Event
On November 21, the company acquired all the limited partnership interests of EWG, EVG and EVBG through VTGG, a wholly owned grandcompany in Germany. Through this transaction, the company has become a key part of the global supply chain system of stamping dies for large Class An automobile panels.
Main points of investment
The business of the acquired company is large automobile stamping die, and the main product of the company with global well-known customers is large class An automobile panel stamping die. In the past business process, the target company has accumulated a number of well-known customers, including European mainstream automobile mainframe factories and first-class suppliers. The acquisition of the target company is conducive to the docking of resources and products, and the business of the target company can form complementary advantages with the company, which is conducive to the company's long-term development goals.
Stamping parts / battery box business growth momentum is strong
1. Stamping parts: maintain high-speed growth and broad prospects for development. 1) sales of major customers of stamping parts are growing rapidly, and recently, major customers have further adopted a price reduction strategy to boost future sales. 2) the sales team continues to strengthen and new customers continue to open up.
2. Battery box business: it has been mass produced. 1) the company mainly adopts aluminum extruded profile + FSW welding process to make the battery box achieve higher strength and crushing performance. 2) at present, the orders on hand include VINFAST battery box project and centralized energy storage battery box assembly project, in which the battery box business has been mass produced.
3) actively expand the business of energy storage battery box. 4) actively expand existing business and new customers.
3. Traditional stamping die: mainly for overseas customers. 1) the number of new energy models has increased significantly, and the demand for moulds has increased. 2) the gross profit margin of overseas business is high, and customers are willing to pay for mold design. 3) with the drop in sea freight, the company's profit is expected to improve.
Profit forecast
It is estimated that the company's operating income in 2022-2024 will be 7.61 trillion yuan, respectively, and the year-on-year revenue will be + 5.44%, 42.88%, 87.38%. The net profit of return to the home is RMB 0.61 trillion, respectively, and the year-on-year profit is + 25.42%, 65.22%, 109.25%, respectively. The corresponding PE is 40X/24X/12X. Maintain a "buy" rating.
Risk hint
The progress of production expansion of stamping parts is not as expected, the competition pattern becomes worse and the risk of technology iteration, and the newly signed order of battery box is not as expected.
