The landing of the new GB will contribute to price elasticity, country 6, customers break through multiple factors to help, the volume and price of the pre-installed business will rise. The new national standard of intelligent driving recorder for commercial vehicles is expected to land, and the new standard adds audio and video recording, protective memory and other functions to the driving recorder, and the company's front heavy truck driving recorder products are expected to increase about three times accordingly, contributing great flexibility to the company's performance. taking into account the transition period from the release of the new national standard to full landing for about half a year, it is expected that the impact will be clearly reflected from H2 in 2022. In addition, with the gradual implementation of the "sixth National" emission policy in 2021, all heavy diesel vehicles need to be equipped with remote emission management vehicle terminal T-BOX, and the company's front-loading business has been pulled accordingly, starting from 2022 to achieve 100% penetration throughout the year, and is expected to continue to contribute increments in 2022, superimposing the company's customer-side new breakthroughs in core customers such as Sinotruk, and achieving scale volume in 2022, the company's front-loading business is growing rapidly.
Intelligent business steady progress, layout of core customers and business scenarios. The company's advanced auxiliary driving business has realized scene applications such as slag trucks and cement mixers, and the pre-loading market has also cooperated with Sany, Valin and other customers to achieve batch supply, with the intelligent development needs of the whole industry, the company's business is expected to achieve long-term and steady development.
The advantages of product technology and channel are significant, and the ability of rubbing can be expected to build an intelligent network-connected platform company in the field of commercial vehicles. In 2021, the company established Beijing Weibo, cut into the controller market, quickly realized the batch supply of BCM products to Sinotruk, and Sany, Universiade and other customer testing and development is expected to gradually batch supply and contribute to the performance increment. Reviewing the company's business layout and achievements in recent years, the company's three-dimensional expansion of new customers, new models and new products have been realized year by year, with significant advantages in product technology and customer channels. It is expected to grow into a platform company of intelligent network-connected automotive electronics in the field of commercial vehicles.
Investment suggestion: we predict that the company's net profit from 2021 to 2023 will be 0.68,1.24,178 million yuan, and the EPS will be 0.68,1.24 and 1.77 yuan. Considering the long-term space and competitiveness of the company's track, we will maintain the company's "buy" rating.
Risk hints: downstream demand is less than expected risk; raw material shortage and price rise risk; related policies promote less than expected risk.