深度报告：二十载耕耘汽车零部件，轻装再启航续写新辉煌

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company has a robust production capacity for wheel hub bearing units, with an annual production capacity of 18 million sets as of 2022, and the new factory in Thailand is expected to enhance its competitiveness in overseas markets due to high tariffs on exports from China [9] - The company is a leading supplier of automotive seat adjustment systems, with a market share of 27.7% in China, and has established strong relationships with major clients such as Faurecia and Lear [53] - The market for seat adjustment motors and horizontal drivers is projected to reach 5.3 billion yuan by 2025, with a CAGR of 19.5% from 2022 to 2025, driven by increasing electrification in vehicles [39] - The third-generation wheel hub bearing unit has significant advantages in load capacity, sealing, and maintenance convenience, with an average price of 187 yuan per set, indicating a high value per vehicle [74] Summary by Sections Section 1: Wheel Hub Bearing Units - The wheel hub bearing unit is a critical safety component in vehicles, providing precise guidance for wheel rotation and supporting weight [64] - The production process involves integrating various components, and the quality of steel balls significantly affects vibration levels [66][87] - The third-generation wheel hub bearing unit offers superior performance and is priced higher than previous generations, reflecting its advanced features [74] Section 2: Seat Adjustment Systems - The company has been a pioneer in the development of seat adjustment systems since 2000, supplying to renowned clients and maintaining a strong market position [44] - The technology barriers in seat adjustment components are high, with profit margins exceeding 30% for seat motors compared to around 15% for other components [30] - The company has successfully developed various seat adjustment motors, including a new model that reduces weight and size by approximately 30% compared to older versions [47] Section 3: Market Trends and Projections - The market for seat adjustment systems is expected to grow significantly, driven by increasing demand for electric vehicles and advanced features in automotive seating [39] - The average vehicle age in China is rising, leading to increased demand for replacement parts, including wheel hub bearing units, which have a replacement cycle of about 5 years [82] - The company is positioned to benefit from the growing trend of domestic substitution for imported components, as it has achieved competitive technological advancements [49]