Investment Rating - The report assigns a "Hold" rating for the company, marking its initial coverage [66]. Core Insights - The company specializes in providing electric adjustment solutions for automotive seats and is recognized as a "little giant" enterprise focusing on specialized and innovative products [66]. - The automotive seat market is projected to grow significantly, with the domestic market expected to reach 150 billion yuan by 2025, driven by the increasing market share of domestic passenger vehicles and the development of new energy vehicle brands [23][66]. - The company has established a strong position within the supply chains of major seat manufacturers, benefiting from high customer retention and a stable ownership structure [66]. Summary by Sections 1. Company Overview - The company focuses on high-performance, high-strength, and high-precision components for automotive seat adjustment systems, with a product range that includes self-lubricating bearings, transmission rods, powder metallurgy parts, and metal injection molded parts [61][66]. 2. Industry Development - The automotive parts industry in China is experiencing robust growth, with a projected revenue of over 4.8 trillion yuan by 2028 [4]. - The automotive seat industry is characterized by high value and concentrated market share among leading suppliers, with the top three suppliers holding 58% of the domestic market [114][119]. 3. Financial Performance - The company reported a revenue of 2.09 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 17.18%, and a net profit of 0.60 billion yuan, up 34.01% year-on-year [29]. - The company’s revenue is expected to grow to 3.15 billion yuan in 2024, with a compound annual growth rate of 22.71% from 2024 to 2026 [176]. 4. Product Segmentation - The company’s revenue is primarily derived from metal powder metallurgy parts, which accounted for 42.79% of total revenue in the first half of 2024, followed by self-lubricating bearings at 24.27% [94]. - The company is actively developing new products to enhance the value per vehicle, with current product values ranging from 30 to 40 yuan per unit [145]. 5. Customer Base - The company’s top five customers accounted for 65.90% of its revenue in 2023, indicating a concentrated customer base [111][176]. - The company has established long-term relationships with major automotive manufacturers, ensuring stable demand for its products [121][124].

电子行业 执业证书编号：S1410523100001 联系人：刘瑜 近十二个月行业表现 国产厂商在存储领域技术有所突破，关 注相关投资机会 事件： % 1 个月 3 个月 12 个月 相对收益 5.73 31.74 10.07 绝对收益 9.35 48.97 29.19 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------|-------|----------------------------------------| | 投资建议的评级标准 | | 评级 | 说明 | | | | 买入 | 相对同期基准指数涨幅在 15% 以上 | | | | 增持 | 相对同期基准指数涨幅在 5% 到 15% 之间 | | 评级标准为发布报告日后的 6 个月内公司股价 （或行业指数）相对同期基准指数的相对市场 | 股票评级 | 持有 | 相对同期基准指数涨幅在 -5% 到 5%之间 | | 表现。其中沪深市场以沪深 300 为基 ...

执业证书编号：S1410123120005 行业评级：增持（维持） | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------|-------|----------------------------------------| | 投资建议的评级标准 | | 评级 | 说明 | | | | 买入 | 相对同期基准指数涨幅在 15% 以上 | | | | 增持 | 相对同期基准指数涨幅在 5% 到 15% 之间 | | 评级标准为发布报告日后的 6 个月内公司股价 （或行业指数）相对同期基准指数的相对市场 | 股票评级 | 持有 | 相对同期基准指数涨幅在 -5% 到 5%之间 | | 表现。其中沪深市场以沪深 300 为基准；北交 所以北证 50 为基准；新三板市场以三板成指 | | 减持 | 相对同期基准指数跌幅在 5% 以上 | | （针对协议转让标的）或三板做市指数（针对 做市转让标的）为基准 | | 增持 | 相对 ...

Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage [10]. Core Viewpoints - The company specializes in a wide range of prepared cold dishes, including algae, fungi, wild vegetables, fish roe, vegetables, and seafood delicacies, offering over 300 product categories and more than 1000 SKUs [10][16]. - The company has established a strong market presence both domestically and internationally, exporting products to over 60 countries and regions, including Japan, the USA, and Europe [10]. - The prepared dish industry in China is experiencing rapid growth, driven by urbanization and the rise of chain restaurants, with increasing competition and regulatory developments [10][21]. - The company has a robust product development pipeline, with numerous new products launched recently that have gained consumer popularity [10][57]. - Financial forecasts indicate a revenue growth of 18.76%, 17.89%, and 16.10% for 2024-2026, with net profit growth of 26.94%, 19.33%, and 16.71% for the same period [10][11]. Summary by Sections Company Overview - The company was established in 2002 and successfully listed on the Beijing Stock Exchange in 2021, becoming the first stock in the prepared cold dish sector [15][24]. - The company has a concentrated shareholding structure, with the largest shareholder holding 48.32% of the shares [35][62]. Industry Overview - The prepared dish industry is in a growth phase, with increasing competition and regulatory measures being introduced to standardize the market [10][21]. - The market for prepared dishes is expected to continue expanding, with significant potential for both domestic and international sales [10][38]. Financial Analysis - The company has shown a compound annual growth rate (CAGR) of 23.79% in revenue and 30.38% in net profit over the past seven years [22]. - The projected financials for 2024-2026 include revenues of 5.82 billion, 6.86 billion, and 7.96 billion, with corresponding net profits of 0.44 billion, 0.53 billion, and 0.62 billion [10][11]. Product and Market Strategy - The company is focusing on expanding its online channels and enhancing its brand presence through social media platforms like Douyin [41]. - The company has established long-term partnerships with major restaurant chains and food producers, enhancing its market position [10][45].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [66][84]. Core Insights - The company has shown strong revenue growth of 29.44% year-on-year, reaching 183 million yuan in the first three quarters of 2024, driven by increased sales and improved production efficiency [103][66]. - The company is expanding its product lines, particularly in harmonic reducers, which are expected to open up significant growth opportunities [102][66]. - The company has established long-term strategic partnerships with leading manufacturers across various industries, enhancing its market position [150][66]. Summary by Sections Company Overview - The company, founded in 2001, specializes in precision machining and die-casting, and was one of the first to list on the Beijing Stock Exchange in 2021 [1][66]. - It has received multiple accolades, including being recognized as a national high-tech enterprise and a "little giant" enterprise [1][66]. Financial Performance - In the first three quarters of 2024, the company achieved a net profit of 22 million yuan, a year-on-year increase of 35.68% [103][66]. - The company expects revenue growth of 20.60%, 21.13%, and 17.86% for 2024, 2025, and 2026, respectively, with net profits projected to grow by 22.70%, 23.89%, and 22.34% in the same period [66][66]. Market Position and Strategy - The company has a competitive edge in precision machining due to its advanced technology and strong customer relationships, including partnerships with major brands like THK and Yaskawa [150][66]. - The company is actively expanding its global market presence and has plans to increase production capacity for harmonic reducers, which are in high demand due to the growth of humanoid robotics [59][66]. Industry Outlook - The report highlights a positive outlook for the automation and semiconductor industries, with expected growth in demand for the company's products [22][66]. - The company is well-positioned to benefit from government policies promoting economic growth and industrial automation [22][66].

Investment Rating - The industry investment rating is upgraded to "Overweight" [6] Core Viewpoints - The engineering machinery industry is entering an upward cycle driven by national infrastructure projects and supportive policies [6] - The overall performance of the engineering machinery sector has shown improvement, with significant growth in both domestic and export sales [6] - The central region of China has the highest comprehensive operating rate, indicating strong demand for engineering machinery [6] Summary by Relevant Sections Industry Performance - In November, the national engineering machinery operating rate was 51.72%, with 12 provinces showing month-on-month growth [6] - The central region's comprehensive operating rate reached 60.89%, leading all regions [6] Export and Sales Data - In November, China's engineering machinery export value was $4.485 billion, a year-on-year increase of 16.3% [6] - The sales of various excavators in November reached 17,590 units, up 17.9% year-on-year [6] Future Outlook - The engineering machinery sector is expected to benefit from the ongoing development strategies in the central and western regions, as well as from the Belt and Road Initiative [6] - The demand for engineering machinery is anticipated to continue growing due to favorable economic indicators and government policies [6]

