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德联集团(002666):国内汽车精细化学品综合供应商 拟扩张胶粘剂产能

German Union Group (002666): Comprehensive supplier of domestic automotive fine chemicals plans to expand adhesive production capacity

海通國際 ·  Sep 10

The company is a large-scale, centralized comprehensive supply and service platform for automotive fine chemicals in China. The company's main business covers the three major modules of automotive fine chemicals manufacturing, automobile sales services, and automobile maintenance. It has achieved full coverage of the entire usage process from product support supply for automobile automakers and their sales companies to the automotive aftermarket, and has expanded the product application field to new application scenarios such as wind power cooling, energy storage cooling, and new energy adhesives.

In the fine chemicals business field, the company's main products include oil liquids and adhesives. Oil products include consumable chemicals such as coolants and brake fluids, and adhesives include non-consumable chemicals such as structural adhesives and glass adhesives. In the field of automobile sales and services, the company's business is mainly new car sales and after-sales service, and a series of value-added businesses including auto parts supplies, automobile maintenance, insurance and finance, and used car trading are carried out based on new car sales.

In the field of automobile maintenance business, the company uses the MB2B2C model to enter the automotive aftermarket, integrate the superior resources of original factory (MB) spare parts, and use the Internet to build its own brand.

Net profit after deducting 2024H1 increased 65.96% year over year. The company achieved operating income of 2.214 billion yuan in the first half of 2024, down 10.97% year on year. Among them, automotive fine chemicals business revenue was 1385.0561 million yuan, down 21.19% year on year. The main reason was that the company optimized its product structure and adjusted its catalyst business with low gross margin, and corresponding revenue fell sharply year on year; automotive aftermarket business revenue was 143.9852 million yuan, up 21.03% year on year. Net profit to mother was 50.4405 million yuan, up 30.15% year on year; net profit after deduction was 59.1687 million yuan, up 65.96% year on year, mainly due to the increase in the company's gross margin and net margin; the company's gross sales margin in the first half of the year was 14.51%, up 3.94 pct year on year, of which the gross margin of fine chemicals increased 4.38 pct to 16.39%; the company's net sales margin for the first half of the year was 2.25%, up 0.76 pcts year on year.

The company raised targeted capital to expand adhesive production capacity. According to the company's “Prospectus for Issuing A Shares to Specific Targets in 2023", the total capital raised by issuing shares is no more than 487.595 million yuan, of which 0.387595 billion yuan will be invested in the “German Union Automobile New Material Adhesive R&D and Manufacturing Project”, and the remaining 0.1 billion yuan will be used to supplement working capital. On September 10, 2024, according to the company's stock listing announcement for specific targets, the company added a total of 33.670033 million shares, with an issue price of 2.97 yuan/share, and the net capital raised was 96.9992 million yuan, all for the “Delian Automobile New Material Adhesive R&D and Manufacturing Project”. The project was implemented through the company's wholly-owned subsidiary Shanghai Delian Xinyuan, with an estimated investment amount of 0.7085 billion yuan. The project plans to build multiple automated adhesive production lines to produce different types The adhesive is mainly used in automobile manufacturing, and can also be used in construction machinery, rail transit, aerospace and other fields. The current production capacity of the company's adhesives cannot meet the order needs of key customers, and the construction and commissioning of the project will effectively relieve the pressure on the company's production capacity for new automotive material products. According to the company's forecast, current downstream automobile manufacturer customers including SAIC-GM, Shanghai Zhizhi, BAIC Group, and GAC Group will effectively absorb the additional production capacity of the project over the next 5 years. According to the company's 2024 semi-annual report, as of the first half of the year, the company's project progress was 12.85%, and the estimated revenue was about 0.265 billion yuan.

The company plans to establish a Thai subsidiary to expand overseas business. According to the company's announcement on July 1, 2024, the company plans to use its subsidiary German-China Trade as the implementing entity for this foreign investment to invest in the establishment of a wholly-owned subsidiary in Thailand. The proposed registered capital is 2.5 million baht. The capital for this investment comes from German-China Trade's own funds. The company's investment and establishment of a subsidiary in Thailand is an important measure based on business development needs and implementation of the strategic layout of overseas markets. Thailand is currently one of the largest automobile markets in Southeast Asia, with huge demand for auto parts and great market potential. At the same time, Thailand has a complete automobile industry chain and supply chain, and the establishment of a Thai subsidiary is in line with the company's global layout, which helps the company strengthen its industrial chain advantages and promote the company to expand overseas business.

Risk warning: Project construction progress falls short of expectations, prices of raw materials and products fluctuate greatly, and macroeconomic decline.

The translation is provided by third-party software.


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