Inball: new energy electric drive assembly leader, "integrated core" help brand upward volume can look forward to Inbor deep ploughing automobile electric drive system for more than ten years, the main products are new energy vehicle powertrain, power assembly and drive motor, motor controller, OBC, DC-DC converter and other new energy vehicle electric drive core components, the product matrix is perfect. The products in the electric drive field tend to be integrated, and the competition pattern is relatively scattered. The company's third-generation electric drive "integrated core" series products adopt IGBT/SiC single-tube parallel mode, which has a remarkable performance-to-price advantage, which has been set by Weima, SAIC Datong and other mainframe factories, and the front motor products have been fixed by XPeng Inc. P7/G9. From 2022 to 2024, we estimate that the company's revenue will be 2.37 billion yuan, net profit will be 1.26 million, and EPS will be 0.72, 2.97 yuan per share, respectively, and the corresponding share price PE will be 59.8, 26.4 and 15.3 times, respectively. The smooth expansion of a number of business customers is expected to drive the company's rapid growth and give it a "buy" rating for the first time.
Electric drive industry: the products tend to be integrated, and the competition pattern is relatively scattered. The power system of new energy vehicles is mainly composed of drive motors, motor controllers and transmission assemblies; the power system is composed of vehicle chargers, DC/DC converters and high-voltage distribution boxes. The electric drive product system develops to the integration trend, and the product value increases obviously. The market competition pattern of electric drive system is relatively scattered, and the self-supply of the whole vehicle factory and the supply of third-party suppliers coexist. In the supporting situation of motor controllers in the domestic new energy vehicle market in the first half of 2022, BYD, Tesla, Inc. and NIO Inc. realized self-supply. Inball has realized the supply to Shantong Wuling, Weimar, Geely Automobile, Chery Automobile and other complete vehicle factories.
"single tube in parallel" to reduce cost and increase efficiency, "integrated core" help brand upward volume can be expected to occupy nearly 40% of the total cost of motor controller in 2020, the proportion may show a downward trend in the future, IGBT single-tube scheme will have high performance-to-price advantage but high barriers, or become the mainstream trend of future motor controller power device application. Inball focuses on single-pipe parallel route and has deep technical reserves. It has millions of vehicles of order of magnitude in medium and low speed vehicles and field vehicles, and then it should be used in the field of motor controller of new energy vehicles.
The company independently developed the "integrated core" drive assembly products, using IGBT/SiC single-tube scheme, and realized the high integration of motor and electronic control common shell at the same time, the weight, volume and cost are more than 20% lower than the current market products of the same power grade, and has been fixed by many mainframe factories.
Risk tips: the penetration rate of new energy vehicles is not as expected, the epidemic situation is repeated, the customer development process is not as expected, and so on.
