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先惠技术(688155):设备出海 数据赋能 前景可期

Xianhui Technology (688155): Promising prospects for equipment to be empowered overseas

東北證券 ·  Apr 3

Report summary:

“Intelligent manufacturing equipment+ new energy battery components” two-wheel drive, the company's business model continues to expand. Established in 2007, Shanghai Xianhui Automation Technology Co., Ltd. specializes in R&D, production and sales of various kinds of intelligent manufacturing equipment. Among them, new energy battery equipment accounts for the largest share, followed by automobile chassis system equipment, hydrogen energy equipment, and intelligent manufacturing data and software products. In 2022, through its subsidiary Fujian Dongheng, the company established long-term and stable strategic partnerships with Ningde Times customers to provide them with precision structural parts for power lithium batteries, such as module side panels, module end plates, module crimping components, etc., which have strong market competitiveness, and gradually formed a two-wheel drive product layout of “intelligent manufacturing equipment+new energy battery components”.

Increased sales of new energy vehicles are driving steady growth in market demand, and overseas markets are opening up future growth and additional volume. Battery modules and PACs are in the middle of the power lithium battery industry chain and are clearly driven by overall downstream demand. The NEV penetration rate has risen sharply in recent years. According to Marklines' statistics, global NEV sales reached 14.43 million units in 2023, up 35.4% year on year; global NEV sales are expected to reach around 18 million units in 2024, up about 25% year on year, driving steady growth in the company's performance. At the same time, overseas electrification transformation is heating up, and the company may focus on high-margin overseas markets in the next phase of penetration.

Break into the data business and open up new growth space. On January 9, 2024, Shanghai Xianhui Big Data Technology Co., Ltd., a wholly-owned subsidiary of the company, signed a “Strategic Cooperation Agreement” with the Shanghai New Energy Vehicle Public Data Collection and Monitoring Research Center. The two sides cooperate on the market-based application of NEV big data, jointly explore the commercial value of data through complementary resources and joint development, and build a “world-class intelligent NEV public data center”. In the future, the company is expected to draw on overseas CarFax experience and explore new models of data economy. CarFax is an automotive data company with 40 years of experience. It provides vehicle history reports to car dealers and ordinary consumers in the North American used car market. The purpose is to help buyers and sellers understand the detailed history of used vehicles in order to make smarter car buying decisions. It is a typical data economy business model. At present, the volume of used car transactions in China reached 18.413,300 units in 2023, and the market size has exceeded trillion dollars. In the future, the company is expected to take this opportunity to open up space for new business growth

Investment advice: Considering that data elements and the company's overseas business are still highly uncertain, we believe that the company's future performance may fluctuate greatly. The company's operating income for 2023-2025 is estimated to be 24.49 billion yuan, 30.60, and 3,696 billion yuan, respectively, and net profit to mother of 0.41, 2.23, and 329 million yuan respectively. This is the first coverage, giving it an “increase in holdings” rating

Risk warning: Data business development falls short of expectations, overseas business expansion falls short of expectations, valuation models and profit forecasts fall short of expectations

The translation is provided by third-party software.


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