Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7] Core Insights - The company is a leading supplier in the intake system sector, with a diversified layout in PEEK materials, opening new growth avenues [6][20] - The company has a strong historical performance in the intake system and is expanding into new business areas such as thermal management systems and intelligent instruments [6][15] - The company is expected to achieve significant revenue growth driven by its automotive and motorcycle segments, with a projected revenue of 1.05 billion yuan in 2025, reflecting a year-on-year growth rate of 21.5% [6][7] Financial Data and Profit Forecast - Total revenue forecast for 2024 is 865 million yuan, with a year-on-year growth rate of 10.2% [6] - The projected net profit attributable to the parent company for 2025 is 152 million yuan, with a year-on-year growth rate of 16.2% [6][7] - The company maintains a gross margin of approximately 30% and a net profit margin of around 15% [6][28] Business Overview - The company has established itself as a key player in the intake system market, with a market space of nearly 5 billion yuan in 2024 for automotive and motorcycle intake systems [6][48] - The company has a stable market share of 16.3% in the overall intake system market, with a significant presence in the motorcycle segment [49][50] - The company is actively expanding its product offerings to include lightweight materials and automotive interior components, enhancing its competitive edge [6][20] PEEK Business Potential - PEEK is identified as a high-potential material with applications in high-end manufacturing, particularly in humanoid robots, where its properties offer advantages over metals [6][22] - The company has formed a joint venture to enhance its capabilities in PEEK materials, positioning itself favorably in the market [6][22] Valuation and Market Outlook - The company is expected to achieve a net profit of 1.52 billion yuan by 2025, with a corresponding PE ratio of 68x [7][8] - The target market capitalization for 2026 is estimated at 12.6 billion yuan, indicating a potential upside of 22% from current levels [7][8]
恒勃股份（301225）：进气系统头部供应商，多元布局PEEK核心卡位