Through Tesla, Inc. supplier qualification certification, the performance can be expected.
In the Shenzhen Stock Exchange Interactive easy, the company disclosed that it has passed the Tesla, Inc. supplier qualification certification, has not yet started supply, and needs a series of evaluation process to become a qualified supplier of the whole vehicle. Since the launch of the Tesla MODEL 3 last week, the number of orders received has reached 276000 (compared with the total global delivery of 50600 Tesla, Inc. vehicles in 2015). Although the order quantity does not necessarily represent the final shipment (a deposit of $1000, can be returned and returned at any time), this low-cost, long-range new energy vehicle (starting at $35000, with a range of up to 345km) has become the darling of the new energy vehicle market. Or will lead the development direction of new energy vehicles in the future. If the company supplies to it in the future, the company's performance will increase significantly with Tesla, Inc. 's sales. At the same time, it is expected that Tesla, Inc. 's products are more high-end than the company's current products, the price may increase, and the volume and price will rise rapidly.
Processing fees go up, gross profit per ton is stable
The company mainly produces aluminum alloy precision die castings manufactured by automobile engine, gearbox and chassis. The pricing mode of die castings is aluminum price + processing fee. The price of the company's products is about 42500 yuan in recent years, but the aluminum price has declined in recent years. It shows that the processing fee per ton has increased. At the same time, the company's gross profit per ton is basically about 8200 yuan, and the die-casting industry is a fully competitive industry. the rise of the company's processing fees and the stability of the ton gross margin indicate that the company's products or constantly upgrade to avoid price competition brought by low-end products.
There is a bottleneck in capacity, which will be released in the future.
In addition to tons of gross profit, sales volume is another driving force for the company's performance growth. At present, the company has a production bottleneck, and some processes of non-core products still need to be outsourced. The company's current output is 34000 tons. With the company's Taishan project put into production in the future, production capacity will further increase, driving the rapid growth of the company's performance.
Give a "buy" rating
It is estimated that the EPS of the company in 16-18 is 0.45,0.60 and 0.82 yuan respectively, and the PE of the corresponding stock price is 68 times, 52 times and 37 times respectively. The market capitalization of the company is small, and Tesla, Inc. has a broad demand space and is given a "buy" rating.
Risk hint: Tesla, Inc. 's sales volume is lower than expected, Tesla, Inc. 's supply volume is slower than expected.
