Plan to issue shares and pay cash to acquire Shanghai Jiaxing, a subsidiary of T3 Travel, announced on November 27 that it intends to purchase 54.4842% of the shares in Shanghai Jiaxing by issuing shares and paying cash, and issue shares to raise supporting funds. Shanghai Jiaxing has more than 100 branches in the country, with more than 21000 vehicles, and the business extension service covers the whole country, in which online ride-hailing business is an important business of Shanghai Jiaxing. Shanghai Jiaxing through cooperation with T3 travel platform, the vehicle is leased to the platform or individual customers, while providing customers with vehicle operation and post-rental management services. According to the company announcement, from 2022 to 2026, the net profit of Shanghai Jiaxing is expected to be no less than 50 million yuan, 100 million yuan, 120 million yuan, 15000 yuan and 200 million yuan, respectively.
T3 travel relies on state-owned assets to take advantage of the situation, and it is optimistic that cooperation will form an industrial chain with T3 travel initiated by FAW, Dongfeng, Changan and other host factories, jointly invested by Internet companies such as Tencent and BABA, and accelerated to seize market share in the past three years. As of July 2022, T3 travel has covered 91 cities such as Nanjing, with more than 800000 registered drivers, more than 100 million registered users and more than 3 million daily orders. At present, the market share has ranked second in the ride-hailing industry. In addition, T3 Travel has officially entered Wechat's "Nine Palace Grid", which is expected to further increase its market share under the blessing of Tencent's traffic, and the company aims to break through 30% market share in the next three years. T3 Travel Shanghai Jiaxing achieved income of 1.3,3.5 and 480 million respectively in the first three quarters of 2020-2022, and net profit of-189,1130 and 24.88 million yuan respectively. The company expects 50 million yuan for the whole year of 2022, which shows significant growth under the epidemic. We believe that the main reason is that T3 Travel grasps the opportunity to reshape the pattern of the ride-hailing industry and quickly ranks second in the industry by virtue of its strong shareholder background. With the improvement of the edge of the epidemic, travel demand is expected to recover. Superimposed T3 travel was blessed by shareholder Tencent, Shanghai Jiaxing still has a lot of room for growth.
In terms of intelligent driving, T3 Travel and Light Boat Zhihang jointly launched RoboTaxi public operation in Suzhou, which is the first landing of a L4 passenger car fleet with double Orin chips in China. At present, the mileage has exceeded 230000 km, with an average daily mileage of 945km, and more than 60,000 customers have experienced. At the same time, the company actively prepares for the autopilot era with an open platform, and empowers the mainframe factory with the help of vehicle networking technology. According to the official account of Electric vehicle Observer, the company is working with FAW, Dongfeng, Changan and other mainframe factories to unify the front installation standards of operating vehicles, and can collect nearly 200 kinds of data at the end of the vehicle through vehicle networking technology. we believe that rich and convenient access to data is expected to help it become the core enterprise of the intelligent travel market.
From the Haoli technology level, the company previously acquired Hefei warp to enter the ADAS chip market, this investment T3 travel holding company Shanghai Jiaxing, we think it is expected to achieve in-depth cooperation with T3 travel, warp ADAS chip to provide massive data and application scenarios, enhance the possibility of chip landing, for the company to bring upstream and downstream industrial chain coordinated development.
Fuse business fully into the fast lane, ADAS+ travel platform collaborative development company deep ploughing circuit safety protection for 30 years, fuse product line is rich, complete certification, high customer recognition. Downstream scenery storage demeanor is high, the company's power fuses accelerate the volume. At present, it has entered photovoltaic manufacturers at home and abroad in bulk, and has worked closely with solar power, Shangneng Electric, Kehua and other energy storage leaders; in the field of wind power, the company has begun to supply to Jingfeng, Vision, Mingyang and other wind power plants; in the field of EV, the company has passed BSI IATF16949 certification and is expected to accelerate the introduction of the main engine factory through this cooperation. In terms of ADAS, the company brought in he Jiafeng academician team and invested in Shanghai Jiaxing layout travel service, which is expected to provide rich data and application scenarios for its ADAS chip research and development. We do not take into account the combined situation of Hefei Warp Speed and Shanghai Jiaxing for the time being, and maintain the company's 2022-2024 return net profit forecast of 0.32 billion yuan and maintain the "overweight" rating.
Risk tips: the sharp rise in raw material prices, the epidemic continues to exceed expectations, new customer development is less than expected, macroeconomic downturn, the progress of foreign investment and future returns are still uncertain.
