Items:
The company announced that it signed a letter of intent for strategic cooperation with Beijing New Energy to carry out cooperation on big data, a new energy vehicle. In this regard, our comments are as follows:
Comments:
Hand in hand with Beijing New Energy, explore the car big data. On January 30, the company announced that it signed a letter of intent for strategic cooperation with Beijing New Energy, which intends to promote four aspects of new energy vehicle business through automobile big data cooperation: 1. New energy vehicle research and development big data services, including battery, motor, electronic control related big data services; 2, national and local platform data services, such as national and local platform data docking, vehicle monitoring data management, platform data verification, etc. 3, customer data services, such as driving behavior, charging behavior and other data; 4, business model innovation business, such as customized insurance, parts analysis, intelligent transportation data, etc.
Join forces to build a high-standard intelligent networked automobile data service system, opening a precedent in the industry. Beijing New Energy is the first pure electric company in China with annual sales of new energy vehicles exceeding 100000. Before, the company provided T-BOX and data monitoring platform for Beijing New Energy, and the two sides have established a good cooperative relationship. This cooperation will be based on the Beijing New Energy vehicle networking data platform, making use of the professional capabilities of the company's information management platform and big data analysis, to jointly promote the ecological value chain construction of the new energy vehicle data platform, expand and extend services, and build a high-standard intelligent online automobile data service system with high-quality customer experience value and social significance.
The company is the leader of domestic car network, with more than 40% market share of T-BOX. The company has formed a perfect vehicle networking service system through the acquisition of Inteste, Ninth five-year Plan, Rainbow Wireless, etc., especially T-BOX ranks first in the new energy vehicle industry with a market share of about 40%. The company's car networking business is progressing smoothly, including T-BOX sales of 131400 units in the first half of the year, an increase of 150% over the same period last year, with a significant increase in market share, which is expected to be about 270000 units for the whole year. InTester completed BAIC 4G T-BOX product development, verification, as well as mobile phone APP development and launch work. During the Ninth five-year Plan, Zhizhi reached cooperation with mobike in the development of customer service platform to improve user service experience, and cooperation with BMW China in the operation of online driving digital services.
Fixed increase: increase production capacity and enjoy the development dividend of new energy vehicles. The company plans to issue no more than 160 million shares and raise no more than 1.46 billion yuan, of which Wang Zhicheng, the company's controlling shareholder, promised to subscribe for no less than 100 million yuan. Fund-raising projects include: vehicle terminal T-Box automation production and data operation service project (490 million yuan), intelligent vehicle terminal equipment production and construction project (340 million yuan), marketing service network construction project (66.04 million yuan), vehicle network research and development and evaluation center construction project (360 million yuan), intelligent driving service operation center (200 million yuan). On the one hand, the additional issuance project will help the company to improve its production capacity, and the T-BOX production capacity is expected to increase to 1.2 million units per year, on the other hand, it will help the R & D reserve and accelerate the transformation and development of the company. At present, the fixed increase has been examined and approved by the Securities Regulatory Commission.
Risk factors:
The integration effect of the target of M & An is lower than expected; the progress of epitaxial M & An is lower than expected; the profit of wheel business drops sharply and so on.
Profit forecasts, valuations and investment ratings:
The annual EPS forecast in 2017-18-19 is 0.16 pound 0.21 pound 0.25 yuan (2016 purl 0.10 yuan). The current price is 10.10 yuan, corresponding to the PE of 2017-18-19, 63-48-41, respectively. With the rapid growth of the company's steel wheel and vehicle networking business, the company has joined hands with Beijing New Energy to speed up the development and application of big data; increase senior management holdings and employee shareholdings to enhance confidence; and strategically transform the vehicle networking business with accurate positions in the data field. reference car networking industry comparable company valuation, maintain the company's "increased" rating, the target price is 11.5 yuan.
