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威唐工业-新股研究(第135期):定制化冲压模具供应商

Weitang Industry-New share Research (No. 135): customized stamping die supplier

中信建投 ·  Oct 30, 2017 00:00  · Researches

Weitang Industry: customized stamping die supplier

The company specializes in automotive stamping die design, research and development, manufacturing and sales, while the company is based on stamping die, extending downstream to automotive stamping products. The direct customers of automotive stamping die products include: Magna Group, Boze Group, Lear and other international well-known auto parts companies; using the stamping parts made by the die developed and designed by the company, it is finally used in many models of world-famous automobile groups, such as Porsche, Tesla, Inc., Mercedes-Benz, BMW, Audi, Jaguar Land Rover, Volkswagen, General Motors, Ford, Chrysler and Honda.

Point 1: the company has established a long-term and stable cooperative relationship with Magna, Boze, Lear and other international well-known auto parts suppliers. The stamping parts made by the company's moulds are finally used in Porsche, Tesla, Inc., Mercedes-Benz, BMW, Audi, Volkswagen, General Motors, Ford, Chrysler and many other models. The company's income compound growth rate reached 37.52% in 2013-2016, and the compound growth rate of home net profit reached 32.85%. The differentiated downstream customers and product structure caused the company's stamping die gross profit margin to be higher than that of competitors in the same industry.

Point 2: chairman Zhang Xiliang was born in 1972 and has worked in Singapore Die & Mould Private Co., Ltd., Stanley Asia-Pacific Purchasing Center, Magna Group Asia-Pacific Purchasing Center in Canada, and Li'er Asia-Pacific region headquarters in the United States. has the world's well-known auto parts supplier work experience, the industry is rich in resources.

Point 3: at present, the company's product structure is mainly medium-sized stamping dies, and the "Precision Automobile stamping Die upgrade and expansion Project" will increase advanced manufacturing equipment to upgrade and optimize the existing product line. to enhance the sales proportion of high-end large die products such as body-in-white frame structure stamping die and body panel stamping die in the future, and further enhance the comprehensive gross profit margin of the products and the market share in the high-end products.

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