Investment Rating - The report assigns a "Strong Buy" rating with a target price of 39.6 CNY, while the current price is 32.51 CNY [64]. Core Insights - The company is positioned to become a leading supplier in the domestic interior parts market, leveraging its unique advantages as the industry consolidates [68]. - Revenue is expected to grow significantly, with projections of 9.2 billion, 13.7 billion, and 19.2 billion CNY for 2023, 2024, and 2025 respectively, reflecting year-on-year growth rates of +33%, +48%, and +40% [68]. - The company is actively expanding its product lines and customer base, which is anticipated to drive continued growth [68]. Summary by Sections Business Overview - The company specializes in automotive interior parts, primarily as a Tier 2 supplier to major Tier 1 manufacturers such as Marelli and Yanfeng [77]. - It has developed a comprehensive capability that includes product design, mold development, component molding, surface coating, and assembly [77]. Market Position and Growth Potential - The company is expected to increase its market share in the domestic interior parts sector, benefiting from its strategic positioning and operational efficiencies [70]. - The embedded products segment is projected to open new growth avenues, with a compound annual growth rate (CAGR) of 123% anticipated for orders from 2023 to 2025 [12]. Financial Projections - The company forecasts revenues of 5.9 billion, 7.6 billion, and 11.3 billion CNY for 2023, 2024, and 2025, with corresponding growth rates of +34%, +30%, and +49% [14]. - Expected net profits for 2023, 2024, and 2025 are 0.8 billion, 1.3 billion, and 2.3 billion CNY, with growth rates of -7%, +60%, and +69% respectively [53][33]. International Expansion - The company has established a subsidiary in Mexico to enhance its production capabilities for North American clients, with plans for further international market exploration in regions such as Japan, Europe, and Southeast Asia [10][9].
深度研究报告：蓄势起航，“赛”赢未来