Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][40]. Core Insights - The company is positioned to benefit from the growing demand for ultrasonic sensors in the automotive sector, driven by the trend towards vehicle intelligence and automation [42]. - The company aims to replace traditional rotary and linear motors with its pressure touch sensors in consumer electronics, which have already received validation from major clients like Huawei, Xiaomi, and Samsung [21][45]. - The company is actively expanding its production capacity for ultrasonic sensors and pressure touch sensors to meet anticipated market demand [19][20]. Summary by Sections Company Overview - The company specializes in ultrasonic sensors and actuators, with a focus on automotive electronics, smart home applications, and consumer electronics [59]. - It has established itself as a leading domestic manufacturer of ultrasonic sensors, competing against international giants like Texas Instruments, Bosch, and Valeo [13][45]. Market Dynamics - The global market for automotive ultrasonic sensors is dominated by a few key players, with the top six companies holding a combined market share of 69.3% as of 2022 [13][42]. - The report highlights the increasing integration of ultrasonic sensors in smart meters and consumer electronics, indicating a robust growth trajectory for the company's products [9][28]. Financial Projections - Revenue forecasts for the company are projected at RMB 468 million, RMB 606 million, and RMB 725 million for the years 2023, 2024, and 2025 respectively, with corresponding EPS estimates of RMB 0.55, RMB 0.66, and RMB 0.80 [42][46]. - The company's PE ratios for 2023, 2024, and 2025 are estimated to be 25.8, 21.6, and 17.9 respectively, indicating a favorable valuation compared to peers [25][26]. Product Development - The company has successfully developed its first pressure touch sensor, which has been validated by clients for use in smartphones, replacing traditional mechanical buttons [5][6]. - The pressure touch actuators are positioned as next-generation tactile feedback products, with potential applications in various consumer electronics [21][24]. Competitive Landscape - The company is leveraging its technological advancements to penetrate the consumer electronics market, aiming to replace existing motor technologies with its innovative pressure touch solutions [21][45]. - The report emphasizes the company's strategic focus on expanding its market share in the automotive sector while also diversifying into consumer electronics [42][45].
中国领先的汽车超声波传感器厂商，布局消费电子领域