I. Overview of events
We investigated Weidi shares and communicated with senior executives about the company's business development and strategic planning.
II. Analysis and judgment
Main CAN bus system card car networking and intelligent driving
The company is the bus body electronic leader, mastering the international advanced bus body control technology, and has high-quality customer resources of 70 domestic bus enterprises, such as Yutong, Jinlong and so on. The superposition of advanced CAN bus technology and high-quality customer resources creates a unique intelligent driving card position advantage. Relying on CAN bus system products, the company can effectively cut into the field of vehicle networking and intelligent driving products. The use of existing customer resources can quickly calibrate bus models when the market is mature.
The extension of the platform of endogenetic vehicle networking system is expected to be considerable.
As a third-party independent parts supplier, the company ranks first in the market share of CAN bus system products, and has nearly 200000 sets of market ownership.
The company's layout of the vehicle network system can provide big data analysis and data mining services for the bus company, improve the overall operational efficiency of the bus company, and have a huge potential market space. The proportion of major shareholders and concerted actors in the company is more than 60%, which is expected to have a large extension.
Steady main business to build a long-term investment value defense line
In 2015, the company achieved operating income of 203162962.04 yuan, an increase of 0.27% over the same period last year, of which the operating income of CAN bus products increased by 3.3% over the same period last year, accounting for 88.43%. The operating cost was 85700860.99 yuan, down 3.09% from the same period last year, of which CAN bus products decreased by 1% compared with the same period last year. The company plans to achieve a 10% year-on-year increase in net profit in 2016, reflecting the company's management level and long-term investment value.
Third, profit forecast and investment suggestions
It is optimistic that the company has the advantage of high card position based on CAN bus products, endogenesis and epitaxy in parallel. It is estimated that the EPS in 2016, 2017 and 2018 is 0.71,0.80,0.91 yuan respectively, corresponding to 72.94,64.92,57.26 times of PE. The "highly recommended" rating is given for the first time.
Fourth, risk hint: the market environment is deteriorating and the development of extension is not as expected.
