Core Viewpoint - The report from Huaxin Securities highlights that Hengbo Co., Ltd. is deeply engaged in the automotive and motorcycle intake system sector, while expanding into the new energy business, which opens up growth opportunities [1] Company Overview - The company's main business focuses on automotive and motorcycle intake systems and accessories, with revenue from this segment expected to exceed 90% by the first half of 2025 [1] - Hengbo has established four major industrial bases in Taizhou, Zhejiang; Jiangmen, Guangdong; Tongliang, Chongqing; and Changzhou, Jiangsu, enabling large-scale manufacturing and rapid response capabilities [1] Market Position and Growth Potential - The company is committed to the automotive and motorcycle intake and exhaust system field, with the potential for further market share increase [1] - Hengbo is actively entering the new energy vehicle component market, focusing on high-performance modified materials to tap into the lightweight sector, which is expected to lead to steady growth in performance [1] - The investment rating for the company is set at "Buy" [1]