机构：东北证券 研究员：李恒光/何晓航 电池盒业务持续上量。公司在 2024 年首次获得长安及安徽大众的电池盒总成业务订单。同时，在多个 重要客户的电池盒业务份额稳步提升，成功突破欧洲现代起亚电池盒业务，进一步巩固了与斯特兰蒂斯 等客户的合作关系，首次突破北美福特的电池盒业务，首次突破日本丰田的电池盒业务。 智能外饰件产品多点开花。公司专注于智能前后脸系统和智能车门系统的产品研发与开拓，全面实现外 饰智能化升级。2024 年，公司重点拓展前后脸总成、车门总成和车身复材结构件。公司前瞻性研发布 局了一体化智能前脸解决方案，集成发光、加热、透波、自动清洁等功能，可应用于L4 级以上自动驾 驶场景。多款产品的市场渗透率持续提升，成功突破某欧系品牌全封闭式智能前脸面板项目，激光雷达 罩产品成功在某知名科技造车公司首款车型上实现量产。公司成功实现在车顶集成模块上的项目突破， 为中国头部新能源车厂提供系统化解决方案。公司也积极布局智能车门领域，包括智能进入和自动开启 等应用场景。公司自主研发的人脸识别智能柱板、电动侧开门系统和超轻车门总成已进入订单收获期。 公司与智元机器人签署战略合作协议，合作方向主要在智能外饰及电子皮 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Insights - The company is experiencing stable growth in its core business, particularly in the battery box segment, having secured significant orders from major clients such as Changan and Anhui Volkswagen for 2024. The company has also successfully expanded its market share in Europe, North America, and Japan [1]. - The company is actively developing smart exterior components, focusing on integrated solutions for intelligent front and rear systems and smart door systems, which are essential for advanced autonomous driving applications [2]. - A strategic partnership has been established with Zhiyuan Robotics to collaborate on various technologies, including smart exteriors, electronic skin, and humanoid robot components, enhancing the company's innovation capabilities in robotics [3]. Financial Summary - The company’s revenue is projected to grow from 23.15 billion yuan in 2024 to 33.24 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.78% [5]. - The net profit attributable to the parent company is expected to increase from 2.32 billion yuan in 2024 to 3.81 billion yuan in 2027, with a CAGR of about 19.61% [5]. - Earnings per share (EPS) are forecasted to rise from 2.02 yuan in 2024 to 3.24 yuan in 2027 [5]. Market Performance - The company has shown strong absolute returns over the past year, with a 12-month return of 146% compared to the Hang Seng Index [9]. - The stock has a current market capitalization of approximately 41.32 billion HKD [7].

Financial Performance - The company achieved a total revenue of 2.19 billion CNY in 2024, representing a year-on-year growth of 7.10% [2] - The net profit attributable to shareholders was 150 million CNY, an increase of 6.92% compared to the previous year [3] - The net profit excluding non-recurring gains and losses was 155 million CNY, reflecting an 11.91% year-on-year growth [3] - Basic earnings per share reached 0.36 CNY, up by 9.09% from the previous year [6] Market Strategy - The company plans to expand its sales channels, including e-commerce platforms and offline modification stores, while being mindful of market risks [5] - Domestic sales revenue increased from approximately 52% in 2022 to about 60% in 2024, indicating a growing market share [5] - The company is exploring overseas markets, including North America, Australia, Europe, the Middle East, and Southeast Asia, to diversify its market presence [5] Product Development - The company focuses on developing intelligent products, including smart cabin control systems, electric pedals, and electric door systems [3] - There is a commitment to increasing investment in the development of lightweight and intelligent modification components for new energy vehicles [3] - The company has multiple self-developed projects at various stages of research and development, with progress to be disclosed in future reports [8] Future Outlook - The company aims to enhance operational efficiency and profitability through a long-term development strategy centered on consumer brand building and customer service [6] - Plans for profit distribution are in place, with a focus on providing stable returns to shareholders, particularly small and medium investors [6] - The company will continue to monitor policy changes and market dynamics to ensure stable operations and growth [5]