"Fengkou Research Report · Company" electric vehicle precision parts related business has become the largest growth engine of this company. This year's revenue is expected to increase by nearly 90%, and it has cut into the Ningde era, Huichuan, BMW and other industrial chains

This small market value company focuses on an integrated precision parts in electric vehicles. It has now entered the industrial chain such as Ningde and Huichuan Technology. Last year, the relevant income increased by 60%year -on -year to become the largest growth engine. Analysts predict that this year's growth rate has further accelerated the growth rate. , Cover for the first time and give "buy" rating.

Company essence:

① The company's precision products are mainly used in the three major areas of smart terminals, automotive electronics and consumer electronics. In 2021

② New energy vehicle embedded plastic parts are leading the integration trend of new energy vehicles BDU, PDU and other components. In -depth cooperation such as Huichuan Technology and other in -depth cooperation further into the supply system of well -known car companies such as Changan and ideals in China;

③ Soochow Securities Tang Quanxi Forecasting Company 2022-24's net profit returned to the mother was 190 million yuan/3.3 billion yuan/4.8 billion yuan, a year-on-year 70%/72%/44%, of which the income of the automotive electronic sector increased by 2022-2024 year-on-year year-on-year increased year-on-year increased year-on-year The speed is 88%/76%/55%; the first coverage is given to "buy" rating;

④ Risk reminder: The demand for downstream market is less than expected.

At present, small market value+high growth+prosperity competition has become the market's focus on the segmentation direction. Soochow Securities Tang Quanxi's latest coverage of precision manufacturing segmentation company Xingrui Technology (002937).

The company's precision products are mainly used in the three major areas of smart terminals, automotive electronics and consumer electronics. Among them, the most expected is new energy vehicle embedded plastic parts. The company's precision inlaid injection plastic parts have entered the supply chain of BMW and other car companies; in -depth cooperation with Ningde Times and Huichuan Technology in China, the year -on -year increase of relevant revenue in 2021 reached 60%to become a new development engine.

Tang Quanxi predicts that the net profit attributable to the mother of 22-24 years is 190 million yuan/3.3 billion yuan/480 million yuan, respectively, 70%/72%/44%, and the first coverage will be given to "buy" rating.

The company is based on precision manufacturing, and the "smart terminal+automotive electronics" dual track has a high charging force growth

The company focuses on the research and development, manufacturing and sales of various precision components. The products are mainly used in the three major areas of smart terminals, automotive electronics and consumer electronics.

2001-2009 is the starting phase. At the beginning of the Xingrui Science and Technology period, the main products were TV-Tuner. Since 2008, the company has actively expanded from the consumer electronics business to smart terminals and automotive electronics business.

In 2021, the company's total revenue reached 1.25 billion yuan, a year -on -year growth rate of 20%, of which the automotive electronics business increased by 60%year -on -year.

New energy vehicle embedded plastic parts have become the company's new performance growth engine

New energy vehicle electrical high pressure and system integration complexity have been significantly improved. Embedded plastic parts realize the insulation integration of metal components in the module through injection plastic packaging. While achieving a safe connection, the system module integration in the vehicle is improving. , Integration of PDU and other components.

Xingrui Technology collaborates Panasonic to cooperate with the development of precision inlaid injection plastic parts to achieve a breakthrough in R & D and production capacity from components to modules. The products have entered the supply chain of new energy vehicles such as BMW, GM, Nissan and other car companies, domestic markets, companies and and company and company and company and company and company and company and company and company and company and company and company and company. In -depth cooperation in Ningde, Huichuan, Guoxuan Hi -Tech and other companies to further cut into the supply system of well -known car companies such as Changan and ideal in China.

And the company's forward -looking layout, set up a thermal management company, lay the foundation for long -term development.

In 2021, the company's automotive electronic sector revenue increased to 32%, and the revenue of the automotive electronic sector achieved 390 million yuan, an increase of 60%year -on -year. In the future Welcome to rapid growth.

In terms of production capacity: In 2021, the company was newly built in Dongguan and Cixi. At the end of 2021, the Xingrui Dongguan plant was completed. The first phase of the "New Energy Vehicle Component Industry Base" project of Yuexingrui Technology in Cixi, Zhejiang has been promoted as planned. It is planned to produce 1.26 million units of automobile battery components and 13 million sets of 5G smart terminals an annual output. It is expected to be put into production in 2024.

Soochow Securities is expected to have a company's income from 2022-2024, 740 million yuan/1.31 billion yuan/2030 million yuan, a year-on-year growth rate of 88%/76%/55%.

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