[Table_scodeMsg1] 公司研究丨深度报告丨模塑科技（000700.SZ） [Table_Title] 模塑科技深度报告：深耕汽车外饰件，机器人打 造二次成长曲线 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 模塑科技核心竞争优势凸显，海外客户持续开拓且盈利能力快速提升，国内高端头部地位稳固 并切入新能源提升市占率。公司海外盈利能力持续提升，国内受益以塑代钢与智能化推升单车 价值，市场空间持续扩容，国内外双核驱动公司收入业绩稳健增长。机器人方面，机器人轻量 化趋势明确，公司布局第二成长曲线，并已获得机器人企业订单，看好公司后续成长。 分析师及联系人 [Table_Author] SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 高伊楠 王子豪 请阅读最后评级说明和重要声明 2 / 44 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 模塑科技（000700.SZ） cjzqdt11111 [Table_Title 模塑 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [12]. Core Insights - The company demonstrates significant competitive advantages in the automotive exterior parts sector, with continuous expansion in overseas markets and rapid improvement in profitability. It maintains a strong position in the domestic high-end market while entering the new energy sector to increase market share [3][10]. - The company has achieved steady revenue growth, with a compound annual growth rate (CAGR) of 9.6% from 31.4 billion yuan in 2015 to 71.4 billion yuan in 2024. In the first three quarters of 2025, revenue reached 51.1 billion yuan, reflecting a year-on-year decline of 3.0% [6][40]. - The company is actively expanding its presence in the new energy vehicle market, with revenue from this segment accounting for 30% in 2024. It has secured significant contracts with leading new energy vehicle manufacturers [8][10]. Summary by Sections Company Overview - The company has been a leading supplier of automotive exterior parts in China for over 30 years, with a focus on high-quality products and services [6][20]. - It has established a strong foothold in the overseas market, particularly in Mexico, where it has seen significant profitability improvements [7][68]. Financial Performance - The company's total revenue has grown from 31.4 billion yuan in 2015 to 71.4 billion yuan in 2024, with a CAGR of 9.6%. The overseas revenue has surged from 0.4 billion yuan in 2016 to 19.9 billion yuan in 2024, achieving a CAGR of 62.97% [6][40]. - In the first three quarters of 2025, the company reported a net profit of 3.8 billion yuan, corresponding to a net profit margin of 7.3% [6][52]. Market Expansion - The company is capitalizing on the shift from steel to plastic in automotive manufacturing, which is expected to enhance the value of individual vehicles. The domestic market for automotive exterior parts is projected to reach approximately 1,532 billion yuan by 2025 [8][10]. - The company has successfully penetrated the new energy vehicle market, with significant contracts from major players like Tesla and Xpeng, contributing to a projected total sales amount exceeding 5.3 billion yuan for new energy projects in 2025 [8][10]. Robotics Sector - The company is positioning itself in the robotics industry, leveraging its expertise in lightweight materials and precision injection molding. It has already received orders from robotics companies, indicating a promising growth trajectory in this new segment [9][10].