Aluminum alloy parts product matrix is rich, new energy business performance Liangyan Quanfeng automobile main products are automotive aluminum alloy precision die castings and machined parts, covering automobile engine, transmission, steering, heat exchange system and so on. Fuel truck and new energy vehicle product matrix is rich. The company relies on Quanfeng Group, which is rich in capital, technology and customer resources, to undertake high-quality Tier 1 supplier customer resources such as Schaeffler and Valeo. The company's strategic planning path is clear, the new energy parts business as a growth line has won a number of heavy orders, and orderly production capacity expansion provides a guarantee for the company's long-term growth. We estimate that the company's revenue in 2021-2023 will be 1.805 yuan 2.324 billion yuan, its net profit will be 1.72 billion yuan, and its net profit will be 2.43 billion yuan, and its EPS will be 1.74 yuan per share, and the corresponding share price PE will be 45.2 yuan, 31.9, 22.1 times, giving a "buy" rating for the first time.
Business upgrading path is clear, orderly capacity expansion helps orders continue to expand the company's business development plan is divided into withdrawal line, growth bottom line, growth line, explosive line and skyline. In terms of the exit line, the engine parts of the company plan to withdraw from the application field of internal combustion engine and upgrade to the field of new energy power system.
In terms of growth bottom line, the company plans to expand the market share of existing core products: heat exchange parts are bound to the world automotive air conditioning giants to help maintain stable performance; steering and brake parts orders continue to expand, resulting in rapid revenue growth; transmission parts business to expand to the hybrid field, advanced Tier1 suppliers, DCT gearbox valve plate business to contribute important performance increments. In terms of growth line, the company's new energy business has blossomed since 2021, winning heavy orders one after another. In terms of explosive line and skyline, the company has gradually expanded from single parts business to component business, and has carried out layout in cutting-edge fields such as hub motor, digital suspension system and so on.
Integrated die casting accelerates layout, blue ocean market gives birth to new opportunities
Under the trend of lightweight, the permeability of aluminum alloy die castings in the main automotive parts is expected to increase, and the body structure is the blue ocean market of aluminum die casting industry. The core technology of traditional car body manufacturing is stamping and welding. Tesla, Inc. improved the traditional die-casting process by integrated die-casting and applied it in car body manufacturing. Integrated die casting has higher technical barriers, the company increases research and development and resource investment, leading in the pace of domestic die casting manufacturers, is expected to usher in greater development opportunities.
Risk hints: passenger car sales are not as expected, capacity expansion is not as expected, penetration of new energy vehicles is not as expected, and so on.
