Main points of investment:
After the acquisition of Fortis Air conditioning and Air conditioning International, the advantages are complementary, the synergy effect begins to appear, and the overseas market expands smoothly. Fortis air conditioner entered Volkswagen Group Europe MQB37W mass production project supplier. Autejia has become a supplier of German Volkswagen MEB electric vehicle platform and PSA European CMP project.
The decline in the company's performance in the first three quarters of 2017 was not due to a decline in competitiveness, but mainly because the overheated domestic-brand passenger car market in 2016 overdrew the sales of its own-brand passenger cars in 2017. The vast majority of customers in the company's automotive air-conditioning compressor business are independent-brand vehicle factories, and the sales volume of independent-brand cars directly determines the performance of the company's compressor business. In 2016, sales of self-branded passenger cars increased by 20.75% to 10.5 million, a five-year high. From January to November 2017, 9.578 million, the same increase of 3.52%, the proportion of growth reached a five-year low. However, the rise of independent brands is an indisputable fact and has been improving for a long time. At the same time, the company has been actively expanding overseas markets and made some achievements.
The company is the largest manufacturer of independent automotive air-conditioning compressors in China, and the business of automotive air-conditioning compressors is leading in China. Nanjing Autejia is the world's largest manufacturer of scroll automotive air-conditioning compressors, absolutely leading in China, with a market share of about 60%; cryogenic heat pump compressors are the world's leaders, and Japanese Denso is also mastering this technology. Fortis air conditioner is the largest manufacturer of inclined plate compressors with independent brands in China. Subsidiary air conditioning international, automotive air conditioning system business experience, new energy vehicle thermal management system development smoothly. Air conditioning International has nearly 50 years of experience in the industry, has excellent R & D capabilities, and has accumulated a large number of customer resources.
New energy vehicles are about to break out, and electric scroll compressors continue to benefit. Compared with other types of compressors, scroll compressors have advantages in efficiency, power consumption and noise reduction because of their characteristics, so scroll compressors are more suitable for economical small displacement vehicles. Because the driving motor of the new energy vehicle completely or partially replaces the engine, the electric vehicle can not use a non-independent (engine-driven) air-conditioning compressor, but can only use an electric compressor (independent, driven by motor). The high speed of the scroll compressor determines that it can match the motor of the new energy vehicle, but the traditional piston compressor can not match the motor very well, so the current electric compressor can only use the scroll compressor.
Risk hint
1. The risk that downstream production growth is not as fast as expected. The company's main products are automotive air-conditioning compressors and automotive air-conditioning systems, which are closely related to the output of independent brand passenger cars and new energy vehicles.
two。 The risk of rising prices of upstream raw materials. The main raw material of the company's products is aluminum, and the price of aluminum metal has increased in recent years, which has had an impact on the company's profitability.
3. The risk of overseas market expansion falling short of expectations.