增资WAG 加速盈利释放，其余新兴业务进展顺利公司9 月12 日发布公告，计划对子公司德国WAG 增资5500 万欧元，以此降低WAG利息费用，提升抗风险能力，加速WAG 经营提质增效，进而增厚公司业绩。根据公司11 月5 日公告，各项新兴业务进展顺利，线控转向系统已处于内部研发阶段，是公司在智能驾驶领域的重要产品布局；飞行汽车方面，铝制下横梁产品已配套小鹏汇天；热成型产品已经配套华为鸿蒙智行和HI 模式车型，1-9 月已实现收入4300 万元，相关车型热销有望助力公司收入增长。公司是轻量化零部件龙头，同时积极布局汽车电子、智能驾驶等新兴方向，多元业务布局推动持续成长。occurrences
<公司章程>On November 28, the company held a board of directors to review and pass the “Proposal to Increase the Scope of Business and Standardize the Expression and Amendment of the Business Scope”. The bill still needs to be reviewed and approved by the shareholders' meeting held on December 18, and the new regulations will be officially implemented after review and approval.
The force sensor business has officially set sail. The robot is expected to open up space for growth. The company is now entering the R&D and trial production stage. In order to meet market regulatory compliance requirements for sensor production and sales, the company plans to add content such as “sensor research, production and service, R&D and sales of force control system software and hardware, research and production and sales of key components such as robot intelligent joints and robotic arms” to the company's sensor business officially launched. The industrialization of humanoid robots is expected to be in strong demand for force sensors. According to high-tech robot data, the humanoid robot human sensor market is estimated to be about 32.8 billion yuan in 2030. The market space is vast, and the company successfully launched the sensor business to open up the growth ceiling.
The capital increase of WAG has accelerated the release of profits. The rest of the emerging business is progressing smoothly. The company announced on September 12 that it plans to increase WAG's capital by 55 million euros, thereby reducing WAG interest expenses, improving risk resilience, and improving the quality and efficiency of WAG operations, thereby increasing the company's performance. According to the company's announcement on November 5, various emerging businesses are progressing smoothly. The wire-controlled steering system is already in the internal development stage and is an important product layout for the company in the field of intelligent driving; in terms of flying cars, aluminum lower beam products are already equipped with Xiaopeng Huitian; thermoformed products are already equipped with Huawei Hongmeng Zhixing and HI model models, which have achieved revenue of 43 million yuan in January-September, and the popularity of related models is expected to help the company's revenue grow. The company is a leader in lightweight components. At the same time, it actively lays out emerging directions such as automotive electronics and intelligent driving, and its diversified business layout promotes continuous growth.
Investment advice
We expect the company's revenue for 2024-2026 to be 19.2/20.7/22.4 billion yuan, respectively, +2.5%/8.2%/7.8% year-on-year, net profit to mother of 0.68/0.84/0.99 billion yuan, +7.3%/17.3% year-on-year, EPS 0.72/0.90/1.05 yuan/share, respectively, and CAGR-3 16.1%. Since the company focuses on emerging industries such as strategic force sensors to open up room for growth, it maintains a “buy” rating.
Risk warning: downstream customer sales fall short of expectations; new business development falls short of expectations; risk of exchange rate fluctuations.
