SHBT(SH:603009) AVIC Securities·2024-05-31 04:00Investment Rating - The investment rating for the company is "Buy," with an expected return exceeding 10% relative to the CSI 300 index over the next six months [1]. Core Views - The company is a leading domestic automotive parts supplier, with its main business segments including chassis components, aluminum lightweighting, and air conditioning compressors. The chassis components account for approximately 68% of the company's revenue in 2023 [7][19]. - The company is entering the humanoid robot industry, with the establishment of a subsidiary, Beite Robotics, on April 15, 2024. This move is expected to open a new growth curve for the company [7][19]. - The company has a strong market position in the automotive chassis sector, with over 50% market share in steering racks and shock absorber piston rods as of the first half of 2023 [8][19]. Financial Data and Projections - The company is projected to achieve revenues of CNY 2.18 billion, CNY 2.56 billion, and CNY 3.03 billion for the years 2024, 2025, and 2026, respectively. The corresponding net profits are expected to be CNY 0.75 billion, CNY 1.10 billion, and CNY 1.59 billion [23][24]. - The revenue growth rates are forecasted at 15.8%, 17.4%, and 18.6% for the years 2024, 2025, and 2026, respectively [24][29]. - The company's gross margin is expected to improve from 17.42% in 2023 to 19.57% by 2026 [24][29]. Market Position and Competitive Advantage - The company has established strong relationships with well-known automotive clients, including Bosch, Huayu, ZF, BYD, and Changan Automobile, which enhances its competitive position in the market [7][19]. - The humanoid robot components, particularly the screw products, are anticipated to benefit significantly from the growing trend in humanoid robot development [19].