Company service: billion and major high-precision production services, focusing on the production of high-quality and accurate-sized moulds and parts, as well as self-assembly services. At present, most of the revenue in this episode comes from office customization equipment services and auto parts services. At present, there are six production bases in Shenzhen, Luozhou, Weihai and Vietnam, which are used in the self-made equipment branch of the office, and in the other six production bases in Shenzhen, Zhongshan, Chongqing, Sichuan, Wushu and Mexico for service auto parts.
The company has a solid foundation in OA business, and provides moulds and parts for printers, photocopiers and other products with many international well-known brands such as Hewlett-Packard, Fuji Shiji and Canon for a long time. With the belief in the wave of industrial substitution and the acceleration of the company's transition to the DEMS model, the company's large production capacity in Vietnam and Weihai is expected to increase its output value by nearly 800 million Hong Kong dollars in 2022. It is expected that 0A service income from 2022 to 2024 is expected to maintain a growth rate of 10-20%.
Auto parts customer support company continues to grow at a high speed: the company has been developing the automobile parts service since 2008, and the company currently covers the front and rear seat core of the automobile panel products.
Results, the total number of core parts of the pool package, panels, bottoms, skylights and body parts.
Wait. In recent years, the company's newly completed North American, Mexican and military model has been put into production, providing direct supply to Tesla, Inc. 's North American full-size front seat core parts, and the core parts of the seats are connected through a first-class supplier. Compared with the traditional customers, the newly developed direct supply customers, such as Tesla, Inc. and Changcheng Automobile, have greatly improved the gross profit level of the company's automobile plate products. At present, the company's automobile bill exceeds 14 billion Hong Kong dollars, and new energy projects account for 40% of the total. Thanks to the continuous improvement of the company's energy utilization and consumer spending, the company's steam turbine business is expected to achieve explosive growth in the future. Sales revenue growth of about 40% is expected to be maintained in 2022-2024.
The profit inflection point is 3. 5%. HK $0, reviewed for the first time, is granted to the next level: the company has been in the auto parts bureau for many years, and the company has entered the receiving period. The rise of the revenue model makes the market turn around and profit, and the industry gradually enlarges its profits. Our forecast company's revenue will be 65. 5% from 2022 to 2024. 3/83. 8 / 98. 4 billion Hong Kong dollars: mother's profit 322 yuan 521 / 730 million Hong Kong dollars, corresponding EPS is 0. 8 billion Hong Kong dollars. 18/0. 30RMB 0.42 Hong Kong dollars. We give the company a valuation of 10 times PE in 2023, with a target of HK $3.00, with 105% upward space, which is rated.
Risk factors: the number of customers is not as expected, and the supply of the company due to the epidemic is not as expected.