Shanghai YanPu(605128) 民生证券·2025-01-03 02:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.98 CNY per share [17]. Core Insights - The company has achieved significant revenue growth, with projected revenues of 24.82 billion CNY, 32.39 billion CNY, and 41.91 billion CNY for the years 2024, 2025, and 2026 respectively [19]. - The company has received multiple new project approvals, which are expected to contribute approximately 60.59 billion CNY in revenue over the next five years, significantly boosting its financial performance [3][19]. - The company is expanding its customer base from Tier 2 to Tier 1 suppliers, enhancing its market position and revenue potential [3]. Financial Projections - Revenue is projected to grow from 1,519 million CNY in 2023 to 4,191 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of 35.4% to 29.4% [5][21]. - Net profit is expected to increase from 91 million CNY in 2023 to 330 million CNY in 2026, with a net profit margin improving from 6.00% to 7.88% [6][21]. - Earnings per share (EPS) are forecasted to rise from 0.70 CNY in 2023 to 2.54 CNY in 2026, indicating strong profitability growth [5][21]. Business Expansion - The company is diversifying its product offerings beyond automotive seating to include components for railways and new energy sectors, which is expected to enhance long-term growth prospects [19]. - Recent project wins include contracts for automotive seat frame assemblies with significant revenue potential, indicating a robust pipeline for future earnings [17][19]. Customer Development - The company has established long-term relationships with major clients, including partnerships with leading automotive suppliers, which have contributed to a stable revenue stream [3]. - The expansion into new customer segments and product categories is anticipated to drive further revenue growth and market share gains [3][19].