XZB(SH:603040) Dongxing Securities·2024-02-20 16:00Investment Rating - The report maintains a "Recommended" rating for the company [10] Core Viewpoints - The company has demonstrated strong product development capabilities by obtaining a new utility model patent for a heat exchange component and heat exchanger, showcasing its ability to innovate in product design and manufacturing processes [9][10] - The company is actively expanding its product offerings in the automotive thermal management integration module sector, with successful design and prototype manufacturing of automotive CO2 heat pump systems [9] - The company's cold forging technology is noted for its efficiency and cost advantages, positioning it favorably within the industry as it expands into new applications in the new energy vehicle supply chain [9] Summary by Relevant Sections Company Overview - The company, established in 2002, specializes in precision cold-forged components primarily used in automotive and motorcycle engine valve mechanisms [9][11] - Recent developments include a focus on applying cold forging technology to new energy vehicle components, including battery system casings and electric drive transmission systems [9] Financial Forecasts - Projected net profits for 2023, 2024, and 2025 are approximately 175 million, 198 million, and 233 million yuan, respectively, with corresponding EPS of 1.30, 1.47, and 1.72 yuan [10] - The expected PE ratios for the same years are 16, 14, and 12 times [10] Product Development - The newly patented heat exchanger technology reduces the number of welding points, improving production efficiency and lowering costs, which enhances the product's competitiveness in the market [9] - The company’s comprehensive layout of the cold forging industry chain, including raw materials and mold design, provides it with a leading advantage in the industry [9]