JINGU(SZ:002488) Huafu Securities·2025-12-16 11:52Investment Rating - The report gives a "Buy" rating for the company, JinGu Co., Ltd. [6][64] Core Viewpoints - JinGu Co., Ltd. has been deeply engaged in the wheel industry for nearly 30 years, transitioning its product line towards high-value-added alloy wheels, particularly focusing on niobium micro-alloy wheels. The company has shown stable revenue growth and improved profitability due to product structure upgrades and increased sales of high-margin new products [3][4][6]. - The global automotive wheel market is projected to grow significantly, with a compound annual growth rate (CAGR) of approximately 6.3% from 2024 to 2034, providing a favorable environment for JinGu's innovative products to replace traditional wheels [4][36]. - The company is actively exploring horizontal applications for its niobium micro-alloy materials, which have shown potential in various industries, including robotics and electric two-wheel vehicles, thereby creating new growth opportunities [5][58][59]. Summary by Sections 1. Company Overview - JinGu Co., Ltd. focuses on the research, manufacturing, and sales of automotive wheels, maintaining a stable revenue structure with approximately 65% of its income from steel and assembled wheels. The company is transitioning towards high-value-added products, particularly niobium micro-alloy wheels [3][17][26]. 2. Market Potential - The global automotive wheel market is expected to reach approximately 48.68 billion USD in 2024, with a forecasted growth to around 90 billion USD by 2034. The demand for lightweight wheels is increasing, particularly in the electric vehicle sector, which requires enhanced energy efficiency [4][36][38]. 3. Competitive Advantages - JinGu's unique niobium micro-alloy technology allows for significant weight reduction, cost savings, and lower carbon emissions, positioning the company favorably against traditional aluminum and steel wheels. The company has established strong relationships with leading domestic and international automotive manufacturers [4][45][46]. 4. Financial Projections - The company is projected to achieve revenues of 44.3 billion, 57.9 billion, and 72.5 billion CNY from 2025 to 2027, with corresponding net profits of 0.7 billion, 2.4 billion, and 4.6 billion CNY, reflecting substantial growth rates [6][64]. 5. Investment Recommendations - Given the company's long-standing expertise in the wheel industry and its innovative product offerings, it is expected to provide significant performance and valuation flexibility. The report suggests that JinGu's unique product capabilities and strategic partnerships will drive future growth [6][64].