Summary of the report:
Investment logic: the company's automotive business will rebound after the gradual reduction of new production capacity, and the delayed orders of the military business will gradually resume delivery in the second half of 2023. It is expected that the company will usher in rapid performance growth after 2024. The company binds domestic and foreign head mainframe factory / Tier 1 in the field of automotive small and medium-sized fasteners, in which domestic binding head new energy customers, through new products + new customers to expand the new growth pole; overseas business through the original deep cooperation of international Tier 1 expansion, the company plans to build a warehouse in Mexico, overseas customers for timely delivery of orders.
The product matrix of metal parts continues to improve, and the plastic parts business benefits from the high growth of lightweight automobiles. The company's products are mainly represented by metal + plastic parts product matrix, such as automobile chassis system, headlight seat and other internal and external decoration, automobile body system and fasteners of new energy vehicle electronic control system. The company's products are located in small and medium-sized fasteners, with a higher level of relative added value and gross profit margin. The bicycle value of small and medium-sized fasteners and connectors is estimated at 800 yuan. In the middle of its development, the company is bound to overseas head Tier 1, which fully reflects its product research and development ability. in the new energy era, the company's metal and plastic parts are two-wheel drive to further improve the value of bicycles.
The share of revenue from new energy vehicles continues to rise, and humanoid robots are expected to start the third growth curve. The company realized 2039 yuan and 42.11 million yuan of supporting income for new energy vehicles in 2021 and 2022 respectively, of which the gross profit margin of new energy vehicles in 2021 was 46%, which greatly exceeded the overall gross profit margin of the current automobile sector. The company's products have a wide range of downstream application scenarios, and there are plenty of orders on hand, including new export orders from old customers, new product orders from new customers and continuous expansion in the field of industrial robots.
Investment suggestion: the company's net profit from 2023 to 2025 is expected to be 0.91,523,000,000 yuan, respectively, and EPS is 1.452.20 yuan, respectively, with a price-to-earnings ratio of 33.01pound 18.76soybean, which is given a "buy" rating.
Risk hint: the prosperity of the automobile industry fluctuates, and the volume rhythm of aerospace business is uncertain.