On February 13, an investor telephone exchange attracted more than 220 institutions. Boshi fund, Danshui spring, Temasek Fulton, Wells Fargo fund, Goldman Sachs asset management, Gaoyi assets, huitianfu fund and other investment leaders worked overtime on Sunday.
The protagonist of the exchange meeting is Ms. Wang Laichun, the chairman of Luxshare Precision Industry Co.Ltd(002475) , who has just been selected as the "China OEM Queen" of "China's most influential business women in 2021".
The reason for "stars supporting the moon" can be traced back to an announcement earlier Luxshare Precision Industry Co.Ltd(002475) .
On the evening of February 11, Luxshare Precision Industry Co.Ltd(002475) announced the signing of the strategic cooperation framework agreement with Chery group. More exciting news is that the controlling shareholder of Luxshare Precision Industry Co.Ltd(002475) Lixun Co., Ltd. purchased 19.88% equity of Chery holdings, 7.87% equity of Chery shares and 6.24% equity of Chery new energy held by Qingdao Wudaokou for 10.054 billion yuan. After the completion of the transaction, Lixun Co., Ltd. does not control Chery holdings, Chery shares and Chery new energy.
On February 14, Luxshare Precision Industry Co.Ltd(002475) rose sharply in the morning, and then fell back. To the close, it rose 2.07%, with a total market value of 296.3 billion yuan.
immediately want to build a car?
10 billion entry is "getting on"
According to the announcement, on February 11, Luxshare Precision Industry Co.Ltd(002475) signed the strategic cooperation framework agreement with Chery holdings, Chery shares and Chery new energy (collectively referred to as "Chery group"), and plans to jointly establish a joint venture with Chery new energy to specialize in the R & D and manufacturing of new energy vehicles, so as to provide cutting-edge R & D and design for Luxshare Precision Industry Co.Ltd(002475) auto core parts business And mass production platform.
Luxshare Precision Industry Co.Ltd(002475) is a well-known "fruit chain" leader, and is even praised as "Apple grass" by some market people. At the end of 2017, Apple CEO cook visited the Kunshan factory in Luxshare Precision Industry Co.Ltd(002475) . In addition to talking and laughing with the workers in the workshop, cook also praised in the circle of friends: "they are super first-class factories that integrate great excellent technology and thinking into the manufacturing of airpods."
"fruit chain" faucet wants to build a car?
At the investor teleconference, Luxshare Precision Industry Co.Ltd(002475) chairman Wang Laichun took the initiative to speak: Lixun does not build cars, and Lixun aims at Tier1 (the first-class supplier of the car factory).
This is a big market full of opportunities. Wang Laichun said that the market scale of Tier1 itself is almost 70% of the total output value of all auto enterprises. As we all know, the revenue scale of the world's four Tier1 manufacturers Bosch, Japan electric equipment, ZF and Magna is more than US $30 billion, and there is no Chinese enterprise. Among the top 100 Tier1 manufacturers in the world, there are only 8 Chinese enterprises.
"we should seize this opportunity to realize Tier1 take-off in the next three and five years." Wang Laichun said that we need different support platforms to help us achieve 1 to 100 in the rapid realization of important components from 0 to 1 and the rapid growth of scale. In addition to our own strength, partnership can enable us to seize this window of opportunity.
It is reported that the major shareholder of 10 billion joined the auto ODM (original design manufacturer) , which is also to create a "training ground" for Luxshare Precision Industry Co.Ltd(002475) .
Luxshare Precision Industry Co.Ltd(002475) the management said in the communication link that the company has always taken becoming a leading Tier1 manufacturer in the automotive industry as the core goal, and has been looking for a platform to exercise its Tier1 core parts ability. This strategic cooperation will rapidly develop the Tier1 business of the listed company on the basis of creating the ODM mode of cooperative car manufacturing, realize dynamic entry, quickly improve the comprehensive ability of the company as the core parts of Tier1 manufacturer, and quickly polish, optimize and expand in practice.
In fact, Luxshare Precision Industry Co.Ltd(002475) has long been deeply involved in the automotive industry chain: in 2012, it acquired Fujian Yuanguang and entered the field of automotive harness assembly to undertake orders from Sumitomo of Japan; Mercedes Benz, BMW, Suk in 2013
The automobile business of Luxshare Precision Industry Co.Ltd(002475) has been precipitated for more than ten years, mainly focusing on the "nervous system" of the whole vehicle. The main products include connectors / connecting wires, low / high voltage whole vehicle harnesses, special harnesses, etc. the main customers include Chinese traditional automobile enterprises, new forces of vehicle manufacturing and some large Tier1 manufacturers.
why Chery?
the market needs ODM to build cars!
