SHBT(603009) 华福证券·2025-01-23 09:13Investment Rating - The report initiates coverage on Beite Technology with a "Hold" rating [5][71]. Core Views - Beite Technology has been deeply engaged in the automotive parts industry for 20 years, forming three major business segments: chassis components, air conditioning compressors, and aluminum lightweight components [3][21]. - The automotive lightweight trend is expected to become a new growth point for the company, with a significant revenue increase of 182.12% in the aluminum lightweight business in 2023 due to the continuous penetration of new energy vehicles [4][55]. - The company is actively expanding into emerging industries, particularly in humanoid robotics, leveraging its existing production processes [5][56]. Summary by Sections Company Overview - Beite Technology has established a strong market position in the automotive parts sector, particularly in chassis components, air conditioning compressors, and aluminum lightweight components [3][21]. - The company has a concentrated shareholding structure, with the actual controller holding over 35% of the shares [17]. Business Segments - The main products include chassis components (steering gear, shock absorbers, differentials, and high-precision components), aluminum lightweight components, and air conditioning compressors [3][21]. - The chassis components segment is the largest revenue contributor, with significant market leadership in steering gear and shock absorber components [22]. Financial Analysis - The company has shown stable revenue growth, with projected revenues of 2.12 billion, 2.45 billion, and 2.89 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 13%, 16%, and 18% [5][60]. - The net profit is expected to reach 0.81 billion, 1.04 billion, and 1.31 billion yuan for the same years, with growth rates of 59%, 28%, and 27% [5][60]. Lightweight Business - The automotive lightweight trend is gaining momentum, with significant implications for fuel efficiency and overall vehicle performance [4][51]. - Beite Technology's aluminum lightweight business is expected to continue its rapid growth, driven by the increasing demand for lightweight materials in new energy vehicles [4][55]. Emerging Industry Ventures - The company is entering the humanoid robotics sector, focusing on the development of screw products for humanoid robots, which aligns with its existing manufacturing capabilities [5][56]. - The development plan for the screw business is clear, with ongoing research and production optimization efforts [5][59]. Profit Forecast and Investment Recommendations - The report forecasts a steady increase in revenue and profit margins across all business segments, with a particular emphasis on the growth potential of the aluminum lightweight and humanoid robotics sectors [5][60][61]. - The valuation of Beite Technology is higher than the average of comparable companies, justifying the "Hold" rating based on its market position and growth prospects [5][71].