执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 | --- | --- | --- | |----------------|--------------------|-----------| | | | | | % | 3 个月 | 12 个月 | | 相对收益 | 23.2 | 3.25 | | 绝对收益 | 47.97 | 21.22 | | 数据来源：聚源 | 注：相对收益与沪深 | 300 相比 | | | 2024 年 12 月 | 18 日数据 | 相关研究报告 1. 江海证券-行业点评报告-电子行业：AI 眼镜产品百花齐放，行业奇点将至 – 2024.11.14 2. 江海证券-行业点评报告-电子行业：字 节跳动发布 AI 智能体耳机，关注 IoT 设备 相关投资机会 – 2024.10.23 | --- | --- | |------------------------------------|--------------------| | 2024 年 12 月 19 日 | 江海证券研究发展部 | | 电子行业 | ...

分析师：任沐昕 专注石化换热设备，探寻海外业务增长 执业证书编号：S1410524050002 市场数据 总股本(百万股)93.93 A股股本(百万股)93.93 B/HA股流通比例股股本(百万股(%)）)30.64-/- 12个月最高/最低(元)15.96/1.80 第一大股东王仁良 第一大股东持股比例(%)68.72 上证综指/沪深3003346.01/3976.89 数据来源：聚源注：2024年11月19日数据 | --- | --- | --- | --- | |--------------------|--------|--------------------|---------| | | | | | | | | | | | 近十二个月股价表现 | | | | | | | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 22.91 | -11.97 | 57.31 | | 绝对收益 | 43.94 | 81.45 | 117.17 | | 数据来源：聚源 | | 注：相对收益与北证 | 50 相比 | 20 ...

证券研究报告·行业点评报告 2024 年 12 月 18 日 江海证券研究发展部 机械设备行业 分析师：任沐昕 执业证书编号：S1410524050002 近十二个月行业表现 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 12 月 17 日数据 相关研究报告 1. 江海证券-行业点评报告-机械设备行 业：中小企业数字化赋能，带动数智化产 业链设备发展 – 2024.12.16 2. 江海证券-行业点评报告-机械设备行 业：新型城市基础设施建设，相关配套设 备市场有待发掘 – 2024.12.11 3. 江海证券-行业点评报告-机械设备行 业：冰雪经济助力东北振兴详细方案出炉， 具体设备产业发展前景落实 – 2024.12.09 4. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.11.18~2024.12.01） – 2024.12.04 5. 江海证券-行业点评报告-机械设备行 业：西部鼓励类产业目录更新，促进相关 领域机械设备发展 – 2024.12.02 2024 年 12 月 17 日，工业和信息化部、生态环境部、应急管理部、国家标准化 管理委员会联合 ...

证券研究报告·行业点评报告 2024 年 12 月 18 日 江海证券研究发展部 社会服务行业 11 月社零数据出炉，政策端提振消费 可期 分析师：吴春红 执业证书编号：S1410524050001 联系人：黄燕芝 执业证书编号：S1410123120005 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 12 月 17 日数据 相关研究报告 1. 江海证券-行业点评报告-社会服务行 业：亚冬会叠加政策推动，冰雪旺季再次 来临 – 2024.11.12 2. 行业点评报告-社会服务行业：暑运收 官，中秋假期旅游预定起势明显 – 2024.09.12 3. 行业点评报告-社会服务行业：《关于 促进服务消费高质量发展的意见》的解读 – 2024.08.07 4. 行业点评报告-社会服务行业：端午出 行景气度高，旅游市场年轻化、性价比与 下沉趋势明显 – 2024.06.13 12 月 5 日，国家发展改革委印发《推动东北地区冰雪经济高质量发展助力全面 振兴取得新突破实施方案》（以下简称《实施方案》），具体举措包括着力提 升冰雪旅游品质、加快发展冰雪运动、积极发展冰雪文化产业、培育壮大冰雪 装备 ...