Core viewpoints
1. Heat pump air conditioning is of great significance to the use of new energy vehicles in winter, the value of heat pump air conditioning is greatly increased, the company has a strong R & D strength. The use of heat pump air conditioning in winter can extend 50-80 kilometers (saving more than 10 kilowatt-hours of electricity), which is equivalent to adding more than 1000 heat pumps, creating more than 7000 yuan of value, and the whole car factory is willing to use it strongly. The company's heat pump air conditioner has greatly enhanced the value of a single air conditioner. The ex-factory price of the traditional air conditioner box is 400,600yuan, which is not shipped as an air conditioning system. The heat pump air conditioner is shipped as a system, and the air conditioner box and controller are 1000 to 2000 yuan. Including compressors, plate heat exchangers and so on to 2000-6000 yuan. Heat pump air conditioning research and development in data accumulation is similar to autopilot, need to accumulate data in different regions, different periods, different seasons, in order to achieve the standard value required by customers, compared with the rival R & D speed is more than one year ahead.
two。 Domestic compressor industry leader, the global distribution of customers, low-temperature enthalpy technology to promote the company's performance growth. The company is the leader of the domestic compressor industry, newly developed with the domestic leading low-temperature enthalpy electric compressor technology, which can further increase the battery life of electric vehicles. The value of the traditional compressor is 300-400 yuan, and the value of the electric compressor is 3-4 times that of the traditional one. In addition, the company ranks in the forefront of the world, with customers including Volkswagen, BYD, Changan, Geely, Wuling and so on. In the future, with the acceleration of the electrification process of the mainframe plant, the company is expected to continue to maintain the leading position in the domestic compressor field by virtue of customer advantages.
3. New energy vehicles have a broad track, and the company's performance is expected to "hit bottom and rebound". Heat pump air conditioning is second only to batteries, seats in front of several valuable components, electric compressors come from behind, the company as a tier1 supplier, can stand out in the wave of new energy vehicles. At the same time, the company has a clear strategy and comprehensive development, expanding horizontally from vortex to piston and vertically from compressor to air conditioner.
The company's previous poor performance was partly due to the fact that Air conditioning International was controlled by a financial company before the acquisition, with a small investment and lost a lot of orders. In the future, the company will seize the opportunity of the outbreak of new energy and have worked with more than 20 platforms, including NIO Inc., ideal, Chinese Express and international companies, and the company is expected to usher in a new round of performance growth.
4. Profit forecast: the company is expected to make net profit of 800000 yuan, 306 million yuan and 541 million yuan in 2022, respectively, and the corresponding PE in 2021 / 2022 will be 26 times higher than that in 2021 / 2022. We are optimistic about the future growth of the company in the field of electric vehicles, covering it for the first time and giving it a "recommended" rating.
5. Risk tips: overseas epidemic affects the overseas business risk of Air conditioning International; the industry competition intensifies the risk; the performance does not meet the expected risk; asset impairment risk.
