Investment Rating - The report initiates coverage with a "Buy" rating for Hengbo Co., Ltd. [6] Core Insights - Hengbo Co., Ltd. is a leading supplier in the intake system sector, with a diversified layout in PEEK materials, which positions the company advantageously in the market [3][4] - The traditional business of Hengbo is performing well, with a projected market space of nearly 5 billion yuan for motorcycle and automotive intake systems in 2024, reflecting a competitive edge with a gross margin of approximately 30% and a net margin of 15% [3][4] - The company is expanding its business lines, including thermal management systems and smart motorcycle instruments, while also establishing joint ventures to enter the PEEK and automotive interior markets [5] - The Lafa5 model from Leapmotor targets the 100,000 yuan electric coupe market, offering competitive features and aiming for significant sales growth, with a target of 500,000 units in 2025 and one million in 2026 [8][10] Summary by Sections Hengbo Co., Ltd. - Hengbo Co., Ltd. was established in 2005 and went public in 2023, focusing on intake systems and components for various vehicles [4] - The company has a strong customer base, including major players like Honda and Yamaha, and has expanded into the automotive sector through partnerships with companies like Geely and GAC [4] - The intake system market is expected to grow alongside vehicle sales, with Hengbo maintaining a strong competitive position due to its high self-manufacturing rate and customer loyalty [4][5] Leapmotor Lafa5 - The Lafa5 model is designed to meet the needs of the younger generation, featuring a range of 515 km to 605 km and priced between 92,800 to 116,800 yuan [8][9] - The vehicle emphasizes aesthetics and practicality, with a sporty design and advanced smart features, aiming to set a new benchmark in the market [9][10] - Leapmotor's strategy includes global market expansion, particularly targeting the European market with a design that aligns with local consumer preferences [8][10]
一周一刻钟：恒勃股份，零跑Lafa5发布