精密功能件深耕者，智能自动化装备发力成长。公司在消费电子领域耕耘多年，有望受益于苹果MR 引领的XR 创新浪潮。目前公司主要产品为精密功能件、智能自动化装备，广泛应用于消费类领域及新能车领域。公司能够根据客户个性化要求，设计、研发及定制不同领域的产品，满足客户对产品性能的不同需求。2023 年前三季度公司实现营收9.27 亿元，同比增长5.03%，实行归母净利润2.09 亿元，同比下降16.82%。消费领域，公司与头部客户持续深入合作，把握客户深层次需求，整体销售规模不断扩大；新能车领域，随着客户渗透率不断提升，产品规模进一步扩大，成为公司重要的业务增长方向。Incidents:
On January 19, 2024, Apple Vision Pro will begin pre-sale, and on February 2, it will be sold simultaneously online and offline in the US market.
Comment:
Those who are deeply involved in precision functional parts are growing vigorously with intelligent automation equipment. The company has been working in the consumer electronics field for many years and is expected to benefit from the XR innovation wave led by Apple MR. Currently, the company's main products are precision functional parts and intelligent automation equipment, which are widely used in the consumer sector and the field of new energy vehicles. The company can design, develop and customize products in different fields according to the individual requirements of customers to meet the different needs of customers for product performance. In the first three quarters of 2023, the company achieved revenue of 927 million yuan, a year-on-year increase of 5.03%, and implemented net profit of 209 million yuan to mother, a year-on-year decrease of 16.82%. In the consumer sector, the company continues to cooperate deeply with leading customers to grasp the deep needs of customers, and the overall sales scale continues to expand; in the field of new energy vehicles, as the customer penetration rate continues to increase, the product scale has further expanded, becoming an important business growth direction for the company.
Strong customization ability and quick response to customer needs. The company actively explores market trends, has strong market development capabilities, actively seizes market opportunities, and provides a new engine for the company's performance development. The company strengthens communication and collaboration with customers. By providing personalized services to high-quality customers, the company keenly receives market trends, formulates response strategies in a timely manner, and quickly enters emerging markets. Through the establishment of branch companies and local offices, the company optimizes the industrial layout, rationally allocates resources, and effectively enhances market development capabilities. The company can respond quickly to customer needs, and excellent customization capabilities enable the company to grow.
Rich experience in operation management, product quality is guaranteed. The company's core management has many years of experience in industry operation and management, and can track, investigate and analyze end user needs and upstream and downstream industrial environments in a timely manner. By accurately grasping the development direction of the industry, actively laying out the downstream market sector, we accurately match and respond to customer needs with excellent R&D capabilities and rapid delivery capabilities, and enhance the stickiness of cooperation with customers. In terms of internal management, the company has strengthened cost control and product quality control capabilities, and production efficiency and product quality are guaranteed.
Profit forecast and investment suggestions: The company continues to improve its technology research and development capabilities and product quality, and is growing in various fields. Revenue is expected to be 17.10 billion yuan, 21.02, and 2.45 billion yuan respectively from 2023 to 2025, and net profit to mother of 333, 4.08, and 486 million yuan, respectively. The corresponding PE is 15, 12, and 10 times, respectively, giving it an “increase in wealth” rating.
Risk warning: Competition in the industry intensifies, and downstream demand, profit forecasts and valuations fall short of expectations
