新股覆盖研究：泰鸿万立

Investment Rating - The investment rating for the company is "Buy," indicating that the stock is expected to outperform the market index by more than 15% over the next 6-12 months [25]. Core Viewpoints - The company, Taihong Wanli (603210.SH), specializes in the research, production, and sales of automotive structural and functional components, with a strong market position and long-term partnerships with major automotive manufacturers such as Great Wall Motors and Geely Group [2][6]. - The company has shown significant revenue growth, with projected revenues of CNY 1.478 billion, CNY 1.544 billion, and CNY 1.689 billion for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 46.13%, 4.50%, and 9.35% [7][21]. - The company is actively expanding into the new energy vehicle sector, with multiple components set to enter mass production between 2024 and 2025, establishing partnerships with notable companies in the industry [17][18]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 1.478 billion in 2022, CNY 1.544 billion in 2023, and is projected to reach CNY 1.689 billion in 2024, with corresponding net profits of CNY 126.5 million, CNY 160.8 million, and CNY 176.7 million [4][7]. - The revenue structure is stable, with over 80% of income derived from automotive structural components [7]. Industry Situation - The automotive parts industry is experiencing growth, with China's automotive parts sector showing a recovery trend, reaching CNY 4.41 trillion in revenue in 2023, a 5.08% increase from the previous year [14][15]. Company Highlights - The company has established itself as a key player in the automotive structural components sector, maintaining long-term relationships with major manufacturers and achieving over 60% of its revenue from top clients [16]. - The company is expanding its production capacity through several projects, including a significant expansion of its automotive functional components production [19][20]. Investment Projects - The company plans to invest CNY 115 million in three major projects, including the expansion of production capacity for automotive components [19][20]. Peer Comparison - Compared to its peers, the company has a lower revenue scale but maintains a competitive gross margin, with an average PE-TTM of 24.74X among comparable companies [21][22].