Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2][6]. Core Insights - The company is positioned in high-growth sectors such as robotics and thermal management, with significant profit enhancement from the overseas photovoltaic frame market [1][6]. - The company has a strong competitive edge in the photovoltaic frame sector, having successfully integrated into the supply chains of leading domestic and international manufacturers [6][29]. - The acquisition of Jienowei allows the company to enter the thermal management market, with clear expansion plans and an optimized customer structure expected to enhance profitability [6][31]. Financial Data and Profit Forecast - Total revenue projections for 2023 to 2027 are as follows: 5,391 million, 8,183 million, 12,329 million, 17,136 million, and 23,161 million respectively, with growth rates of 4.1%, 51.8%, 50.7%, 39.0%, and 35.2% [5][37]. - The forecasted net profit for the same period is 371 million, 268 million, 60 million, 373 million, and 692 million, with corresponding growth rates of 50.7%, -27.7%, -77.7%, 523.1%, and 85.6% [5][37]. - The company’s earnings per share are projected to be 1.56, 1.13, 0.25, 1.57, and 2.92 for the years 2023 to 2027 [5][37]. Business Strategy and Market Position - The company leverages its advantages in the photovoltaic and aluminum supply chains to diversify into thermal management, energy storage, and robotics, with future growth primarily driven by overseas markets [6][34]. - The company’s Vietnam base is strategically positioned to serve the US and Indian markets, benefiting from higher processing fees and profit margins [6][34]. - The company has established partnerships with key players in the robotics sector, leading to successful mass deliveries and anticipated growth in this business line [6][31]. Key Assumptions - The report assumes overseas frame sales of 95,000 tons, 155,000 tons, and 200,000 tons from 2025 to 2027, with domestic sales of 405,000 tons, 505,000 tons, and 600,000 tons respectively [6][34]. - The company is expected to achieve profitability in its energy storage business starting in the second half of 2026 [6][34]. Catalysts for Growth - Sufficient orders from the Vietnam base for photovoltaic frames [6][34]. - Continuous advancement in the application of new technologies for photovoltaic frames [6][34]. - New business segments entering a revenue-generating phase [6][34].
永臻股份（603381）：首次覆盖：切入机器人+热管理等高成长赛道，光伏边框出海增厚利润