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传统主业市占率提升助力业绩高增,一体化压铸开启新篇章
Friend Friend (SH:605050)2024-02-22 16:00

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company, Furande, is recognized as a leading provider of third-party metal plate logistics supply chain solutions in China, focusing on creating an integrated digital steel supply chain platform [4]. - The company's revenue is expected to grow significantly due to the increasing demand in the automotive industry, particularly in the high-end segments [5]. - The report forecasts the company's net profit for 2023-2025 to be CNY 4.14 billion, CNY 5.66 billion, and CNY 7.19 billion respectively, with corresponding earnings per share of CNY 0.84, CNY 1.15, and CNY 1.46 [5]. Summary by Sections Company Overview - Furande has been operational since 2004, providing comprehensive metal plate supply chain services including procurement, processing, warehousing, and logistics for high-end automotive and home appliance manufacturers [4][44]. - The company aims to enhance supply chain efficiency by reducing intermediary steps and focusing on value-added services, which improves profitability and inventory turnover [14][44]. Market Analysis - The automotive industry is experiencing robust growth, with a projected increase in steel consumption driven by rising vehicle production, particularly in the new energy vehicle sector [18][49]. - The report indicates that the demand for automotive steel is expected to reach approximately 5.26 million tons in 2024, with passenger vehicles accounting for a significant portion of this demand [49]. Financial Performance - The company's revenue has shown steady growth, with a compound annual growth rate (CAGR) of 14% from 2016 to 2022. The gross margin and net margin improved in 2023, reaching 6.58% and 4.44% respectively [26]. - The report anticipates that the company's revenue will reach CNY 101.67 billion, CNY 137.14 billion, and CNY 159.99 billion for the years 2023-2025, with year-on-year growth rates of -1.69%, 34.89%, and 16.66% respectively [104]. Strategic Initiatives - The company is expanding into the aluminum die-casting sector, which is expected to become a new growth driver. The report highlights the increasing demand for aluminum components in the automotive industry [31][56]. - Furande has established strategic partnerships with various automotive manufacturers and suppliers, enhancing its market position and operational efficiency [45][100]. Future Outlook - The report emphasizes the potential for further growth in the aluminum die-casting market, with significant opportunities arising from the shift towards lightweight materials in vehicle manufacturing [56][82]. - The company is well-positioned to capitalize on the growing demand for integrated supply chain solutions in the automotive sector, particularly as it expands its capabilities in aluminum die-casting [101].