OLYMPIC(603920) 天风证券·2025-03-10 07:08Investment Rating - The report gives a "Buy" rating for the company with a target price of 50.26 CNY per share, corresponding to a market capitalization of 36.16 billion CNY [4]. Core Viewpoints - The company has a clear growth outlook driven by the automotive PCB sector, particularly in the context of the rapid development of electric vehicles and autonomous driving technologies [1][2]. - The partnership with Tesla is pivotal, as the company has become a core supplier for Tesla's electric vehicle components and is well-positioned to benefit from Tesla's advancements in autonomous driving and energy storage [2][3][33]. - The company is expected to see significant revenue growth, with projected revenues of 50.83 billion CNY, 67.10 billion CNY, and 87.23 billion CNY for the years 2024 to 2026, respectively [4]. Summary by Sections 1. Company Overview and Business Growth - The company has established itself as a leading player in the PCB industry, ranking 32nd among the top 40 global PCB suppliers in 2023, up three places from the previous year [12]. - The automotive electronics segment, particularly in electric vehicles, constitutes the largest share of the company's revenue, supported by stable partnerships with major clients like Tesla [12][14]. 2. Tesla's Autonomous Driving and Its Impact - The report highlights the significant advancements in Tesla's Full Self-Driving (FSD) technology, which is expected to surpass human driving capabilities by 2025, creating substantial demand for high-performance PCBs [36][39]. - The anticipated launch of Tesla's Cybercab in 2026 is expected to further drive demand for the company's products, as it aims to revolutionize the ride-hailing market [45]. 3. Tesla's Energy Storage Business - The global energy storage market is entering a high-growth phase, with Tesla's energy storage systems expected to benefit from this trend, providing additional revenue opportunities for the company [3]. - The report notes that the cumulative installed capacity of global energy storage reached 289.2 GW by 2023, with significant growth expected in the coming years [3]. 4. Financial Projections - The company achieved a revenue of 4.52 billion CNY in 2023, a year-on-year increase of 1.96%, and a net profit of 496 million CNY, up 14.17% from the previous year [4][15]. - Future projections indicate a robust growth trajectory, with net profits expected to reach 7.06 billion CNY, 9.04 billion CNY, and 11.65 billion CNY from 2024 to 2026 [4]. 5. Competitive Advantages - The company has a strong market foundation with a diverse product range and advanced technology, enabling it to maintain a competitive edge in the PCB industry [1][29]. - The stable relationships with high-profile clients and a focus on innovation in emerging sectors such as AI and renewable energy further enhance its market position [28][29].