Domestic gas-electric hybrid vehicles ushered in a golden period of development:
1) Policy constraint: the development of hybrid vehicles is the most realistic choice to achieve energy saving and emission reduction.
2) Policy encouragement: "made in China 2025" brings hybrid vehicles into the focus of the development of energy-efficient vehicles, and there is huge room for development.
3) Market launch: Toyota Corolla and Lei Ling are listed at low prices, and a number of car companies will launch hybrid versions of popular models to enrich the product lineup.
4) technological breakthrough: Toyota witnessed the technical reliability of 9 million hybrid vehicles; domestic hybrid system technology broke through the bottleneck of development.
Ke Liyuan works together vertically and horizontally, unswervingly promoting the hybrid strategy:
1) build a complete Ni-MH battery industry chain, integrate into the global high-end supply chain, realize the leap from battery material to power battery; 2) hold hands with Geely to build a domestic hybrid powertrain system platform to achieve the second leap; 3) market first, promote hybrid vehicle demonstration operation; 4) strategic foresight, layout of fuel cell, battery recycling and other areas of technology research and development.
The leader of Ni-MH battery benefited from the increase in Toyota hybrid car sales.
1) the company is the only one in China and the third company in the world with research and development of Ni-MH power battery and batch production capacity. 2) the global market share of Toyota hybrid vehicles exceeds 80% of its 2020 target sales of 1.5 million vehicles, 30% of which come from the Chinese market.
The hot sales of domestic Carola and Leiling have led to the growth of the company's demand for battery poles and Klimei batteries. Join hands with Geely to build CHS system and enjoy the outbreak of domestic hybrid market.
1) build a national hybrid assembly system platform to break through the technical bottleneck of China's HEV development; 2) CHS system has reached the international leading level, can achieve fuel saving of 35-50%, can flexibly realize the application scheme of HEV and PHEV, and can be extended to various models; 3) major car manufacturers have cooperated with CHS, and orders for CHS system are expected to increase explosively. Performance forecast: the company's operating income ushered in rapid growth, but considering that the relevant projects are in the early stage of industrialization and weak short-term profitability, it is expected that the performance will improve significantly after 2018. It is estimated that the annual operating income of the company in 2016-17-18 will be 19.68, 29.53, and 6.496 million yuan respectively, with a growth rate of 75%, 50%, 120%, and a net profit of 9.66, 29.11, 111.92 million and 0.02, respectively, respectively. Considering the impact of the 1.5 billion SEO plan, the diluted EPS is 0.01max 0.02x0.06 yuan respectively.
Stock price catalyst: Toyota, Geely and other cooperative manufacturers are selling well; supporting incentive policies have been introduced; the industrialization process of CHS system has been accelerated.
Risk hint: battery raw material price fluctuation risk; Toyota, Geely and other cooperative manufacturers model sales are not up to expectations; CHS system industrialization process is not up to expectations.