For the new partner of Luxshare Precision Industry Co.Ltd(002475) , the market can't help asking why Chery?
"Under the new pattern, the market needs ODM to build cars. We have the same view as Chery's president Yin Tongyue (Chery's founder Yin Tongyue)." In this regard, Wang Laichun also revealed the secret on the teleconference: work together to build ODM cars.
What is ODM? How is it different from OEM?
According to the investigation, OEM mode refers to OEM production, and producers do not directly produce products. ODM (original design manufacturer) is literally translated as "original design manufacturer", which means that after the producer designs a product, it may be favored by other enterprises in some cases, requiring the latter to produce with the brand name, or modify the design according to the demand.
That is commonly known as "labeling".
Luxshare Precision Industry Co.Ltd(002475) said that this cooperation will create a precedent for vehicle ODM business. According to Wang Laichun, Chery's complete vehicle and the accumulation of Lixun in the electronic field can jointly develop another Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) - making good cars for others, which is in line with the needs of market development and just meets the difficulty of making a breakthrough in the growth of Lixun Tier1.
In this regard, some insiders said that under the new situation that Internet companies and electronic manufacturing companies end up "building cars" one after another, cars are expected to copy the development model of mobile phones, subvert the existing business format and give birth to professional automobile ODM companies. Under the short board of manufacturing technology, for companies in the electronic industry chain, the best choice may not be to build complete vehicles, but to enter the Tier1 sequence of the automobile industry chain to maximize their core competitiveness in the "three electricity" field of new energy vehicles.
Luxshare Precision Industry Co.Ltd(002475) executives also said that ODM between the company and Chery is to build good cars for others, just like the cooperation between Acer and Wistron, ASUS and Heshuo in the early years. With the foundation of Chery vehicle development, the company and Chery can help others build good cars.
One background is that with the development of new energy vehicles and intelligent networked vehicles, the core of vehicles has shifted from the three major parts of traditional fuel vehicles (engine, transmission and chassis) to three electricity (electric drive, battery and electronic control), which has brought rare new opportunities to the upgrading of China's electronic industry. At the same time, after the tempering of consumer electronics, China's electronics industry chain has considerable technical reserves and the strength to seize this opportunity.
intended for apple?
the outside world has fantasized
As soon as the news of the joint venture between Luxshare Precision Industry Co.Ltd(002475) and Chery came out, some market participants commented that "instant messaging is preparing for Apple cars".
As a "fruit chain" giant, Luxshare Precision Industry Co.Ltd(002475) major shareholder took a stake in Chery this time, which can't help but make the outside world think: will the company also participate in Apple's car building?
Citic Securities Company Limited(600030) the latest research report puts forward that at present, the trend of automobile electrification is established, and technological innovations such as sliding chassis and die-casting integrated molding are in the ascendant, making it possible to decouple the automobile manufacturing industry chain in the future; Applications such as automatic driving and intelligent cockpit also make the trend of automobile electronization clear, which is conducive to mobile phone industry chain manufacturers to participate more in the wave of intelligent vehicles.
Considering the rationality of Huawei's long-term investment in the production chain of small cars and capex, even if some manufacturers of small cars and capex are further decoupled from the production of small cars in the early stage and in the later stage, It is expected to copy the division of labor mode of some mobile phone industries (i.e. produced by car factories in-house, and some are produced by similar mobile phone ODM or OEM).
This trend can refer to the development history of functional mobile phones. In the early stage, Motorola and Nokia built their own factories, but they turned to large-scale outsourcing production in the 1990s, which led to the development opportunities of the mobile phone industry chain. This trend is expected to be replicated in the smart car industry chain in the future and reshape the pattern of the industry chain.
for the majority of investors in Luxshare Precision Industry Co.Ltd(002475) , the management of the company also revealed a good news: for the follow-up arrangement of Chery's equity, if it is helpful to the listed company, the major shareholders are willing to transfer this part out to the listed company, and will make decisions beneficial to the listed company in accordance with the principle of maximizing the interests of the listed company.
