Summary of the report:
Air conditioning compressor leading supplier, domestic independent brand market share of more than 60%. Aotejia ranks fifth in the world with 8 million sets of production and sales, first in China, accounting for 60% of domestic independent brands and 70% of domestic brands. It is expected that electric scroll compressors will account for 60% of the domestic market in 2018. The third-scale Futong air conditioner in Mudanjiang, which focuses on inclined plate compressors, has been acquired by Aotejia, with an annual production capacity of 1.3 million units this year and 2 million units next year.
Entering the Volkswagen MQB platform, the competitiveness of products has been continuously verified. Volkswagen MQB platform replacement suppliers, the company's successful bid is expected to obtain the future MQB platform swashplate compressors 20% of the market share, with a unit price of about 500 yuan per unit, starting supply in 2018. The company continues to cooperate with the public in the field of new energy compressors and traditional compressors, which fully reflects the competitive advantage of the company's products.
Continue to expand new customers, continue to be optimistic about the future product volume. After the acquisition of Air conditioning International in 2015, relying on its supplier channels, it opened up the market of overseas platforms and had the opportunity to participate in the bidding of Volkswagen, Peugeot, Ford, General Motors and other brands, and successively became a compressor supplier of Peugeot Citroen CMP project, FAW-Volkswagen MQB platform and Volkswagen MEB platform of Germany. Related models will be put on the market in bulk in 2018 and 2019, and the company's overall compressor sales are expected to exceed 10 million in 2019.
Air conditioning International is technology-oriented and develops its business in three aspects. Do system integration for NIO Inc. automobile, reflecting the strong comprehensive ability of the team. Pay attention to the development of their own parts, deep processing of key parts, master the core technology. The strategic layout of new energy will be expanded horizontally.
Investment rating: the company's 2017-2019 net profit is expected to be 4.66,5.54 and 616 million yuan respectively, EPS 0.15,0.18,0.20 yuan respectively, and PE 27.4,23.0,20.7 times respectively.
Risk hint: downstream customer sales are not as expected; new product volume is not as expected
