Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 14.10 CNY [4][10]. Core Insights - The company's main automotive parts business is experiencing steady growth while also expanding into humanoid robotics and low-altitude economy sectors. The report anticipates that the company will maintain stable growth in its core business and potentially open new growth avenues [2][10]. - Revenue projections for 2025, 2026, and 2027 are estimated at 20.872 billion CNY, 22.062 billion CNY, and 23.165 billion CNY, respectively, reflecting year-on-year growth rates of 6.3%, 5.7%, and 5.0% [3][20]. - The net profit attributable to the parent company is forecasted to be 630 million CNY, 699 million CNY, and 775 million CNY for 2025, 2026, and 2027, indicating growth rates of 23.8%, 10.9%, and 10.9% [3][20]. Financial Summary - Total revenue for 2023 is reported at 20,766 million CNY, with a projected decrease to 19,636 million CNY in 2024, followed by a recovery in subsequent years [3]. - The net profit for 2023 is 521 million CNY, with a slight decline expected in 2024 to 509 million CNY, before increasing in the following years [3]. - The earnings per share (EPS) for 2023 is 0.70 CNY, projected to rise to 1.04 CNY by 2027 [3]. Business Segment Forecast - The automotive interior segment is expected to generate revenues of 115.89 billion CNY, 121.69 billion CNY, and 127.77 billion CNY for 2025, 2026, and 2027, respectively, with a consistent growth rate of 5% [14]. - The automotive bumper segment is projected to achieve revenues of 46.71 billion CNY, 49.04 billion CNY, and 51.50 billion CNY over the same period, also reflecting a 5% growth rate [15]. - The lighting segment is forecasted to see revenues of 14.81 billion CNY, 16.29 billion CNY, and 17.10 billion CNY, with growth rates of 15%, 10%, and 5% respectively [16]. Valuation - The report suggests a valuation based on a price-to-earnings (PE) ratio of 15 times for 2026, leading to a target price of 14.10 CNY, which is below the average PE of comparable companies at 20.95 times [20][21]. - The company is positioned favorably due to its strong customer relationships and proactive expansion into new technology sectors, which supports its growth outlook [10][20].