This report is read as follows:
The company obtained the fixed-point confirmation letter of Geely LCV commercial vehicles, which marks a major breakthrough in the lightweight field, lightweight business to achieve batch replication, the future will accompany the tide of new energy vehicles into the fast lane of performance growth.
Events:
The company announced in the evening that Geely LCV commercial vehicle SMC parts fixed-point confirmation letter, the whole life cycle income is expected to be 511 million yuan to 864 million yuan.
Comments:
The company's re-acquisition of Geely orders is another breakthrough after the Geely TX5 project in December 17, which means that the company's lightweight business has been replicated in bulk in the car company; at the same time, the amount of the LCV commercial vehicle project exceeds the previous order, which means that the large-scale replication of the company's business has been realized. Geely is the leader in the lightweight field of new energy. with the advance of the wave of new energy, the company is expected to rely on the demonstration effects brought by Geely and Geely to achieve accelerated growth of lightweight business. Maintain the 2018-2020 profit forecast of 70 million, 164 million, 257 million, corresponding to EPS0.27 yuan, 0.63 yuan, 0.99 yuan, maintain the target price of 22.05 yuan, maintain the overweight rating.
The company is firmly committed to the transformation of composite parts manufacturing, do not forget the original ideals and aspirations to complete the mission. 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 the A-level surface technology and production equipment of LFT-D and SMC in 2012, and HP-RTM technology and production equipment in 2015, and has the manufacturing capacity of glass fiber composite parts and carbon fiber composite parts successively. ③ after years of technology research and development and market development, now the company is gradually realizing lightweight commercial application in China, do not forget the initial ideal and ambition to complete the mission.
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 restricted by the short battery energy density, and lightweight will significantly improve the range and enhance the comprehensive competitiveness of car companies, while the rapid development of new energy vehicles will accelerate the trend of lightweight.
Risk hint: mass production is not as expected, downstream procurement progress is not as expected.