New energy and transmission are the two key business lines of the company. New energy: the business of motor and electric drive shell is the traditional advantage of the company's new energy business. At present, the company's new energy business has been successfully extended to the battery component business field, realizing the full coverage of the new energy "three power system" business field.
In 2021, the company successfully passed the access audit of customers in the relevant battery field, and became a qualified supplier to major battery manufacturers, such as Ningde Times, Xinwanda, Yiwei LiNeng, Guoxuan Hi-Tech, and so on. and obtained a number of battery end plates, battery trays and other battery component projects customer fixed point. Transmission: the company establishes the automatic transmission valve plate business as the core product. In the early days, as a tier2 supplier, BergWarner supplies to end customers, and now it has successfully entered the transition stage. It is committed to supplying OEM manufacturers directly as a tier1 supplier, and has obtained direct supply orders from BYD, Changan, Great Wall and other complete vehicle factories.
The company pays attention to the global layout and accelerates the release of production capacity. Nanjing headquarters takes new energy and transmission business as the core; Maanshan is a large-scale die-casting production center, and the company's large-scale die-casting equipment will be put into use in Maanshan one after another; the Hungarian factory will also layout large-scale die-casting equipment, mainly aimed at the European market; Tianjin factory mainly carries on the machining business of new energy automobile parts.
The company locates the die casting manufacturer and has a comprehensive layout of large die casting equipment. We believe that under the barriers of technology and capital, die casting suppliers are expected to usher in a huge market space because of the external supply of integrated die castings in the future. The synchronous layout of the equipment, mold and material end of the company: in terms of equipment, a 4400T die casting machine has been put into use, another 4000T and 4200T are being debugged and installed, and 6100T and 8000T die casting machines are expected to arrive at the factory by the end of 2022; the company is currently carrying out the design and development of dies for 5000-8000T die-casting machines. The company has also made some progress in the application of heat-free die-casting materials, and the related technology has been successfully applied in the production of integrated pallets, which has laid a good foundation for large-scale industrialization.
Profit forecast and rating: it is estimated that the return net profit of the company from 2022 to 2024 is 93 million, 185 million and 303 million respectively, the EPS is 0.46,0.92 and 1.51 yuan respectively, and the price-to-earnings ratio is 49.92,25.11,15.32 times respectively. Give a rating of "overweight".
Risk hint: raw material prices rise; capacity expansion is less than expected
