Event: according to the company's official account, on August 26, Chairman he Pan, Chairman Peng Xuhui, Vice President Cui Peng and Chairman he Xiaopeng of XPeng Inc. met and exchanged views. The three parties placed expectations on future cooperation and agreed to conduct in-depth discussions on more projects to jointly promote the landing of new technology businesses.
In addition, Shen Tianma proposed at this meeting that on the basis of the original business cooperation with Hua an Xinchuang, Shen Tianma established Jiangsu Tianhua Automotive Electronics as a joint venture to serve new energy customers for better special services. integrate the respective advantages of both sides in screen display, software, system and manufacturing to achieve better cost, technical renewal, faster response, better quality, and more guaranteed delivery.
The direct dialogue among the leaders of the screen factory, Tier1 and the main engine factory highlights the importance of the vehicle screen display in the cockpit. We believe that the direct dialogue between the three leaders of the screen factory, Tier1 and the main machine factory, on the one hand, can prove that the vehicle screen display system, as a part of the current intelligent cockpit consumers are willing to pay, the cost is relatively high, and the raw material suppliers are relatively scarce, plays an important role in the perspective of the main engine factory. On the other hand, it can also reflect the enthusiasm and importance of Shen Tianma as a global leading supplier of vehicle panels to promote this new business model after the establishment of a joint venture with Hua an Xinchuang.
The brand new car screen display business model has been initially recognized by the industry, and is optimistic about the company's long-term growth in the track. According to the disclosure of the company official account, the company, as Tier1, has successfully designated XPeng Inc. 's next-generation vehicle instrument and central control multimedia display assembly project. Under the endorsement of the screen factory, the business model of transforming Tier1 has been preliminarily verified by the industry. According to Omida statistics, 2021H1 Deep Horse accounts for nearly 13.9% of the global vehicle panels, ranking first. Looking to the future, the company is expected to continue to rely on the powerful vehicle panel resources of Shen Tianma, give full play to its own advantages of customer resources and customized landing ability in the vehicle field, and further expand its market share as a vehicle screen display Tier1 role. At the same time, as the world's leading supplier of vehicle panel resources, with the rise of independent brands such as BYD and sold overseas, the company's vehicle screen display system business is also expected to go out to sea.
Investment suggestion: we expect the company's return net profit from 2022 to 2024 to be 0.82,1.95 and 314 million yuan respectively, corresponding to the current market value, the PE is 55.0,23.1 and 14.3 times respectively, maintaining the "buy-A".
Rating, 6-month target price of 84.95 yuan per share.
Risk hint: the shortage of cores in the automobile industry is aggravating; the progress of capacity launch is not as expected.