Large overseas orders were signed to protect the company's performance growth. According to the company's announcement on April 8, the company and its wholly-owned subsidiary SK Automation Germany GmbH (German Xianhui) signed a major contract for daily operation, mainly to provide equipment services related to intelligent production lines for new energy vehicles. Contract 1 is RMB 455 million (excluding tax) and Contract 2 is €21,000,000 (excluding tax). Based on the Euro to RMB exchange rate, the cumulative contract amount is approximately RMB 620 million (excluding tax); if the sales contract is successfully executed, it is expected to have a positive impact on the company's 2024-2025 performance, which is conducive to enhancing the company's continued profitability and core competitiveness.
Domestic “automatic charging” products have been launched to empower the NEV market. This product is the first self-developed product independently developed by Shanghai Xianhui Big Data Technology Co., Ltd., and is the world's leading unmanned charging product. The product can achieve functions such as slow charging/fast charging/overcharging. Automatic charging facilities can improve charging efficiency and convenience. Users only need to park the vehicle near the charging pile to achieve fast charging through automatic identification and connection systems. The launch of this product has greatly reduced the operating costs of charging station investors: the automatic charging facility has automated operation and management functions, can achieve functions such as remote monitoring, automatic diagnosis and troubleshooting, etc., reducing labor and material costs, reducing the operating costs of charging stations, improving operational efficiency and profitability, and providing important support for the promotion of new energy vehicles in Shanghai and the popularization and development of the NEV afterservice market.
“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 types of intelligent manufacturing equipment. At present, it has gradually formed a two-wheel drive product layout of “intelligent manufacturing equipment+new energy battery components”. 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. Considering the data elements and the company's overseas business, we believe that the company's future performance may fluctuate greatly. The company's operating income for 2023-2025 is estimated to be RMB 2,449, 30.60 and RMB 36.96 billion, respectively, and net profit to mother will be RMB 0.41, 2.23, and 329 million yuan respectively, maintaining the “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