TOSPO(SH:603303) Guoxin Securities·2026-01-15 13:37Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][24]. Core Viewpoints - The company announced its intention to acquire 67.48% of Zhejiang Jiali Industrial Co., Ltd. for a total transaction price of 1.454 billion yuan, which will make the company the controlling shareholder of Jiali [3]. - The acquisition focuses on the automotive lighting sector, which is expected to enhance the company's strategic positioning and competitiveness in this growing market [3][24]. - The automotive lighting sector is projected to have good growth potential and opportunities for domestic substitution, with the company expected to benefit from synergies in technology, product development, supply chain, and customer resources [3][24]. - The profit forecast for the company has been adjusted downwards due to tariff and exchange rate impacts, with expected net profits for 2025-2027 being 290 million, 340 million, and 380 million yuan respectively, reflecting a year-on-year change of -17%, +18%, and +12% [3][24]. Company Overview - The company is a leading player in general lighting exports in China, with advantages in efficient flexible production, supply chain management, and quality control [3]. - Jiali, the target of the acquisition, is a well-established automotive lighting manufacturer with a diverse customer base, including both domestic and international automotive brands [5]. - Jiali's revenue is primarily derived from automotive lighting, with a stable revenue scale but some pressure on profitability. In 2024, Jiali's revenue is expected to be 2.68 billion yuan, a decrease of 3.9% year-on-year [6]. Industry Insights - The automotive lighting industry in China is expected to grow significantly, with the market size projected to reach approximately 65.12 billion yuan by 2025 and 88.22 billion yuan by 2030, reflecting a compound annual growth rate of 6.3% from 2025 to 2030 [17]. - The industry is characterized by high entry barriers, including customer resources, technology, and quality certification, making it a relatively high-quality segment within automotive components [17]. - Technological advancements in the industry, such as ADB and DLP systems, are enhancing user experience and increasing product value, which may benefit domestic manufacturers with strong technical capabilities [18].