Events:
On October 12, the company said on the investor interactive platform that the company's electronic rearview mirror products have obtained fixed-point orders from the domestic new energy leading car company B, as well as other brand companies.
Comments:
To promote customer targeting, vehicle revenue is expected to grow steadily. In the field of vehicle, the company has mastered the key technologies such as mold development and manufacturing, structural component development and production, light guide plate development and production, electronic device assembly and so on. Relying on high-end R & D software platform and advanced R & D hardware facilities, the company has established an efficient linkage development system with downstream panel manufacturers and vehicle manufacturers. With the continuous expansion of the company's product range and downstream customers, the company's vehicle business revenue is expected to achieve steady growth.
Deep ploughing car display backlight module, active layout of advanced vehicle display technology. The company's main revenue comes from the vehicle display backlight module, has mass-produced 48-inch super-large backlight module products, successfully developed a variety of Mini-LED backlight, introduced into the Mini-LED packaging production line. The company has a vertically integrated industrial chain, can produce its own backlight display module production mold, hardware, light guide plate and other precision devices. The company actively arranges the intelligent cockpit super-large screen backlight module, multi-screen full-laminated liquid crystal display module, 3D surface fitting key technology, Mini LED VR backlight technology and so on. The company also provides VR backlight display module to prepare for mass production of fixed-point orders for game console customers. In terms of touch decoration panels and display components, the company has well-known auto parts customers, such as Noble, Marelli, Prezhun Sheng and so on.
Raise funds for the construction of lightweight structural components projects, vertical extension to enhance profitability. In September 2023, the company plans to issue convertible bonds to raise 590 million yuan, of which 490 million yuan will be used for the lightweight vehicle display module project and 100 million yuan for replenishing liquidity. The total investment of the lightweight vehicle new display module project is about 570 million yuan, with an annual production capacity of 4.33 million lightweight structural components and 1.85 million display modules. This fund-raising project realizes the self-production of lightweight structural components, opens up the whole chain of lightweight vehicle display components production, and the core materials are self-sufficient to enhance profitability.
Profit forecast and rating: the company has worked deeply in the car backlight display module industry for many years, and customers have been designated to gradually introduce mass production. It is estimated that the revenue from 2023 to 2025 will be 16.16x2019cm, respectively, and the net profit of homecoming will be 1.34pm, 1.99pm, respectively, and the corresponding PE will be twice as much as in 25-17-13.
Risk hint: industry competition intensifies, downstream demand and profit forecasts fall short of expectations