hyzqdatemark 2025 年 08 月 26 日 证券分析师 证券研究报告 汽车 | 汽车零部件 北交所|公司点评报告 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | | 2025 | 年 | 08 | 月 25 | | 日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 29.58 | | | | | | 一 年 内 低 | 最 | 高 | 最 | | | | | | | / | 31.99/10.10 | | | （元） | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 1,961.15 | | | | | | 流通市值（百万元） | | | | | | | | 1,274.87 | | | ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company reported a revenue of 286 million yuan for 2024, representing a year-on-year growth of 23.63%, and a net profit attributable to the parent company of 62.51 million yuan, up 56.86% year-on-year [3] - In Q1 2025, the company achieved a revenue of 729.12 million yuan, a year-on-year increase of 44.24%, while the net profit attributable to the parent company was 13.52 million yuan, down 15.49% year-on-year [3] - The company is expanding its market share in the new energy vehicle sector, with significant revenue growth in automotive window systems and precision transmission systems, achieving revenues of 90.86 million yuan and 93.67 million yuan respectively, with year-on-year growth rates of 60.54% and 25.85% [4] - The company plans to focus on its core business and accelerate the development of new energy vehicle-related products, with a total investment of 20.426 million yuan in the "Precision Components Manufacturing for New Energy Vehicles" project, reaching 35.26% completion by the end of 2024 [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from 231 million yuan in 2023 to 525 million yuan in 2027, with a compound annual growth rate (CAGR) of 18.9% [7] - Net profit attributable to the parent company is expected to increase from 40 million yuan in 2023 to 114 million yuan in 2027, with a CAGR of 19.7% [7] - The gross margin is forecasted to improve from 36.3% in 2023 to 38.6% in 2027, while the net margin is expected to remain stable around 21% [8] - The projected earnings per share (EPS) are 0.60 yuan for 2023, increasing to 1.71 yuan by 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 41.0 to 14.4 [7][8]

Group 1: Investor Relations Activity - The investor relations activity was categorized as a specific audience survey [3] - The event took place on May 16, 2025, at the company's workshop and conference room [3] - Attendees included representatives from Huayuan Securities, Zheshang Securities, Changjiang Securities, Lianchu Securities, and Zhongshan Securities [3] Group 2: Product Classification and Business Development - The company revised its product classification to better reflect its business situation, now categorizing products into six groups: precision transmission systems, automotive window systems, automotive vision systems, body electronics, automotive thermal management, and others [4] - The adjustment was made to align with the company's strategic development and customer application areas [4] Group 3: Production Capacity and Market Demand - The company is experiencing high production capacity utilization due to strong demand in the new energy vehicle market, with current orders putting pressure on production [4] - To meet future demands, the company is innovating in mold design and manufacturing processes while accelerating the construction of fundraising projects [4] Group 4: Core Technology in Production - The company's core product, "automotive high-strength precision injection gears," has achieved key technological breakthroughs in strength and precision, meeting the lightweight and low-energy consumption requirements of the automotive industry [4] - The production process utilizes innovative plastic gear tooth shape design methods, classified as advanced foundational processes in the industry [4] Group 5: Financial Performance - In the first quarter of 2025, the company reported revenue of 72.91 million yuan, reflecting a year-on-year growth of 44.24%, continuing the growth trend from 2024 [5] - The company is currently stable in its development, with future performance updates to be disclosed as required by listing regulations [5]

Core Viewpoint - The annual performance briefing held by the Beijing Stock Exchange focused on the automotive parts industry, highlighting the financial performance and future strategies of five listed companies in the sector. Group 1: Main Business Focus - Taide Co., Ltd. reported a revenue of 340 million yuan in 2024, a year-on-year increase of 23.13%, and a net profit of 24.95 million yuan, up 216.53% [2] - Jiezong Technology achieved a revenue of 286 million yuan in 2024, reflecting a 23.63% growth, with a net profit of 62.51 million yuan, increasing by 56.86% [2] - Huayang Transmission's revenue reached 512 million yuan in 2024, marking a 57.82% increase, with 257 million yuan coming from passenger vehicle parts sales [3] - Jianbang Technology's factory in Thailand is expected to be operational in the second quarter, with an annual production capacity of 300,000 to 500,000 units, translating to an estimated annual revenue of 100 million to 150 million yuan [3] Group 2: Business Expansion - Companies are actively expanding their business boundaries to seek new growth points, particularly in automotive electronics and robotics [4] - Taide Co., Ltd. plans to enhance market development in engineering machinery, robotics, and high-end bearings by 2025 [4] - Jiezong Technology is looking to expand into robotics, low-altitude economy, and military industries for high-quality development [4] - Dezhong Automotive is innovating its business model to include used cars and safety inspections, aiming to enhance its automotive sales and after-sales service [5] Group 3: Innovation and R&D - Continuous R&D innovation is crucial for maintaining competitiveness in the automotive parts industry [6] - Taide Co., Ltd. is focusing on developing flexible bearing technology, which requires high material purity and precision manufacturing [6] - Jianbang Technology's R&D investment for 2024 is 23.67 million yuan, a 19.49% increase, with a focus on automotive electronics [6] - Jiezong Technology's R&D expenses for 2024 are 13.12 million yuan, up 16.78%, emphasizing the development of new energy vehicle components and intelligent production technology [7]

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 14, 2025, via the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman, Vice Chairman, and other senior executives of the company [3] Group 2: Financial Performance and Growth Strategies - Revenue from new energy vehicle-related products is expected to continue increasing, with a focus on expanding customer base and investment in this sector [5] - The company’s workforce increased from 384 employees in June 2024 to 452 employees by December 2024, marking a growth of 17.68% [6] - The company has successfully exported products to countries including Germany, France, Poland, Mexico, and Thailand, with plans to expand further [7] Group 3: Research and Development - R&D expenses grew by 16.78% in 2024, with significant breakthroughs in precision injection mold design, including 2 authorized invention patents and 1 software copyright [8] - Revenue from automotive window system components increased by 60.54%, driven by the rapid growth of the new energy vehicle market [8] Group 4: Production Capacity and Efficiency - Current capacity utilization is high, with ongoing projects expected to significantly enhance production capacity [9] - The implementation of WMS and MES systems has led to substantial improvements in production efficiency, contributing to the company's recognition as a smart factory in Zhejiang Province [10] Group 5: Product Composition - In 2024, sales of new energy vehicle components accounted for 30% of total sales, including precision transmission systems, automotive window systems, automotive vision systems, body electronics, and automotive thermal management products [11]