Core Viewpoint - Minsheng Securities report indicates that Huguang Co., Ltd. is primarily engaged in the research, manufacturing, and sales of automotive wiring harnesses, benefiting from the continuous release of production capacity and the growth of new energy vehicle wiring harnesses [1] Company Overview - Huguang Co., Ltd. offers a wide range of products including customized wiring harnesses for complete vehicles, high-voltage wiring harnesses for new energy vehicles, dashboard wiring harnesses, engine wiring harnesses, body wiring harnesses, door wiring harnesses, ceiling wiring harnesses, and rear wiring harnesses [1] Financial Performance - From 2021 to 2024, the company's revenue is projected to grow from 2.45 billion yuan to 7.91 billion yuan, with a compound annual growth rate (CAGR) of 47.9% [1] - In 2024, the revenue is expected to reach 7.91 billion yuan, representing a year-on-year increase of 97.7%, marking a growth inflection point [1] Industry Trends - The acceleration of intelligent electrification in the automotive industry highlights the trend of lightweight wiring harnesses, with domestic substitution in the industry speeding up [1] - As a leading company in the domestic automotive wiring harness industry, Huguang Co., Ltd. is expected to continue benefiting from these trends [1] Strategic Focus - The company focuses on core technologies and is expanding its high-voltage connector business while accelerating its layout in overseas markets, which opens up future development space [1]