Huada(603358) 东吴证券·2025-05-15 11:53Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the automotive stamping industry, leveraging its expertise to enhance performance in the new energy sector [8]. - The acquisition of Jiangsu Hengyi is expected to significantly boost the company's growth trajectory, particularly in the battery tray market [8]. - The company is actively expanding into low-altitude economy and humanoid robotics, creating additional growth avenues [8]. Summary by Sections 1. Leadership in Stamping and New Energy Layout - The company has been deeply involved in automotive parts manufacturing for 30 years, establishing itself as a leader in stamping and welding assemblies [13]. - The company has a solid financial foundation, with a focus on enhancing its product offerings in the new energy sector [10][19]. 2. Market Potential for Stamping Parts - The stamping parts market is vast, with an average vehicle containing over 1,500 stamping parts, contributing significant value [8]. - The company has established production bases in key automotive clusters, enhancing its competitive edge [51]. 3. Acquisition of Jiangsu Hengyi - The acquisition of Jiangsu Hengyi allows the company to enter the electric vehicle parts market, with significant growth expected in battery tray demand [8]. - Jiangsu Hengyi is a core supplier for CATL, and the company anticipates substantial revenue growth from this segment [8]. 4. Expansion into Low-altitude Economy and Robotics - The company is exploring opportunities in the low-altitude economy and humanoid robotics, which are expected to drive future growth [8]. - The low-altitude economy is projected to create a multi-trillion market, supported by government policies and technological advancements [87]. 5. Financial Projections and Valuation - The company is projected to achieve revenues of 63.82 billion, 72.86 billion, and 85.99 billion yuan from 2025 to 2027, with corresponding net profits of 4.70 billion, 5.84 billion, and 7.33 billion yuan [1]. - The current market valuation corresponds to a P/E ratio of 34, 27, and 22 for the years 2025 to 2027, indicating a favorable investment opportunity [1].