The company announced on September 25 that its subsidiary Anhui Xinplatinum New Energy Auto parts Co., Ltd. recently received fixed-point notification of models from some domestic customers. Xinplatin New Energy has been selected by the above-mentioned customers to provide customized development and delivery of battery shell, threshold beam, extended transfer aluminum bracket and front cabin frame beam respectively. the specific product supply time, price and supply shall be subject to the signed supply agreement and sales order.
Enter part of the domestic customer supply system to enhance the overall competitiveness of the new energy field. Xin Platinum New Energy, a subsidiary of the company, has become part of the domestic customer supplier, and will complete product development and delivery within the specified time in strict accordance with customer requirements, which is conducive to the company's business layout and sustainable development in the field of automotive aluminum profiles.
The volume of new energy auto parts products is about to be released, which is expected to become the second growth pole of the company. The company has an annual production capacity of 100000 tons of new energy auto parts project with a production capacity of about 50,000 tons in mid-June and is currently in the production capacity climbing stage. The second phase of the 50,000-ton project is expected to be put into production by December 31, 2023. The main products are battery tray, front and rear bumper, threshold beam, etc., gross profit margin is better than aluminum frame, bringing product structure optimization. With the company's annual output of 100000 tons of new energy automobile parts project gradually put into production, and entering the downstream customer supply system, automobile lightweight, especially new energy vehicle lightweight products will become the company's second growth pole.
Global layout to enhance the competitiveness of photovoltaic aluminum frame. In April 2023, the company plans to build self-financed plants in Vietnam and Malaysia to build photovoltaic aluminum frame capacity of 120000 tons and recycled aluminum capacity of 120000 tons. At present, overseas projects have obtained the "Enterprise overseas Investment Certificate" issued by the Department of Commerce of Anhui Province, and are in the overseas investment filing stage, and the project construction needs to be implemented after the completion of ODI. It is expected that with the commissioning of overseas projects, the company's aluminum frame shipments will further increase, which will help to enhance the company's photovoltaic aluminum frame global competitiveness, reduce market risk and serve downstream component customers.
The high increase in photovoltaic installed capacity supports the demand for photovoltaic aluminum profiles.
It is estimated that the company's revenue for 23-25 years will be 73 hundred and thirty-four billion yuan, the net profit will be 3.35 million, 431 and 546 million respectively, and the EPS will be 2.28, 2.93 and 3.72, respectively, and the corresponding PE will be 15.42, 11.98 and 9.45 times, respectively, maintaining the "buy" rating.
The project construction is not as expected, the photovoltaic installation is lower than expected, and the new technology is replaced.