KSHG(SH:605333) 汽车琰究·2025-08-05 04:00Core Viewpoint - The company is positioned to benefit from the rapid growth of the electric vehicle (EV) market and the ongoing trend of domestic substitution in the automotive wiring harness industry, with projected revenue growth from 2.45 billion to 7.91 billion yuan from 2021 to 2024, reflecting a CAGR of 47.9% [2][24]. Group 1: Industry Growth and Trends - The automotive wiring harness industry is expanding due to the increasing demand for high-voltage and lightweight wiring harnesses driven by the electric vehicle market [4][51]. - The market for automotive wiring harnesses is expected to reach 150.3 billion yuan by 2026 and 216.5 billion yuan by 2030, indicating significant growth potential [4][15]. - The penetration rate of new energy vehicles is projected to reach 50% by 2025, further driving the demand for domestic wiring harness suppliers [64]. Group 2: Customer Structure and Global Strategy - The company has optimized its customer structure, with the revenue share of the top five customers decreasing from 98.7% in 2015 to 80.1% in 2024, indicating a diversification of its client base [3][40]. - The company has successfully entered the supply chains of new energy vehicle manufacturers such as Seres and Tesla, enhancing its revenue potential [13][43]. - The establishment of a subsidiary in Romania has contributed to a significant revenue increase, showcasing the company's successful global expansion strategy [3][24]. Group 3: Product Development and Competitive Advantage - The company is expanding into high-voltage connector products, which are expected to open a second growth curve, with the global automotive connector market projected to reach 23.09 billion dollars by 2025 [4][15]. - The company has a comprehensive product range covering various types of wiring harnesses, including high-voltage and low-voltage harnesses, catering to both traditional and new energy vehicles [19][48]. - Continuous investment in R&D, with expenses rising from 40 million yuan in 2016 to 260 million yuan in 2024, supports the company's technological advancements and product development [28][48]. Group 4: Financial Performance and Profitability - The company's revenue is expected to grow from 7.91 billion yuan in 2024 to 14.11 billion yuan in 2027, with a net profit of 670 million yuan in 2024, reflecting a year-on-year increase of 1,139.2% [7][25]. - The gross profit margin has improved significantly, with a projected gross margin of 17.5% in 2025, narrowing the gap with international competitors [32][33]. - The return on equity (ROE) is expected to reach 35.6% in 2024, indicating strong profitability and efficient asset management [33][48].