豪能股份20241217

Key Points Company and Industry Overview - Industry: Mechanical transmission, specifically synchronizers, with expansion into planetary gearboxes and active布局 in new energy vehicles and humanoid robots. - Company Status: Leading global position in synchronizers, transitioning from capital expenditure peak, and improving profitability. - Core Business: Mechanical transmission, particularly synchronizers, with expansion into planetary gearboxes and active布局 in new energy vehicles and humanoid robots. Core Views and Arguments - Global Leadership in Synchronizers: Company has achieved global leadership in synchronizers, providing a strong foundation for expansion. - Profitability Growth: Exceeded capital expenditure peak, leading to increased capacity utilization and profitability. Gross margin has turned positive in the first half of 2024. - Competitive Strength: Strong competitiveness, starting from the automotive industry and expanding into aerospace, with a focus on intelligent manufacturing and humanoid robots. - Product Advantages: Cost and shock resistance advantages in planetary gearboxes for humanoid robot applications. - Growth Drivers: Category expansion (synchronizers to planetary gearboxes) and application space expansion (from fuel vehicles to new energy vehicles and humanoid robots). - New Energy Vehicle Growth: Differentiator business has driven the company into the new energy vehicle customer system, achieving rapid growth in the short term. - Market Potential: Planetary gearboxes have broad application prospects in performance vehicles and robots, making it an important growth path for the company. Other Important Points - Capital Expansion Stage: Currently in a strong capital expansion phase, with a high proportion of fixed asset depreciation to revenue, which will gradually decline as capacity is released. - Operational Efficiency: Fixed asset turnover rate is an important indicator of operational efficiency, reflecting improved operations after capacity expansion. - Future Gross Margin and Profitability: With increased fixed assets and capacity release, revenue is expected to grow rapidly, leading to an increase in gross margin. - Valuation: The current valuation of approximately 18 times is considered low relative to the 33% profit growth expected. The company's solid fundamentals and clear growth logic make it a positive outlook and a key recommendation for the research department.