Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first investment recommendation [2][15]. Core Insights - The company is a leading player in the automotive intake system sector and is actively expanding into new growth areas, particularly in the new energy vehicle market [4][5]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 10.84% from 2020 to 2024, and a significant increase in net profit with a CAGR of 19.15% during the same period [7][15]. - The company is focusing on enhancing its research and development capabilities and expanding its customer base, particularly in the new energy vehicle sector [11][12]. Summary by Sections Company Overview - Established in 2005, the company specializes in motorcycle intake systems and has expanded into automotive components, becoming a key supplier in the automotive parts market [4]. - The company has developed four major production bases across China, enhancing its manufacturing scale and responsiveness [4]. Business Segments - The company’s main business includes automotive and motorcycle intake systems, which accounted for over 90% of revenue in the first half of 2025 [5]. - The company is also expanding into new energy vehicle thermal management systems, with products like cooling water tanks and expansion tanks already in mass production [5][6]. Financial Performance - Revenue from 2020 to 2024 was reported as 573 million, 633 million, 713 million, 785 million, and 865 million yuan, respectively, with year-on-year growth rates ranging from 10.15% to 15.85% [7]. - The company achieved a net profit of 94 million yuan in the first three quarters of 2025, reflecting a year-on-year increase of 8.89% [7]. Profitability and Cost Management - The company maintained a gross margin above 30% from 2020 to 2024, indicating stable profitability driven by technical advantages and high self-sourcing rates [8]. - The overall expense ratio has shown a decreasing trend, with research and development expenses consistently increasing to support innovation [8]. Strategic Initiatives - The company is actively expanding its customer base in the new energy vehicle sector, targeting well-known brands and new entrants [10]. - It is also venturing into high-performance modified materials, establishing a joint venture to capture the lightweight materials market [13][14]. Future Outlook - Revenue projections for 2025 to 2027 are estimated at 981 million, 1.116 billion, and 1.270 billion yuan, respectively, with expected earnings per share (EPS) of 1.54, 1.71, and 1.94 yuan [15][17].
恒勃股份（301225）：公司动态研究报告：汽摩进气系统领军企业，积极开拓成长新曲线