JINGU(SZ:002488) 汽车琰究·2026-02-14 13:44Core Viewpoint - The company is transforming from a traditional steel wheel manufacturer to a new materials platform based on the Avatar niobium microalloy, aiming to create multiple growth curves and regain its leading position in the wheel industry [6][8][12]. Group 1: Company Transformation and Growth - The company was founded in 1996 and became a leading domestic steel wheel manufacturer by 2010. However, it faced challenges due to U.S. anti-dumping measures and the trend towards automotive lightweighting, prompting the launch of the Avatar niobium microalloy project in 2012 [2][24]. - The Avatar project has successfully transitioned from concept validation to mass production over nearly a decade, with significant customer acquisition and production capacity expansion planned for the coming years [4][49]. - By 2028, the company aims to achieve a 50% market share in China and a 30% global market share for Avatar wheels, with a long-term sales target of 150 million units and annual revenue exceeding 70 billion yuan [4][12]. Group 2: Market Demand and Material Advantages - Global wheel demand is projected to reach approximately 530 million units by 2025, with steady growth driven by the automotive OEM and aftermarket sectors [3][34]. - The Avatar niobium microalloy demonstrates significant advantages over traditional materials in terms of tensile strength, yield strength, fatigue strength, hardness, density, and cost, making it suitable for both passenger and commercial vehicles [3][9]. - The lightweight and cost-effective nature of Avatar wheels positions them to replace aluminum wheels in passenger vehicles and maintain steel wheels in commercial vehicles, aligning with industry trends towards lightweighting and cost reduction [42][47]. Group 3: Production Capacity and Client Expansion - The company has established a global client base, securing approximately 25 clients and 39 production points by February 2026, with a steady increase in production capacity planned from 13 million units in 2025 to 50 million units by 2028 [4][53]. - The Avatar wheel business is entering a phase of sustained volume growth, with significant orders from both domestic and international clients, including major automotive manufacturers [4][53]. Group 4: Strategic Development and Innovation - The company is building a new materials platform based on the Avatar niobium microalloy, leveraging self-research, joint development, and equity cooperation to expand into emerging industries such as electric two-wheelers, intelligent robotics, commercial aerospace, and drones [5][26]. - The company has established a comprehensive closed-loop system across five dimensions: talent, materials, processes, equipment, and patents, creating a strong competitive moat [9][12]. Group 5: Financial Performance and Projections - The company expects revenues to grow significantly, with projected revenues of 4.44 billion yuan in 2025, 6.61 billion yuan in 2026, and 8.90 billion yuan in 2027, alongside net profits of 97 million yuan, 456 million yuan, and 924 million yuan respectively [6][12]. - The company has successfully reduced its expense ratio from 21.8% in 2016 to 10.9% by Q3 2025, indicating improved operational efficiency [29].