Announcement: the company announced that Ms. Xu Wenhui, the joint actor and vice chairman of Mr. Xu Zhongqiu, the company's controlling shareholder, plans to increase its stake in the company within the next 6 months from March 11, 2021, with an increase of no less than 0.5% of the company's total share capital and no more than 2%.
The increase in executive holdings highlights confidence that it will increase its stake of 0.5 per cent of total equity by 2 per cent over the next six months. Ms. Xu Wenhui, the controlling shareholder and vice chairman, plans to increase her stake in the company in the next six months from March 11, 2021, by no less than 0.5% of the company's total share capital and no more than 2%. This round of increase does not set a price range, and will gradually implement the plan to increase holdings according to the fluctuation of the company's stock price. Before this increase, Mr. Xu Zhongqiu held 22.42 million shares of the company, accounting for 19.5% of the total share capital of the company, while Ms. Xu Wenhui held 8.268 million shares, accounting for 7.18% of the total share capital.
This increase is based on the firm confidence of the controller in the sustained and stable development of the company in the future and the recognition of the value of the company, highlighting the management's confidence in the growth of the company's traditional pump business and EPS control system business.
At present, the company's main business of traditional pumps is in the stage of accelerating import substitution. ① commercial vehicles: diesel pump business continues to upgrade, into the United States Cummins, Caterpillar Inc, Scania, John Deere and other overseas leaders, as well as high-end horsepower generator sets, ship power and other high-end supply system, is expected to 2022-2023, the net income increment is expected to reach 400-500 million yuan. ② passenger car:
Gearbox pump business new customers Toyota Motor Corp (new energy), PSA, Changan Qingshan; oil pump business into Geely, Japanese Nissan, American Ford, France Peugeot Citroen and other global joint venture supporting system, and high value-added variable displacement oil pump put into production to promote the unit price up, is expected to 2022-2023, the net income increment is expected to reach 400-500 million yuan. In short, the company's main business in the context of import substitution acceleration, including Geely, Souter Transmission (Sany Group) and many other orders, looking forward to 2022-2023, in-hand orders corresponding to the new revenue of 8-1 billion yuan.
In addition, Dongjia Intelligent forward-looking layout EPS control system, another core growth point for the company, open the intelligent driving executive entrance. In 2019, the company established Dongjia Intelligence as a joint venture with its controlling shareholder and its controlling shareholder, and entered into the field of EPS. As the entrance to the executive end of intelligent driving, the EPS system is expected to continue to increase rapidly from the current value of 1000 yuan per bike with different functional levels. At the same time, as an enterprise dedicated to EPS R & D and production for 20 years, Yilida has more than 120 R & D personnel, covering professional fields such as automotive steering system product and structure design, control system hardware and software development, etc., has independent intellectual property rights of EPS core components, and is one of the first suppliers with the joint development capability of EPS software and hardware. And has been a breakthrough by Changan Automobile, Dongfeng well-off and other customers to get the supplier qualification of joint ventures such as Volkswagen Group, Dongfeng Peugeot and so on. At present, Dongjia Intelligence is mainly equipped with EPS control system. If 300000 and 400000 sets are achieved in 2021-2022, it is expected to achieve income of 150 million and 200 million, intelligent driving promotes EPS upgrade + import substitution acceleration, and EPS business increases in volume and price.
Maintain earnings forecasts and buy ratings. Combined with the performance forecast, the company maintains the forecast of operating income of 12.2,15.1 and 1.86 billion yuan from 2020 to 2022, and the corresponding return net profit is 1.6,2.2 and 280 million yuan, an increase of 73%, 38% and 26% over the same period last year, corresponding to 19, 13 and 11 times of PE. Continue to recommend and maintain the buy rating!
