Events:
The company and Xinyuan Power signed the Strategic Cooperation Framework Agreement, and the two sides actively promoted the process of fuel cell technology and industrialization, and cooperated on fuel cell technology and applications.
Main points of investment:
Join hands with the new source power of domestic fuel cell leading enterprises to seize the commanding heights of the new energy industry. Xinyuan Power is the first domestic company committed to fuel cell industrialization, with many first-class fuel cell experts, nearly 400 independent intellectual property patents, including 250 invention patents. Among the 10 key projects of "New Energy vehicle" in 2016, New Source Power "key Technology Research and Engineering Development of fuel Cell Stack and key Materials" received 125 million of the financial cost, making it the company with the highest subsidy among the top 10 projects. With the help of the strong technical strength of Xinyuan Power, the company is expected to speed up the industrial layout of new energy fields such as hydrogen energy and fuel cells, and seize the commanding heights of the market.
The company has advanced fuel cell air compressor technology, this cooperation is expected to speed up the domestic market development process of air compressors. The company currently holds a 17.01% stake in OPCON AB. In October 2015, Shanghai Xingxuekang Investment Partnership, an M & A fund in which the company participated, acquired 100% shares in SRM and OES, two core subsidiaries of OPCON business. OPCON fuel cell air circulation system has two major technologies, turbine and screw, and has developed 12 series of products that can meet the matching needs of trucks, buses and passenger cars, and has entered the procurement system of major global automakers. At the same time, the company has a 5% stake in Concepts NREC and owns a turbine air compressor for fuel cells. At present, China's fuel cell industry is in its infancy, and the company is cooperating with Xinyuan Power this time. On the one hand, with the help of Xinyuan Power's leading position in the country, it closely follows the market to develop new products, on the other hand, it is expected to match with Xinyuan power fuel cell stack to quickly infiltrate the vast market of the domestic fuel cell industry.
Maintain the company's "buy" rating. Join hands with Xinyuan Power, a leading domestic fuel cell enterprise, to seize the commanding heights of the new energy industry; the company has advanced fuel cell air compressor technology, and this cooperation is expected to speed up the domestic market development process of air compressors. It is estimated that the EPS of the company from 2016 to 2018 is 0.06,0.21 and 0.34 yuan. We continue to be optimistic about the company's layout in the fuel cell industry and maintain its "buy" rating.
Risk tips: the cooperation is not up to expectations; the risk of intensified competition in the industry; the risk of product research and development and market expansion not up to expectations.