Quanfeng Automobile plans to raise no more than 2.284 billion yuan, plus capacity expansion to boost growth. On December 30, Quanfeng Automobile issued an announcement that it intends to raise no more than 2.284 billion yuan through a non-public offering of shares. Invest in high-end auto parts intelligent manufacturing (Phase II), auto parts intelligent manufacturing European production base, new energy parts production base project and supplementary liquidity. The company's strategic planning path is clear, and the orderly expansion of production capacity provides a guarantee for the company's long-term growth. We maintain our previous forecast that in 2021-2023, the company's revenue is 2.324 billion yuan, net profit is 1.72 million 2.43 trillion, EPS is 0.85, 1.21, and PE is 56.5, 40.0 and 27.7 times, maintaining the "buy" rating. The company's net profit is 2.43 million yuan, 1.74 yuan per share, and 27.7 times the corresponding share price, which is 27.7 times higher than that of the previous stock price, which is 27.7 times higher than that of the corresponding stock price, which is 27.7 times higher than that of the corresponding stock price.
Equipment utilization is close to bottleneck, new energy business blossoms at many points, fund-raising expansion to boost development as of 2021H1, the company's die-casting equipment utilization is close to bottleneck, and the company has obtained a large number of new energy vehicle orders since 2021, so it is urgent to expand production capacity into BYD DM-i, Honeycomb Transmission, Mobil, US-funded electric vehicles and Valeo Siemens supply system. This fundraising project includes:
(1) High-end auto parts intelligent manufacturing project (Phase II): the total investment is 1.002 billion yuan, which will build a high-end auto parts intelligent manufacturing production line to improve the company's production efficiency and production capacity.
(2) the European production base project for intelligent manufacturing of auto parts: the total investment is 438 million yuan and the construction site is Hungary, which will effectively expand the company's production capacity through the new intelligent manufacturing production base in Europe and shorten the product supply radius at the same time. Accelerate integration into the supply chain system of European countries.
(3) New energy parts production base project: the total investment is 464 million yuan, which will build an efficient and intelligent industrial production base, expand the company's new energy automobile parts supply capacity, and promote long-term development.
(4) replenish the working capital and repay the loan of 680 million yuan, reduce the asset-liability ratio and enhance the financial strength of the company.
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 traditional car body manufacturing takes stamping and welding as the core process, and Tesla, Inc. adopts the integrated die-casting method to improve the traditional die-casting process. 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 hint: the progress of capacity expansion is not as expected, the permeability of new energy vehicles is not as expected, and so on.
