Investment Rating - The report gives a "Buy" rating for Changying Precision (300115 SZ) [1][3] Core Views - Changying Precision has formed a dual-pillar strategy focusing on consumer electronics precision components and new energy components [1] - The company is expected to see significant growth driven by its titanium alloy frames and XR components in consumer electronics, as well as capacity expansion in new energy components [1] - Revenue is projected to grow from 16 732 billion yuan in 2024 to 23 558 billion yuan in 2026, with net profit increasing from 780 million yuan to 1 039 billion yuan over the same period [1][2] Business Overview - Changying Precision is a leading manufacturer of precision electronic components, with a strong presence in both consumer electronics and new energy sectors [1][15] - The company has established partnerships with major clients like Apple, Samsung, Tesla, and CATL [1][15] Consumer Electronics - The company is benefiting from the adoption of titanium alloy frames in smartphones and the growth of XR (Extended Reality) components, particularly with Apple's MR (Mixed Reality) products [1][24][30] - The laptop business is expected to grow due to the AI PC trend, with global laptop shipments projected to increase by 11% in 2024 [24][25] - The company has successfully implemented full-process titanium alloy manufacturing, which is expected to drive growth in the Android smartphone market [30][34] New Energy Components - Changying Precision has expanded its new energy business, particularly in battery structural components and high-voltage electrical connections, with significant capacity expansions in Ningde, Liyang, and Yibin [1][42][52] - The company has entered Tesla's supply chain and is a key supplier for Model 3 and Model Y components [42][54] - The global new energy vehicle market is growing rapidly, with China's penetration rate reaching 31 6% in 2023, driving demand for battery structural components [44][46] Financial Performance - Revenue is expected to grow from 16 732 billion yuan in 2024 to 23 558 billion yuan in 2026, with net profit increasing from 780 million yuan to 1 039 billion yuan [1][2] - The company's gross margin is projected to improve from 22 10% in 2024 to 23 66% in 2026, driven by higher-margin projects and increased capacity utilization [55][56] Valuation - The report values Changying Precision at 22x PE for 2024, corresponding to a market cap of 17 2 billion yuan [57] - Comparable companies in the consumer electronics and new energy sectors include Goertek, Luxshare, and Kedali, with average PE ratios of 20 97x for 2024 and 16 42x for 2025 [57][58]
长盈精密(300115)首次覆盖报告：双支柱战略格局形成，结构件龙头重回高增长240512
西部证券·2024-05-23 08:50