瑞玛精密:内生+外延深度布局汽车电子,技术+客户资源+产品拓展助力乘风而起

（以下内容从天风证券《瑞玛精密:内生+外延深度布局汽车电子,技术+客户资源+产品拓展助力乘风而起》研报附件原文摘录）
　　Suzhou Cheersson Precision Metal Forming (002976 CH) 内生+外延深度布局汽车电子，技术+客户资源+产品拓展助力乘风而起 Initiating coverage: organic and M&A expansion, auto electronics, tech, customers, product coverage drivers TP:RMB22.59 ACCUMULATE (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 1、零部件优质供应商，客户资源赋能快速发展 瑞玛精密成立于2012年，主要生产精密结构件与部件集成及精密结构件产品相关的精密模具等，主要覆盖领域包括通信、汽车以及电子电气。公司自成立之初便绑定大客户，近年来持续突破国际大客户，目前客户资源包含多家优质全球跨国公司，大客户资源助力业务快速发展。公司坚持投资创新，持续加码研发投入，积极布局5G+汽车电子、智能座舱系统（座椅、悬挂系统、汽车天窗）、新能源电池包领域，迎接未来发展机遇。 Quality parts supplier: rich customer resources enable rapid business growth Cheersson mainly produces structural precision parts and integrated components as well as precision molds, and its key market are communications, automobiles and electronics. The company has allied with large customers since its inception in 2012; its portfolio includes quality global names and key partnerships drive its rapid business growth. Cheersson prioritizes innovation and increasingly invests into R&D to build up its 5G+ market presence in areas like automotive electronics, intelligent cockpit systems (seats, suspension systems, sunroofs) and new energy battery packs so as to maximize future development opportunities. 2021年公司实现营业收入7.55亿元，较上年同期增长29.22%，疫情影响消退下收入重回增长轨道，但实现归母净利润0.46亿元，较上年同期下降17.83%，主要受上游原材料涨价影响。22Q1实现营收+业绩双增长，毛利率与净利率较2021年有明显回升，我们认为，随着5G发展以及汽车电子、智能座舱系统（座椅、悬挂系统、汽车天窗）和新能源电池包的需求增加，同时上游原材料价格有望企稳回落，公司或将持续快速增长，公司发布股权激励亦彰显其经营信心。 With the pandemic impact subsiding, earnings growth is back on track. The company generated revenue of RMB755m in 2021, up 29.22% yoy; but net profit fell 17.83% yoy to RMB46m on high raw material prices in the upstream market. Revenue and business performance both improved in 22Q1; with gross and net margins bouncing back strongly from 2021. As 5G markets gain traction, we believe they will boost demand for automotive electronics, smart cockpit systems (seats, suspension systems, car sunroofs) and new energy battery packs. And as upstream raw material prices fall, growth would speed up. Cheersson also announced an equity incentive plan, which indicates the company’s confidence in its business prospects. 2、需求端：5G新技术提升滤波器&天线需求，汽车零部件空间广阔 ①移动通信零部件：5G基站显著提升通道数，带动基站滤波器以及天线需求提升，滤波器预计从2017年80亿美金提升至2023年 225亿美金，5G天线的市场份额也有望在2024年达到340亿元。 Demand: 5G tech lifts filter & antenna demand in vast auto parts market potential Mobile communication components: 5G base stations have broadly expanded the number of channels, driving demand for base station filters and antennas. We expect the filter market to increase from USD8bn in 2017 to USD22.5bn in 2023E, while the 5G antennas portion of the market could reach RMB34bn in 2024E. ②汽车零部件：汽车体验化智能化需求明显，智能化+网联化带动汽车电子、智能座舱系统领域用部件的需求增长。其中：座舱智能化发展带动车载中控屏、仪表需求提升，同时汽车显示向多屏化发展，进一步带动汽车屏幕及零部件需求量增长。此外汽车座椅向安全化、舒适化、智能化等方向发展，将带动座椅加热坐垫、座椅电机等产品的需求；网联化则推动T-Box成为车厂标配，预计国内汽车T-Box装载率将从2020年50%快速上升至2025年85%。 Auto parts: we observe growing demand for the smart car experience as intelligentization and mobile connectivity drive demand for automotive electronic and smart cockpit components. This goes especially for smart cockpits, which are driving demand for in-vehicle centralized control screens and instruments, even as multi-screen auto displays drive demand for auto screens and parts. The development of car seats in the direction of higher safety, comfort and intelligence would drive demand for thermal cushions, seat motors and other products, while mobile connectivity could lead to T-Box becoming the industry standard for car manufacturers. We expect T-Box installations to rise rapidly from 50% of the Chinese car market in 2020 to 85% in 2025E. 3、研发+收购助力产品布局，大客户资源赋能车厂突破 首先，战略上公司积极投入研发。公司研发投入金额整体呈增长态势，2021年研发投入占主营业务收入比重达到5.68%，延续增长态势。