Benefit from domestic + overseas high industry growth, and the company's deep layout of charging piles. With the continuous increase in the permeability of new energy vehicles around the world, superimposed charging piles can solve mileage anxiety and jointly drive the rapid increase in demand for rechargeable piles.
The domestic charging infrastructure increased by 1.871 million units from January to September in 2022, of which the increment of public charging piles increased by 106.3 percent compared with the same period last year, and the number of private charging piles built with cars increased by 352.6 percent. Overseas, by 2030, the global vehicle-to-pile ratio is 10.88, with a total demand for 14.327 million public charging piles. Europe and the United States have generated 4.807 million new demand, an increase of 973% compared with 2021.
The customer of the auto parts business is stable, and the intelligent cockpit business targets the high-end market. Junsheng Qunying, a subsidiary of the company, is a global first-class outfit for well-known vehicle manufacturers at home and abroad, such as Daimler-Benz, BMW, Volkswagen, Audi, General Motors, Ford, Nissan, Tesla, Inc., NIO Inc., ideal and so on. and with a number of major vehicle manufacturers customers have formed a solid cooperative relationship. In the auto parts business, the intelligent cockpit business is mainly functional parts and accessories development and sales, downstream customers cover BBA and other companies, at the same time, the company also gradually began to cooperate with Tesla, Inc., NIO Inc., ideal and other vehicle manufacturers.
Fund-raising projects continue to layout charging pile business, and continue to expand the new energy charging and distribution product matrix. In February 2022, the company raised 600 million yuan for the layout of charging pile business, which will be used for the development of new energy vehicle charging equipment and operation platform, and the construction of destination charging stations. We believe that this increase will fully improve the company's charging and distribution product matrix, which is conducive to the company to create a comprehensive charging and distribution product system. And the company is the first exclusive supplier of Volkswagen MEB models, we expect to develop rapidly with the volume of Volkswagen models.
Investment rating: we expect the company's revenue in 2022-2024 to be 46.861,6641 million yuan, year-on-year-4.18%, 19.31%, 18.80%, net profit 1.22, 237, 362 million, 143.27%, 94.64, 52.43%, corresponding to 0.92, 1.80, 2.74 yuan per share, and the corresponding PE is 30.93, 15.8910.42, respectively. Give a rating of "overweight".
Risk tips: overseas charging piles expand at a slower speed than expected, unable to expand quickly, industry competition intensifies, the pattern deteriorates, Qunying fails to fulfill its performance commitments, and goodwill impairment risks.