The Patent Business Processing System Network of the State Intellectual Property Office Authorization Notice on January 12, 2024. The utility model patent “A Heat Exchange Component and Heat Exchanger” applied for by the company on July 19, 2023, the public number is CN220339170U. The comments are as follows:
The company is actively developing integrated module products for automotive thermal management. According to the company's 2022 annual report, the company has completed the design, development and prototype manufacturing of automotive carbon dioxide heat pump systems and integrated thermal management module products. The utility model patent has many improvements to existing heat exchanger technology. For example, existing heat exchangers have many flat tube solder joints (forming four welding positions in a refrigerant circuit), which requires high welding technology, which in turn causes a low production pass rate; the utilization rate of refrigerant is low, resulting in low heat transfer efficiency of the heat exchanger. Through design and process optimization, the patented technology achieves only two welding positions and fewer solder joints between the flat tube and the collector component, making the production of heat exchangers more efficient, lower production costs, and higher product qualification rates. At the same time, this patented technology contains only one current collection component; existing technology is usually two. Fewer combiner components make heat exchangers less expensive. We believe that patents in the field of heat exchangers reflect the company's strong product development capabilities, especially the ability to optimize product design and improve production processes, so that the company's products have a leading advantage in terms of cost and performance.
The company is based on technology and continues to expand new fields of application. Relying on the company's technical and management capabilities in cold precision forging technology, mold design, equipment automation transformation, etc., we are continuously expanding the application fields of cold forming technology.
The company was founded in 2002. Its first products are precision cold forging parts for valve sets, precision cold forging parts for valve transmission sets, etc., which are mainly used in gas distribution mechanisms of automobiles and motorcycle engines. According to the 2023 Interim Report, in recent years, in addition to continuing to deeply cultivate the original business (engine valve set business), the company has actively expanded the development of cold forging processes in the NEV industry chain, such as automotive carbon dioxide heat pump systems, integrated thermal management modules, electric drive 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 and process manufacturing, etc.), which has leading advantages in the industry, and product expansion can be expected.
Company profit forecast and investment rating: The company's strong competitiveness in the field of cold forging and the scalability of this process are the reasons why 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 approximately 175 million yuan, 1.98 million yuan, and 233 million yuan, respectively, and EPS of 1.30, 1.47, and 1.72 yuan, respectively. The corresponding PE values are 16, 14, and 12 times, respectively. Maintain a “Recommended” rating.
Risk warning: The promotion of the company's new products falls short of expectations, the development of the NEV industry falls short of expectations, and the prosperity of the automobile industry falls short of expectations.