Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 16.37 CNY per share based on a 19x PE for 2024 [3][23]. Core Views - The company is expected to experience significant growth in its electric pedal business, with projected revenue exceeding 100 million CNY in 2023, marking a potential doubling in sales [2]. - The company holds a unique position in the domestic winch market, having nearly monopolized the supply for military vehicles and off-road pickups, with a strong order demand [2]. - The report highlights the company's robust growth potential driven by the resumption of the North American electric pedal market and the advancement of domestic winch projects [2][22]. Summary by Sections Revenue and Profit Forecast - The company is projected to achieve a compound annual growth rate (CAGR) of 33% in revenue and 24% in net profit from 2023 to 2025 [2]. - Revenue estimates for 2023, 2024, and 2025 are 258.8 million CNY, 325.7 million CNY, and 390.1 million CNY respectively, with corresponding growth rates of 56.53%, 25.89%, and 19.76% [6][129]. Product Performance - The electric pedal segment is anticipated to see sales of 4.6 thousand units in 2023, increasing to 8.1 thousand units by 2025, with an average selling price rising from 2815 CNY to 2857 CNY [21]. - The winch segment is expected to sell 5.2 thousand units in 2023, with projections of 5.8 thousand and 6.5 thousand units in the following years, maintaining a high gross margin of around 44% [9][21]. Market Dynamics - The report emphasizes the potential of the domestic automotive modification market, which is expected to reach 160 billion CNY by 2026, driven by the increasing popularity of off-road vehicles and the easing of modification policies [18][75]. - The North American market for electric pedals is projected to be substantial, with potential sales reaching 4.02 billion CNY if 50% of the market adopts the product [114]. Competitive Landscape - The company is positioned as a leader in the off-road modification parts market, with a significant share in the domestic market and plans to expand into overseas front-mounted and semi-front-mounted markets [82][85]. - The competitive landscape includes established brands like WARN and LUND, but the company leverages its unique dual-motor patent to differentiate its electric pedal offerings [86][115].
越野改装件龙头企业，后装市场前装化实现增量