华原股份（920837）：过滤分离系统小巨人，有望受益海外拓展+燃气轮机等新领域布局

Investment Rating - The report gives an initial investment rating of "Buy" for Huayuan Co., indicating a positive outlook based on its potential benefits from overseas expansion and new field layouts such as gas turbines [5][8]. Core Viewpoints - The demand for automotive filters is closely related to new car production and vehicle ownership. In 2025, China's automotive production and sales reached approximately 31.23 million and 31.12 million units, respectively, reflecting year-on-year growth of 11.9% and 11.4% [5][19]. - The company is positioned as a "small giant" in the filtration and separation system sector, with improving profitability expected in 2025 Q1-Q3, where revenue reached 447 million yuan, a year-on-year increase of 13.54%, and net profit attributable to shareholders was 59.31 million yuan, up 25% year-on-year [5][6]. - The company has a strong technical and product system centered on long-life "three filters" that meet "National VI" and "T4" standards, and it ranks third among domestic filter manufacturers in terms of revenue [5][10]. Summary by Sections 1. Automotive Filter Demand - The automotive filter market is expected to grow due to the correlation with new car production and vehicle ownership. In 2025, traditional fuel vehicle sales in China were approximately 10.15 million units [15][19]. - The engineering machinery sector is also projected to see revenue reach 910 billion yuan in 2025, supported by macro policies and overseas business expansion [26][32]. 2. Filtration and Separation Systems - The company specializes in the research, manufacturing, and sales of filters for vehicles, non-road mobile machinery, and industrial applications, with over 3,000 product varieties [5][10]. - The company has established a diverse customer base, including major domestic engine manufacturers and vehicle manufacturers, with significant revenue contributions from top clients [5][10]. 3. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 77 million, 93 million, and 112 million yuan, respectively, with corresponding P/E ratios of 28.8, 24.0, and 19.9 [6][8]. - The company is expected to maintain a steady growth trajectory, with revenue projections for 2025-2027 showing a compound annual growth rate of approximately 16% [9][10].