Anhui Higasket Plastics (603150) 华西证券·2025-03-17 02:55Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage [5]. Core Views - The company is positioned to benefit from the acceleration of national subsidies driving the upgrade of refrigerator product structures, which will continue to support its main business growth [2]. - The establishment of Guo Sun Technology Co., Ltd. and its mass production of EPS products is expected to create a second growth curve for the company [3]. - The company has a strong historical revenue growth, with a CAGR of 21% from 2014 to 2023, and is expanding into new business areas, including automotive components [17]. Summary by Sections 1. Diversification in Home Appliance Components and Automotive EPS Systems - The company has been a leader in refrigerator door seals and is expanding into new areas, including automotive components, with a focus on EPS systems [12]. - The company has established 14 production bases in 7 countries as part of its internationalization strategy, aiming to enhance its global footprint [28]. 2. Main Business Benefits from Downstream Product Structure Upgrades - Recent government policies have led to an increase in the average selling price of refrigerators, with online market prices rising by 4.7% and offline prices by 8.8% post-policy implementation [2][32]. - The company is actively pursuing international development and collaboration in the EPS sector, enhancing its capital strength and R&D capabilities [3][33]. 3. Profit Forecast - Revenue projections for 2024-2026 are estimated at 3.33 billion, 4.23 billion, and 5.27 billion yuan, representing year-on-year growth of 30%, 27%, and 25% respectively [4][34]. - The expected net profit for the same period is projected to be 149 million, 179 million, and 219 million yuan, with corresponding EPS of 1.74, 2.09, and 2.56 yuan [4][34].