This report is read as follows:
In recent January, the company has successively obtained orders for Guoxuan Hi-Tech and Xin Wanda lightweight parts, and the market recognition has gradually increased. Lightweight parts products are expected to take advantage of the new energy east wind to replicate in batch.
Events:
The company announced in the evening that it was notified of the small batch supply of Xinwangda battery box project, and the revenue is expected to reach 65 million yuan within 5 years.
Comments:
This order for Xin Wanda battery box is another achievement after conquering Guoxuan Hi-Tech at the end of June, which means that the market recognition of the company's lightweight products is gradually increasing, with the scale of new energy vehicle enterprises, the company's lightweight products are expected to be copied in batches in various car enterprises, and the development of the company is expected to enter the fast lane. Maintain the profit forecast of 70 million and 164 million for 2018-2019, corresponding to EPS0.27 yuan and 0.63 yuan, increase the profit forecast for 2020 by 257 million yuan and EPS0.99 yuan, maintain the target price of 22.05 yuan, and maintain the overweight rating.
The company is firmly committed to the transformation of composite parts manufacturing, research and development for many years to master the core technology and equipment.
① company traditionally specializes in press equipment, the industry is affected by macroeconomic fluctuations and fierce competition, after listing in 2010, relying on its own press technology to actively transform lightweight parts manufacturing.
② has mastered LFT-D process and production equipment in 2012, HP-RTM process and production equipment in 2015, and has the manufacturing capacity of glass fiber composite parts and carbon fiber composite parts.
With the general trend of lightweight vehicles, the rise of electric new energy vehicles accelerates the formation of them. It is a general trend that ① vehicles are lightweight to improve environmental protection, economy and safety. ② electric new energy vehicles are limited by the short battery energy density, while lightweight will significantly improve the mileage and enhance the overall competitiveness of car companies. The rapid development of new energy vehicles accelerates the trend of lightweight.
Risk hint: mass production is not as expected, downstream procurement progress is not as expected.
