Events:
The company issued a forecast for the first half of the year, with an estimated net profit of 7.0-800 million yuan, an increase of 10.0% 140.0% over the same period last year. The reason for the change in performance is that the company added Oriental Yisheng to its statement after a major asset restructuring in 2017, and the company transferred a 50% stake in Shenyang Silver in January 2018, resulting in a profit of about 230 million yuan. If the business merger under the same control is retroactively adjusted for the same period last year, the homed net profit will increase by about 11.0% 26.9% compared with the same period last year.
The strategic transformation has achieved remarkable results, and profitability has been greatly enhanced.
The company has acquired ARC of the United States and Bunge of Belgium strategic transformation of high-end manufacturing, profitability has increased significantly. Thanks to the escalating consumption trend of automatic transmissions instead of manual transmissions and the increase in the number of airbag bikes brought about by increased consumer safety awareness, bunch and ARC sales are expected to continue to grow rapidly, contributing to a significant increase in the company's profitability.
Bunch has made great progress in overseas markets by obtaining the designated PSA.
Bunch's electrified DCT won the PSA fixed point, which will be matched for a number of light mixed models of PSA in the future. Cooperation with PSA means that bunch has won the recognition of international mainstream manufacturers, on the one hand, it helps to increase the company's gearbox sales and drive performance growth; on the other hand, it helps to consolidate bunch's industry position and brand influence.
Strategy join hands with Azure Power to Speed up the layout of New Energy
Bunch and Weiran Power set up a joint venture to plan 200000 pure electric vehicle transmission capacity to speed up the layout in the field of new energy. Wei ran Power is the electric control supplier of motor under NIO Inc. Automobile, and the products of the joint venture company are expected to match NIO Inc. 's follow-up models in the future. Through cooperation with Weiran Power, bunch can quickly improve its research and development level in areas such as BMS, and continue to enhance its competitiveness in the field of new energy.
Profit forecast and investment advice
After the company's strategic transformation of high-end manufacturing, profitability has been greatly improved. ARC and bunch products benefit from car consumption upgrades and safety upgrades respectively, and sales are expected to continue to grow high. It is estimated that the EPS from 2018 to 2020 will be 0.45, 0.52, 0.60, respectively, and the corresponding PE will be 17.4, 15.0 and 13.0 times, respectively, maintaining the "over-holding" rating.
Risk tips: the prosperity of the industry is not as good as expected; the sales of gearboxes are not as expected; the sales of airbag gas generators are not as expected.