the automotive electronics industry [12][19]. - Key products include electronic combination instruments, full LCD combination instruments, and dual-screen instruments, contributing significantly to revenue [12][19]. Growth Drivers - Overseas Market Expansion: The company aims to increase its market share overseas, with a current share rising from 4% in 2022 to 6% in 2023, targeting markets in Korea, the USA, and Malaysia [2][33]. - Two-Wheeler Market: The company plans to leverage its automotive instrument capabilities to enter the two-wheeler market, establishing connections with major motorcycle manufacturers [2][37]. Financial Projections - Revenue is projected to grow from 46.45 billion CNY in 2025 to 71.74 billion CNY by 2027, with net profit expected to rise from 11.15 billion CNY to 17.67 billion CNY during the same period [3][42]. - The company anticipates maintaining a gross margin of around 34% over the next few years, with specific product lines showing varied growth rates [41][42]. Valuation Metrics - The company is expected to achieve an EPS of 6.97 CNY in 2025, increasing to 11.05 CNY by 2027, with a corresponding PE ratio projected to be 20X for 2025 [3][42]. - The financial data indicates a strong growth trajectory, with significant increases in both revenue and profit margins anticipated [4][42].
天有为（603202）：纵深仪表市场，出海+两轮车扩容成长空间