Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Insights - The company is a core manufacturer of electric tool components, expanding into new energy and other growth areas [6]. - The company is expected to achieve significant revenue growth driven by its electric tool components and new energy vehicle sectors [9]. - The company has established a global production and sales network, enhancing its operational efficiency and market reach [64]. Financial Data and Profit Forecast - Total revenue is projected to reach 1,230 million yuan in 2024, with a year-on-year growth rate of 31.3% [7]. - Net profit attributable to shareholders is forecasted at 154 million yuan for 2024, reflecting a growth of 26.4% [7]. - The company anticipates achieving net profits of 172 million yuan, 208 million yuan, and 261 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11.8%, 21.5%, and 25.0% [9][71]. Business Overview - The company focuses on electric tool components and consumer electronics, with a comprehensive product matrix including smart switches, controllers, and brushless motors [18][23]. - The company has a strong customer base, with major clients contributing significantly to its revenue, including leading global companies in the electric tool industry [46][48]. - The company has established production bases in Vietnam and Mexico, which contribute to its revenue and mitigate risks associated with tariff changes [64]. Market Position and Growth Potential - The company is well-positioned to benefit from the recovery of the North American real estate market, which is expected to drive demand for electric tools [11][58]. - The electric tool industry is projected to see a recovery in 2024, with a year-on-year shipment growth of 24.8% [58]. - The company is expanding into new fields such as new energy vehicles and energy storage, which are expected to contribute to its growth starting in 2026 [66].
华之杰（603400）：电动工具零部件核心制造商，开拓新能源等第二曲线