传感器：受益于汽车电动智能化，出货量将逐步提升。2022-1H24 公司传感器业务收入分别为3.7、5.3 和3.1 亿元，收入增速分别为+101.4%、+45.2%和+51.7%。公司传感器产品覆盖6 大类别40 多种传感器，产品矩阵丰富。The company's TPMS, exhaust system fittings, and valve products already have strong market competitiveness and a high global market share. The three major products are the main sources of the company's main business revenue and main business profit. The automotive intelligent business (sensors, ADAS, air suspension) and the automotive lightweight structural parts business are important development directions of the company's business, and growth is certain in the next few years.
Traditional business: The gross margin is relatively high, and it continues to generate profits and cash flow. The company's traditional business includes TPMS, valves, balance blocks, metal pipe fittings, etc. 1H24's TPMS business accounted for 30.9% of revenue (22-1H24 average gross margin of 24.7%); automotive metal fittings accounted for 23.6% of revenue (22-1H24 average gross margin of 28.6%); valve business accounted for 11.9% of revenue (22-1H24 average gross margin of 41.3%). The company has become one of the world's leading suppliers in segments such as valves, balance blocks, exhaust pipes, and tire pressure monitoring systems. All traditional businesses have strong market competitiveness, thereby maintaining high profitability within the industry and being able to contribute steadily to the company's performance.
Suspended business: Products achieved horizontal development, and overseas markets achieved 0-1 breakthroughs. 2022-1H24's air suspension business revenue was 2.5, 7.0 million yuan, and 420 million yuan, respectively. The revenue growth rates were +368.4%, +174.8%, and +44.5% respectively. The main driving force is: (1) Onsite mass production: the company has obtained fixed-point projects from many OEMs since 21 years, which will continue to increase performance with mass production of the project; (2) Horizontal expansion: The company continues to improve the self-control rate of air suspension products through technology research and development, and first obtained a leading new power gas supply unit project in July 24 Targeted, and the company's convertible bond project also laid out the production capacity of the air supply unit; (3) Global layout: In September '24, the company obtained a fixed position for a front and rear air spring project from a well-known European OEM, and the air suspension overseas project achieved a breakthrough of 0 to 1.
Sensors: Benefiting from the electric intelligence of automobiles, shipments will gradually increase. 2022-1H24's sensor business revenue was $3.7 billion, 5.3 billion, and 310 million yuan, respectively, with revenue growth rates of +101.4%, +45.2%, and +51.7%, respectively. The company's sensor products cover 6 categories and more than 40 sensors, and the product matrix is rich.
As the degree of automotive electronics continues to increase, automotive sensors have ushered in a period of rapid development. The company's continuous release of supporting models and the entry of fixed-point models into mass production have led to a continuous rise in sales of sensor products.
Maintain a “Highly Recommended” investment rating. With the rapid development of electric smart vehicles, the application of air suspension systems, sensors and ADAS series products is a major trend in the industry. The company maintains leading advantages in traditional business, creates a multi-category growth curve through air suspension systems and ADAS series products, contributing to the company's greater performance flexibility. The net profit for 24-26 is expected to be 0.39/0.58/0.76 billion yuan, maintaining a “highly recommended” investment rating.
Risk warning: risk of fluctuations in raw material prices; risk of product quality control; risk of new business development falling short of expectations; risk of overseas operations, etc.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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