隆盛科技20241110

Key Points Industry and Company Involved - Industry: Automotive, Electric Vehicles (EVs), Precision Engineering - Company: Longsheng Technology Core Views and Arguments - Main Themes: Huawei supply chain and Tesla supply chain - Longsheng Technology's Position in Huawei Supply Chain: Direct involvement in the Huawei supply chain, with potential extensions to humanoid robots and low-altitude industries - Growth Drivers: - Traditional Motor Iron Core: Rapid and sustained growth due to the surge in new vehicle sales - ECR Business: Strong growth potential in the hybridization trend, especially in low-line cities and northern markets - Precision Engineering Platform: Enables expansion into new areas like humanoid robots and low-orbit micro-satellites - Strategic Collaborations: - Joint Venture with Moming Auto Drive: 51% stake by Longsheng Technology, focusing on motor iron core and potential extensions to powertrains - Strategic Cooperation with Weiyin Zhongjia: Collaboration on satellite energy modules, communication modules, and control modules, leveraging Weiyin Zhongjia's design and manufacturing capabilities Other Important Points - Historical Growth: - Motor Iron Core: Significant growth since 2020, driven by new vehicle sales - ECR Business: Initially focused on commercial vehicles, now expanding to passenger cars - Valuation: - 2024 expected revenue: 2.3 billion yuan, with a 50% growth compared to the previous year - 2025 expected revenue: Over 3 billion yuan, with a 30% growth - Current valuation: Approximately 20 times forward earnings - Long-term Prospects: - Continued growth in traditional motor iron core and ECR business - Expansion into new areas like humanoid robots and low-orbit micro-satellites - Significant potential for valuation expansion based on growth and valuation matching