Workflow
首次覆盖报告:客户、产能、技术三因素驱动,成长路径清晰

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7]. Core Views - The company is positioned to benefit from a significant market opportunity in the automotive wiring harness sector, with a projected domestic market space of approximately 104.9 billion yuan in 2023, driven by the increasing value of wiring harnesses in electric and intelligent vehicles [4][33]. - Short-term revenue growth is expected to be bolstered by the strong sales of the AITO brand's models, particularly the new M7 and M9, while long-term growth will be supported by the rise of domestic automotive brands [5][55]. - The company's profitability is anticipated to improve due to increased capacity utilization and technological innovations, such as the integration of high-voltage connectors and the use of aluminum instead of copper in wiring harnesses [6][59]. Summary by Sections 1. Market Opportunity - The automotive wiring harness market is a key component of the automotive industry, with a significant domestic market space projected to exceed 100 billion yuan in 2023 [4][33]. - The global market is dominated by major players, with a concentration ratio (CR3) of approximately 79% in 2021, while domestic manufacturers hold a combined market share of about 24% [36]. 2. Short-term and Long-term Growth - The company is expected to benefit from the sales surge of the AITO brand, with the new M7 model achieving over 120,000 pre-orders and expected sales of around 30,000 units in January 2024 [5][44]. - The rise of domestic brands is reflected in the increasing market share of Chinese passenger vehicles, which reached 56% in 2023, up by 6.1 percentage points year-on-year [55][58]. 3. Profitability Improvement - The company anticipates a recovery in net profit margins due to enhanced capacity utilization, particularly from the Chongqing factory, which is expected to exceed the breakeven point with sales of over 20,000 units of the AITO models [6][59]. - Technological advancements, such as the self-manufacturing of high-voltage connectors, are projected to increase gross margins by approximately 7 percentage points [6][59]. 4. Financial Projections - Revenue forecasts for 2023, 2024, and 2025 are approximately 3.91 billion yuan, 6.97 billion yuan, and 9.71 billion yuan, respectively, with year-on-year growth rates of 19%, 78%, and 39% [7][12]. - The net profit attributable to the parent company is expected to be 37 million yuan in 2023, with significant growth projected in subsequent years [7][12].