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自主线束龙头,盈利拐点已至,迎量价利齐升

Investment Rating - The report assigns a "Buy" rating for the company, with a market price of 26.93 yuan [24]. Core Insights - The company is positioned as a leading supplier of automotive wiring harnesses, with a comprehensive product range covering all categories of vehicle wiring harnesses [12]. - The company has experienced significant revenue growth, with a compound annual growth rate (CAGR) of approximately 44.03% from 2020 to 2023 [12]. - The report highlights the increasing demand for high-voltage wiring harnesses driven by the electrification of vehicles and the rise of smart technologies, which are expected to enhance the average selling price (ASP) per vehicle [28][42]. Summary by Sections Industry Trends - Electrification is driving an increase in the value of high-voltage wiring harnesses per vehicle, as electric vehicles require more high-voltage components compared to traditional fuel vehicles [28][42]. - The trend towards smart vehicles is leading to an increase in the ASP of low-voltage wiring harnesses due to the growing number of electronic components in vehicles [28]. - The industry is currently dominated by Japanese suppliers, with domestic suppliers gradually gaining market share due to their responsiveness and cost advantages [28]. Financial Analysis - The company's revenue has shown significant growth since 2020, increasing from 1.531 billion yuan in 2020 to 4.003 billion yuan in 2023, attributed to the recovery of the automotive industry post-pandemic and the continuous support from both new energy and traditional fuel vehicle clients [14]. - The company has turned a profit in the third quarter of 2023, marking a recovery from previous losses [14]. Growth Logic - The company has secured new clients, including Huawei and Li Auto, which are expected to drive significant volume growth [9]. - The integration of wiring harnesses and high-voltage connectors is anticipated to enhance the ASP per vehicle [17]. - The company is expanding its product offerings from low-voltage to high-voltage wiring harnesses, which is expected to further increase profitability [17]. Competitive Landscape - The company is strategically positioned to benefit from the growing demand from major clients in the new energy vehicle sector, including partnerships with leading brands like Li Auto and Huawei [40]. - The report notes that the company has a stable and concentrated shareholding structure, which supports coordinated business development [57]. Profit Forecast and Valuation - The company is projected to achieve revenues of 6.216 billion yuan, 7.608 billion yuan, and 8.925 billion yuan in 2024, 2025, and 2026, respectively, with corresponding gross profit margins expected to improve [64]. - The report provides a detailed financial forecast, indicating substantial growth in both revenue and net profit over the next few years [26].