公司持续推动5G与汽车及新能源汽车安全系统、动力系统、汽车电子、智能座舱系统（座椅、悬挂系统、汽车天窗）、新能源电池包用金属冲压零部件的研发，静待花开。 R&D, M&A widen product coverage; key global names enrich customer portfolio R&D: Cheersson’s strategic R&D focus lifted its R&D expense to core revenue ratio to 5.68% in 2021, maintaining the growth trend. Its 5G R&D agenda continues to fuel growth in NEV systems for safety, power, electronics, smart cockpit (seats, suspension, sunroofs) as well as metal stamping parts for new energy battery packs. 其次，资本运作上公司收购产业链优质公司。2022年5月瑞玛与广州信征及其原股东签订《股权收购协议》，交易完成后广州信征成为控股子公司，赋能公司汽车电子及智能座舱系统业务的拓展。瑞玛通过收购公司不断完善产业产品布局，同时也有助于公司进行客户整合以及突破日系车厂客户。 M&A: Cheersson capital activities include acquiring quality companies to beef up its supply chain. It signed an equity acquisition agreement with Guangzhou Sincer and its original shareholders in May 2022; with the completion of the transaction, Guangzhou Sincer would become a subsidiary and enable the company to expand its automotive electronics and intelligent cockpit businesses. M&A not only enables Cheersson Precision to improve its product supply chain network, but it also helps the company to integrate its customer portfolio and add Japanese car manufacturers as new customers. 再次，市场上公司与国际顶尖tier1长期合作，客户资源助力公司突破整车厂如大众集团、通用汽车、宝马、吉利汽车、长城汽车等项目，同时公司通过上海延锋等厂商为特斯拉间接供货，并通过布局墨西哥子公司以及推进墨西哥生产基地建设完善北美营运体系，有望加强对北美新能源汽车业务及大客户的深度开拓，助力业务快速发展。此外，公司2021年成功开发新客户蒂森克虏伯，并通过承接其汽车转向系统结构件产品订单间接向国际知名新能源整车厂供应产品。 Customers: rich customer resources, including long relationships with international tier-1 companies, help the company to win OEM projects with Volkswagen Group, General Motors, BMW, Geely Automobile, Great Wall Motors, and so on. We expect the company to develop its NEV business and deepen its coverage by adding major customers in North America via indirect means such as supplying to Tesla via Shanghai Yanfeng and other manufacturers, as well as investing in a Mexican subsidiary with a production base so as to build out its North American operational network. It added ThyssenKrupp as a customer in 2021, by which it indirectly supplies to world-renowned NEV manufacturers by taking orders for structural parts in automotive steering systems. 最后，产品上公司洞察空气悬架的应用优势，积极开发汽车空气悬架以及新能源电池包用金属零部件，其中空气悬架已获得大陆集团定点，新能源电池包用金属零部件也进入厂商供应链体系，未来有望随着应用快速普及渗透贡献增量收入。 Products: Cheersson has developed automotive air suspension products to harness the advantages of air suspension system applications, as well as the metal parts of new energy battery packs. Its air suspension systems are designated by Continental AG while its battery pack metal parts business has entered the supply chain of NEV manufacturers. These businesses would contribute incremental income with further penetration of the application markets. 投资建议/Investment Ideas 盈利预测和投资建议：公司在精密结构件领域持续深耕，并积极拓展下游汽车行业，客户资源强劲赋能业务快速成长，有望持续受益于汽车智能化+网联化浪潮。预计公司22-24年归母净利润分别为0.90、1.35和1.80亿元，参考可比公司估值给予公司22年30倍PE，对应目标价22.59元，首次覆盖给予“增持”评级。 Valuation and risks: Cheersson continues to develop precision structural parts and expand its downstream automotive markets. Aided by rich customer resources and rapid business growth, we expect the company to benefit from the automotive intelligentization and network connectivity trends. We expect net profit to come to RMB90m/135m/180m in 2022/23/24E. Relative to peer valuations, we assign a 30x PE to Cheersson in 2022E, which derives a target price of RMB22.59. Hence, we initiate coverage of the company with an ACCUMULATE rating. 风险提示：5G推广节奏不及预期的风险、行业竞争导致价格下降风险、上游原材料涨价的风险、新产品应用不及预期的风险、汽车芯片紧缺导致行业整体景气度不及预期等 Risks include: 5G rollouts falling below expectations; price decline due to competition; rising upstream raw material prices; new product applications falling below expectations; and automotive chip shortage dimming market prospects. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

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