Main points of the report
Weighing instrument, steam zero dual-core drive, high-quality customer resources, sufficient orders company was established by the restructuring of state-owned enterprises in 1999, starting with weighing instruments, through cross-border mergers and acquisitions Qunying entered the auto parts industry, to create a new pattern of weighing instruments and auto parts dual-core drive. The company specializes in the development of automotive air management systems, luxury intelligent accessories, new energy charging and distribution systems and weighing instruments. Auto parts customers cover mainstream vehicle factories at home and abroad, and the current order on hand is about 27 billion yuan. among them, the order of the new energy system is nearly 14.5 billion yuan.
Air management leader, luxury intelligent accessories accelerate the penetration of electric smart car companies, volume and price is expected to rise the company's air management system product market share of the first in China, the second in the world. Under the automobile electrification tide, the electric hidden air outlet can bring the increase of value. The company's intelligent accessories design concept and manufacturing technology are advanced, but also to meet the trend of luxury upgrading of the industry, the future is expected to rise in both quantity and price. Cockpit components for a long time supply BBA, Porsche and other mainstream luxury brands, in recent years, the world's leading new energy car companies, Wei Xiaoli, polar krypton and other new power orders.
Due to the large gap in charging piles at home and abroad, the rapid growth of charging and distribution business, the rapid increase in the permeability of new energy vehicles, while the high ratio of vehicles to piles at home and abroad, the ratio of buses to piles is 7.5 in China, 14.6 in Europe and 23:1 in the United States, respectively. In 2022, the company's charging and distribution business revenue increased by 142.53% compared with the same period last year, and the proportion of the company's total revenue increased by 6.85pct to 11.54%. The layout overseas is progressing smoothly, and the European standard charging piles have been certified and have now entered the markets of Germany, Austria, and Hungary; American standard products are being certified; after the expansion of the Mexican factory, the annual production capacity has increased to 1 billion yuan, and the overseas annual production capacity can be increased to 3.5 billion yuan. The main customers include Chery, Volkswagen, SAIC, Audi, Wei Xiaoli, Geely, Honeycomb Energy and so on.
Investment advice and profit Forecast
Benefiting from the achievements of booming business and reducing costs and increasing efficiency, the company's net profit for 2023-2025 is expected to be 1.64\ 2.18\ 272 million yuan respectively, an increase of 89.59%\ 33.01%\ 25.26% over the same period last year, corresponding to EPS 1.24\ 1.65\ 2.06 yuan, based on the current stock price corresponding to 2023-2025 PE 25.37x\ 19.07x\ 15.23x. Coverage for the first time, giving a "overweight" rating.
Risk hint
The lower-than-expected risk of the penetration rate of new energy vehicles, the lower-than-expected landing of the charging and distribution infrastructure of new energy vehicles, the increased risk of competition in the charging and distribution business, the lower-than-expected risk of business transformation of cockpit components, the risk of scale business contraction exceeding expectations, and the higher-than-expected risk of Qunying business integration.