Report highlights:
The company is a leading domestic supplier of automotive motor technology solutions. It was founded in 2001 and has always been involved in automotive micromotors and related products. Relying on existing motor and fluid technology, the existing business plan is arranged into four major business units. In the field of motor technology, it is divided into motor business and electric module business; in the field of fluid technology, it is divided into driving vision cleaning systems and thermal management system businesses.
The motor product end is upgraded to assembly, and the production capacity side continues to release volume
Along with the wave of intelligence and new energy, we expect the number of micromotors used in bicycles and the value of bicycles will increase year by year. The domestic automotive micromotor market is expected to reach 42.47 billion yuan by 2026, and the CAGR will be 6.8% in 2020-2026. The company focuses on product research and development in the field of four doors and two covers, and has successfully developed a variety of related motor products. Specific product aspects: Tailgate motor products have broken through rapidly and have developed many major customers; charging small door products have benefited from the rapid switching of supporting shares of major downstream customers and a rapid increase in related revenue; invisible doorknobs are an emerging product line of the company, and some new projects have entered the mass production stage. Production capacity side: Benefiting from strong demand in the downstream market, the company's production line is still operating at full capacity. At present, the total number of motor and related actuator assembly projects that the company has planned and begun construction has reached 17.6 million units, and the full implementation of the project will contribute more than 450 million yuan in revenue after delivery.
ADAS cleaning has ushered in new growth opportunities. The company is planning ahead and waiting for ADAS cleaning systems to blossom: benefiting from the accelerated implementation of intelligent driving, ADAS sensor cleaning has become a rigid requirement.
Currently, only a few luxury models are equipped with the relevant passive cleaning function. The company has forwardly laid out the research and development of active sensing cleaning systems for ADAS system sensors. Compared with traditional cleaning systems, the intelligence and complexity of this product are significantly improved, the degree of customization is high, and the development cycle is long, so it has strong technical barriers. At present, some of the company's downstream customers have entered the small-batch fixed-point process. Production capacity side: At present, the total number of fluid-related products planned and under construction has reached 34.41 million units, including overseas production capacity such as the US factory and production base in Thailand. After the project is fully completed, it will contribute more than 380 million yuan in revenue.
Investment advice and profit forecasting
It is estimated that in 2023-2025, the company's net profit attributable to shareholders of the parent company will be 2.05 billion yuan, 2.72 million yuan, and 338 million yuan, respectively. According to the latest stock price estimates, the corresponding PE valuations are 32.81, 24.80, and 19.94 times, respectively.
Considering that the company's automotive motor business will continue to benefit from incremental application scenarios and the rapid increase in overall penetration rate of micromotors for new energy vehicles, and the company has forwardly laid out ADAS active sensing cleaning systems, it will continue to benefit from the trend of automobile intelligence in the future. It is optimistic about the company's medium- to long-term growth space, covered for the first time, and given a “gain” rating.
Risk warning
The risk of cyclical fluctuations in the automotive industry, the risk of fluctuations in raw material prices, and the risk of new product development.