Zhejiang Shibao: automobile steering system localization bibcock, electric regulating pipe string open growth space Zhejiang Shibao deep ploughing automobile steering system for more than 30 years, in line with the upgrading trend of automobile steering system, has developed mechanical, hydraulic power, electric power steering system (EPS), the product echelon is perfect. With the advantages of simple structure, low energy loss and good power assist effect, EPS has become the current mainstream steering scheme for passenger cars. The domestic permeability is 97.6% in 2021, but foreign suppliers occupy the main share, and there is a wide space for domestic substitution. The company has a wide range of EPS products, has entered Geely, FAW, Chery, Changan and other independent brand supply system, the annual production capacity has exceeded 1 million sets. We estimate that the company's revenue from 2022 to 2024 will be 14.79 yuan 17.96 yuan / 2.106 billion yuan, the net profit from home will be 0.33 trillion yuan, the net profit from home will be 119 million yuan, and the EPS will be 0.04 pound 0.09 pound 0.15 yuan per share, respectively. The corresponding share price PE will be 113.3 trillion 64.5 times before the corresponding price. The company's electric string product layout is leading, and the business is progressing smoothly, which is expected to drive the rapid growth of the company's performance in the future, giving the "overweight" rating for the first time.
The automobile steering system has been upgraded to the electric trend, and the domestic electric power steering system (EPS) has a long way to go. On the basis of mechanical steering mechanism, adding ECU, power motor and signal sensor is the mainstream steering scheme adopted by passenger cars at present. The pre-loading rate of domestic EPS market in 2021 is 97.6%, but the share is mainly occupied by foreign suppliers. Zhejiang Shibao has more mature EPS mass production experience, annual production capacity has reached 1.05 million sets, into Geely, Chery, Changan and other independent brand mainframe factory supply system, market share is expected to further increase. Steering by wire (SBW) cancels the mechanical connection from the steering wheel to the steering actuator, which is a better solution for higher-order autopilot. With the lifting of restrictions on domestic policies and regulations in 2022, SBW is expected to increase speed; Zhejiang Shibao layout of by-wire steering system is earlier, and samples have been delivered to multiple customers in 2017, and entered the sample development and testing stage.
Benefiting from the intelligent upgrading of automobile electric power, the permeability of electric steering wheel is expected to be improved. The steering wheel is regulated by motors. At present, Tesla, Inc. Model 3compY, BYD Han, Polar Krypton and NIO Inc. have all been equipped with electric steering wheel. The proportion of domestic vehicles with electric steering wheel is 7.1%, among which the proportion of new energy vehicles and foreign brand models is higher. The proportion of independent brands and low-end models is relatively low, and there is more room for improvement. Electric steering wheel needs to be achieved through electric steering string. Zhejiang Shibao launched electric four-way adjustable pipe string products in 2015, which is expected to fully benefit from the improvement of electric steering wheel permeability in the future.
Risk tips: car production and sales are not as expected, the progress of new business development is not as expected, the epidemic situation is repeated, and so on.