Event description
Derun Electronics 15 evening announcement, the company recently received a holding subsidiary Meta SystemS.p.A. Notice, Meta has been designated by Germany's BMW as BMW's MINICooper brand electric vehicles "vehicle charger" global exclusive supplier.
Event comment
1. After PSA, Volkswagen and Porsche, it has been recognized by international giants that this exclusive order for the core components of BMW MINI Cooper new energy vehicles, "vehicle charger", is the second car charger product after the supply of BMW i3, indicating that the charger previously supplied to BMW i3 has been fully recognized by BMW. Coupled with the previous orders for PSA, Volkswagen and Porsche models, the company has basically completed the layout of the international giants. The release of new energy vehicles in the future will bring an important profit growth point for the company.
2. Liuzhou Shuangfei completed the acquisition, and the automobile platform was further improved.
Liuzhou Shuangfei's income in 2015 and 2016 was 1.336 billion yuan and 1.706 billion yuan respectively, with a net profit of 108 million yuan and 180 million yuan, respectively. The performance commitments in 2017, 2018 and 2019 are 120 million, 140 million and 160 million respectively. The acquisition of Liuzhou Shuangfei will improve the company's product line and business chain in the automotive connector plate. At the same time, by giving full play to the synergy of the company's customer resources and product platform, it will further consolidate the inherent advantages of Liuzhou Shuangfei and improve the company's performance.
3. Traditional consumer electronics business is steady and steady.
The company has accumulated a lot in the field of consumer electronics connectors: home appliance connectors occupy a leading position; PC and mobile phone connectors are in the forefront of the world, and Type-C products have been listed in 16 years and formed important customer introduction.
It is estimated that the EPS of the company in 17,18 and 19 years is 0.53,0.79 and 1.18 yuan respectively. Corresponding to the current stock price, the PE is 44, 30 and 20 times respectively. Give a "recommended" rating.
Risk tips: the uncertainty of matching financing issuance, the performance impact of large investment required by automotive electronic layout.