This report is read as follows:
The company actively develops the business of new energy automobile parts and has made major breakthroughs in the fields of motor, electronic pump and gearbox pump, opening the second growth curve. At the same time, the company's oil pump business has maintained steady growth and a solid leading position.
Main points of investment:
For the first time, the overweight rating is given, with a target price of 29.11 yuan. It is predicted that the net profit of the company from 2022 to 2023 / 2024 is 2.25Universe 421 million yuan, and the target price is 29.11 yuan, corresponding to 14.31 times PE in 2023.
The new energy business is developing rapidly, and the motor-electronic pump opens the second growth curve. The company's holding subsidiary has completed a breakthrough in EPS motor technology and has achieved the matching supply of new energy vehicle models. EPS motor is one of the highest technical barriers in automotive micromotors, we believe that the company is expected to get the main share of EPS motor in the future, and its supply will increase with the increase of Yilida market share. At the same time, the company's lidar rotating motor products are the first to complete the important breakthrough of 0 to 1, which is expected to cut into other lidar suppliers and enter the market expansion stage of 1 to N. In addition, the company's gearbox pump, electronic water pump products customer expansion is smooth, abundant on-hand orders, entered a period of high performance growth.
The market structure and product structure have been continuously optimized, and oil pump revenue has increased steadily. As the market leader of oil pump, the company deeply binds the market prosperity of heavy trucks and construction machinery, benefiting from "steady growth".
The improvement on the demand side brought about by infrastructure investment in the background. At the same time, the company has actively expanded its production capacity, continued to optimize the market structure and product structure, vigorously expanded overseas markets, and gradually increased the sales proportion of high value-added pumps such as variable displacement pumps and medium-to-large horsepower pumps. to achieve a double increase in market share and average sales price, and the revenue of motivational pumps has increased steadily.
Catalyst: the new energy vehicles equipped with lidar equipped with the company's motor have been delivered, and the new energy business customers have expanded smoothly.
Risk hint: raw material prices and freight prices remain high, passenger and commercial vehicle sales are not as expected.
