主机厂客户带动冲压业务高增，布局一体化压铸成长可期

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [46]. Core Views - The company has a strong focus on the automotive stamping business, with a successful transition to body-in-white assembly driving significant revenue growth. The company achieved a revenue of 1.701 billion yuan in the first three quarters of 2023, representing a year-on-year increase of 103.07% [44][70]. - The company is expanding its production capacity and diversifying its product offerings, particularly in body-in-white and integrated die-casting, which are expected to open new growth avenues [45][46]. Summary by Sections 1. Deepening Stamping Business - The company has a stable growth in Tier 1 customer sales, with new major clients being automotive manufacturers. The total orders on hand as of December 31, 2022, amount to 7.1 billion yuan for 2023-2025 [2][3]. - The company has successfully transitioned from stamping parts to body-in-white assembly, with significant revenue contributions from this segment [57][70]. 2. Competitive Landscape of Stamping Parts - The stamping parts market is expected to reach a scale of 240.7 billion yuan by 2025, with a stable growth outlook. The average number of stamped parts per vehicle is approximately 1,500 [76][78]. - The company is expanding its client base from Tier 1 suppliers to automotive manufacturers, enhancing its market position [2][3]. 3. Layout of Hot Stamping and Integrated Die-Casting - The company is investing in hot stamping technology, which enhances the crash performance of vehicle bodies and contributes to weight reduction [45][12]. - The Chengdu factory is expected to commence operations in April 2024, focusing on high-pressure aluminum die-casting, which will further enhance production capabilities [17][21]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 3.07 billion yuan, 4.43 billion yuan, and 6.09 billion yuan for the years 2023, 2024, and 2025, respectively, with corresponding price-to-earnings ratios of 24.42X, 16.97X, and 12.32X [46][48].