Recently, according to the Patent Business Processing System website of the State Intellectual Property Office, the company obtained patent licenses such as the utility model patent “A ball screw transmission structure applied to a parking brake system” and the invention patent “A kind of ball nut inverter mounting hole processing process and ball nut”. The comments are as follows:
The company is expected to expand ball screw products in parking systems. According to the utility model patent document mentioned above, a ball screw transmission structure for parking braking systems disclosed by the company includes a screw shaft, a bearing outer ring, a bearing inner ring, and a bearing steel ball. The patent solves the technical defects of complex manufacturing processes, low production efficiency, and high production costs of screw shafts in existing ball screw transmission structures. The manufacturing process path of the existing ball screw transmission structure has been changed, so that the overall manufacturing process of the ball screw transmission structure has been greatly optimized, and the product cost has been greatly reduced. According to the invention patent document mentioned above, the ball is an internal circulation ball nut that always adheres to the screw during cyclic rolling. The internal circulation type ball screw nut has an invertor (reverse ball return). The traditional invertor mounting hole is usually milled. This processing process, which processes the mounting hole of the inverter through milling, has the technical defects of slow processing efficiency and high processing equipment cost. The company's invention patent provides an improved processing process for mounting holes for ball nut inverters, which guarantees product accuracy while improving processing efficiency and reducing the cost of processing equipment. We believe that the company has focused on the cold forging process for many years, which has the advantages of high efficiency and low cost. Obtaining patents related to ball screws once again highlights the company's R&D strength and horizontal product development capabilities.
The company stands by technology and continues to expand new application fields. The company was founded in 2002. Its starting products are valve group precision cold forging parts, valve transmission precision cold forging parts, etc., which are mainly used in the gas distribution mechanisms of automobile and motorcycle engines. According to the 2023 interim report, in recent years, in addition to continuing to deepen its original business (engine valve group business), the company has actively expanded the development of cold forging processes in the NEV industry chain, such as automobile carbon dioxide heat pump systems, integrated thermal management modules, electric drive transmission systems, and power battery system housings.
The company's product field has expanded from power systems to chassis systems, from traditional fuel vehicles to new energy vehicles. The cold forging process itself has the advantages of high efficiency and low cost, and the company has a comprehensive layout of the cold forging industry chain (raw materials, mold design, process manufacturing, etc.), has leading advantages in the industry, and product expansion can be expected.
Company profit forecast and investment rating: The company uses technology to actively develop the NEV business. Its strong competitiveness in the field of cold forging is the reason we continue to be optimistic about the company's medium- to long-term development. We expect the company's net profit for 2023-2025 to be about 1.75, 1.98 and 233 million yuan, respectively, and EPS of 1.30, 1.47, and 1.72 yuan, respectively. The corresponding PE values are 18, 16, and 14 times, respectively. Maintain a “Recommended” rating.
Risk warning: The promotion of the company's new products fell short of expectations, the development of the NEV industry fell short of expectations, and the prosperity of the automobile industry fell short of expectations.