Haoneng(603809) Shanghai Securities·2024-03-07 16:00Investment Rating - The investment rating for the company is "Buy" [53] Core Viewpoints - The company is a leading domestic transmission system enterprise with a strong focus on the automotive, rail transit, and aerospace sectors. Its main products include synchronizer series products, differential series products, and aerospace components. The synchronizer business is expected to achieve stable growth due to its competitive advantages and high industry entry barriers [81][87]. - The company is actively expanding its differential business, which has a large market size and is transitioning to direct procurement of assembly products by vehicle manufacturers. The company has three competitive advantages in this area: a complete industrial chain layout, a broad customer base, and well-established production capacity [81][82]. - The company is also rapidly entering the aerospace sector through acquisitions and partnerships, enhancing its product structure and core competitiveness [81][82][37]. - The company is investing in new businesses such as motor shafts and precision planetary reducers, which are expected to see significant demand growth driven by the rapid penetration of new energy vehicles [81][82][40]. Summary by Sections Motor Shaft Market - The motor shaft is a key component for electric motors, with a projected demand of 15.98 million units in China by 2026, driven by the growth of the new energy vehicle market. The company is investing 5.5 billion yuan to establish a production base for 2 million motor shafts annually, expected to start production in 2024 [40][70][12]. Synchronizer Business - The synchronizer is the company's largest business segment, generating 994 million yuan in revenue in 2022, accounting for 67.53% of total revenue, with a gross margin of 31.19%. The business is expected to grow steadily, with revenue projections of 740 million yuan, 780 million yuan, and 820 million yuan over the next three years [5][47][36]. Aerospace Business - The company is actively developing its aerospace business, having acquired Haoyiqiang and established partnerships with leading commercial aerospace companies. This segment is projected to achieve revenues of 222 million yuan, 255 million yuan, and 294 million yuan over the next three years, with a stable gross margin of 60% [21][23][48]. Precision Planetary Reducer - The company is entering the precision planetary reducer market, which is crucial for robotics. The product is expected to achieve mass production by Q4 2023, with a projected revenue of 40 million yuan in 2024 and 150 million yuan in 2025 [71][73][33].