拟收购弹簧领域优质企业，市场竞争力有望进一步提升。上海核工是一家专注于弹簧研发、设计、制造和销售的企业，专业生产碟形弹簧、波形弹簧及其延伸产品，产品主要应用于机械、核电、阀门、航空航天、电力电气、钢铁等多个行业。公司收购上海核工有助于公司进一步拓宽弹簧行业产业布局，增加公司产品品类，增强市场竞争力，符合公司的长远发展战略。若本次竞拍成功，公司将持有上海核工 69.04%股权，上海核工成为公司控股子公司，纳入公司合并报表范围。Events:
The company announced that it would participate in the bid for a 69.04% stake in Shanghai Nuclear Industry Butterfly bomb Manufacturing Co., Ltd. The 69.04% stake of Shanghai Nuclear Industry will be auctioned on the auction service sub-platform of Shanghai Public Resources Trading platform on September 28, 2023. The company plans to participate in the equity transfer by public auction, with a starting price of 38 million yuan, and the final amount will be determined by the bidding result.
Comments:
It is proposed to acquire high-quality enterprises in the spring field, and the market competitiveness is expected to be further improved. Shanghai Nuclear Industry is an enterprise specializing in the research, design, manufacture and sales of springs, specializing in the production of disc springs, waveform springs and their extended products. The products are mainly used in machinery, nuclear power, valves, aerospace, power, electricity, iron and steel and other industries. The company's acquisition of Shanghai Nuclear Industry will help the company to further broaden the industrial layout of the spring industry, increase the company's product categories and enhance market competitiveness, which is in line with the company's long-term development strategy. If the auction is successful, the company will hold a 69.04% stake in Shanghai Nuclear Industry, and Shanghai Nuclear Industry will become a holding subsidiary of the company and be included in the scope of the company's consolidated statement.
The automobile industry is glowing with the Spring Festival, with stable resources in hand. There is a broad space for the automotive industry, with 23H1 global car production and sales of 13.248 million / 13.239 million vehicles respectively, an increase of 9.3% / 9.8% over the same period last year; sales of new energy vehicles reached 3.747 million, an increase of 44.1% over the same period last year, with a market share of 28.3%. Looking forward to the second half of the year, the improvement of the economic situation is gradually transmitted to the automobile market, and a large number of stable customer resources held by the company for a long time will be further released with the recovery of the automobile market. The company is a first-class supplier of well-known brands at home and abroad, and has long-term and stable cooperation with many international first-class suppliers of auto parts and has been incorporated into its global procurement system. Through the acquisition of Beijing Dayuan and Jiangsu Dayuan in the past 21 years, the company has obtained a wide range of international customer resources, laying the foundation for the development of overseas markets.
Expand the technical research and development in the spring field, optimize the production capacity and face the future. After years of independent research and development, the company and its subsidiaries have a total of 90 patented technologies and 4 computer software copyrights. The company leads or participates in the research and development of many standards in the spring industry, and the independently developed ML1900 new material performance is in the leading position in the industry. In the future planning, the company focuses on lightweight composite leaf springs and high-strength, high fatigue life, lightweight metal springs. In addition, spring products are widely used in the field of robots. The company continues to pay attention to the development of the robot field, and the business expansion of the robot spring field is expected in the future. In terms of capacity layout, the six major manufacturing bases provide rich production capacity, which can achieve rapid response and give full play to the nearby supporting advantages.
Profit forecast: it is estimated that the return net profit of the company from 2023 to 2025 is 0.681.17 / 211 million yuan respectively, and the corresponding PE is 34 / 20 / 11 times. Give the company 2024 earnings 24 times PE valuation, corresponding to the target price of 13.32 yuan. Cover for the first time, giving a "buy" rating.
Risk hint: downstream demand is lower than expected, profit forecast and valuation judgment are lower than expected.
