新能源与出海共同赋能，电镀新业务助推新发展

Investment Rating - The report initiates coverage with a "Buy" rating for the company [16][24][25]. Core Views - The company is expected to benefit from the growth of traditional businesses alongside new energy clients such as SAIC, Tesla, and Xiaomi, with the new electroplating business opening a second growth avenue [16][24]. - Revenue projections for 2023-2025 are estimated at 2.29 billion, 3.08 billion, and 4.20 billion yuan, with year-on-year growth rates of 31.1%, 34.5%, and 36.2% respectively [16][24]. - The net profit attributable to the parent company is forecasted to be 276 million, 370 million, and 490 million yuan for the same period, reflecting significant growth rates of 240.8%, 34.0%, and 32.5% [16][24]. Summary by Sections 1. Customer Expansion and Profitability Improvement - The company has deepened its presence in the automotive parts sector, continuously expanding its business [60]. - Revenue scale has shown consistent growth, with a notable improvement in profitability due to factors such as declining raw material prices and the rapid development of new energy clients [64][84]. - The company has established a stable and high-quality customer base, with significant market potential [44]. 2. Three Business Segments Driving Accelerated Growth - Stamping Parts: Revenue from this segment is projected to reach 1.41 billion, 2.06 billion, and 2.95 billion yuan from 2023 to 2025, with gross margins of 10.9%, 12.9%, and 14.3% respectively [17]. - Assembly Processing: This segment benefits from strong customer relationships, particularly with SAIC, and is expected to maintain stable growth due to its high gross margins, which are not affected by raw material price fluctuations [14][75]. - Electroplating Business: Following the acquisition of Wuxi Kaixiang, this segment is anticipated to become a significant profit source, with projected revenues of 150 million, 185 million, and 312 million yuan from 2023 to 2025, and gross margins of 80%, 78%, and 60% respectively [18][45]. 3. Profit Forecast and Valuation - The company is expected to achieve a net profit of 276 million, 370 million, and 490 million yuan from 2023 to 2025, with corresponding PE ratios of 21, 16, and 12 [16][24]. - The target market capitalization is estimated at 7.1 billion yuan, indicating a potential upside of 23% based on a 19x PE for 2024 [16][24].