Investment Rating - The report gives a "Buy" rating for Hengshuai Co Ltd (300969) [8] Core Views - Hengshuai is a leading domestic supplier of automotive motor technology solutions, focusing on micro motors and related products since its establishment in 2001 [1] - The company has strategically divided its business into four units: motor business, electric module business, driving vision cleaning system, and thermal management system business [1] - With the trend of intelligent and new energy vehicles, the number of micro motors used per vehicle and their value are expected to increase annually, with the domestic automotive micro motor market projected to reach 42.47 billion yuan by 2026, with a CAGR of 6.8% from 2020 to 2026 [1] - The company has successfully developed various motor products, particularly in the tailgate motor segment, and has expanded its customer base significantly [1] - Hengshuai has proactively developed active perception cleaning systems for ADAS sensors, which are expected to benefit from the trend of automotive intelligence [1] Business Segments Motor Business - The motor business is the fastest-growing segment, with a CAGR of 68.7% from 2019 to 2022 [45] - As of Q3 2023, the motor business contributed 263.79 million yuan in revenue, accounting for 40.3% of total revenue [45] - The company has developed a range of motor products, including tailgate motors, fan motors, and ABS motors, with a focus on upgrading from single motor components to integrated systems [104] Cleaning System Business - The cleaning system business includes products such as cleaning pumps, cleaning systems, and ADAS sensor cleaning systems [46] - As of Q3 2023, the cleaning system and cleaning pump businesses contributed 185.04 million yuan and 147.95 million yuan in revenue, accounting for 28.3% and 22.6% of total revenue, respectively [46] - The company has a strong presence in the domestic market and is expanding its overseas production capacity, with plans to build 34.41 million sets of fluid-related products, which are expected to generate over 380 million yuan in revenue upon full production [1] Thermal Management System Business - The thermal management system business includes products such as cooling manifolds and electronic circulation pumps [21] - The company has achieved a breakthrough in cooling manifold products and is continuing to develop technologies and products in the thermal management system field [21] Market Opportunities - The ADAS cleaning system market is in its early stages of penetration, with significant growth potential as intelligent driving technologies become more widespread [130] - The global automotive cleaning system market is expected to grow from 10.65 billion USD in 2020 to 13.3 billion USD by 2027, with China's market share increasing to 18.8% [108] - Hengshuai has proactively developed active perception cleaning systems for ADAS sensors, which are expected to benefit from the trend of automotive intelligence [1] Financial Projections - The company is expected to achieve net profits attributable to the parent company of 205 million yuan, 272 million yuan, and 338 million yuan in 2023, 2024, and 2025, respectively [1] - The corresponding PE ratios are estimated at 32.81x, 24.80x, and 19.94x based on the latest stock price [1] - Revenue is projected to grow from 738.75 million yuan in 2023 to 1.57 billion yuan in 2025, with a CAGR of 30.4% from 2023 to 2025 [120] Capacity Expansion - The company has planned and started construction on motor and actuator assembly projects totaling 17.6 million sets, which are expected to contribute over 450 million yuan in revenue upon full production [1] - For fluid-related products, the company has planned and started construction on projects totaling 34.41 million sets, including overseas production capacity in the US and Thailand, which are expected to generate over 380 million yuan in revenue upon full production [1]
首次覆盖报告：深耕电机与流体技术，产品结构持续升级