\u3000\u3000 Ling Yun Industrial Corporation Limited(600480) (600480)
Ling Yun Industrial Corporation Limited(600480) : the lightweight business accelerates the layout, and the battery case products open up room for growth
Ling Yun Industrial Corporation Limited(600480) the main traditional businesses are lightweight safety structural parts, thermoformed products, automobile pipelines and other products. In 2015, the company acquired wag (vadashav) of Germany, further improved its technical capacity in the field of aluminum alloy and lightweight, and cut into the field of high-end new energy battery shell. 2021h1 Porsche, BMW, PSA, Contemporary Amperex Technology Co.Limited(300750) , Great Wall Motor Company Limited(601633) and other battery case projects have achieved mass production. In July 2021, the company invested in battery case expansion and other projects through fixed increase fund-raising to speed up the production capacity layout, which is expected to contribute to the performance increment in the future. We estimate that the company's revenue from 2021 to 2023 will be 15.201/17.636/20.347 billion yuan respectively, the net profit attributable to the parent company will be 278/3.89/491 million yuan respectively, and the EPS will be 0.36/0.51/0.64 yuan / share respectively, corresponding to the current PE price of 24.9/17.8/14.1 times. The company's battery case business is progressing smoothly and is expected to achieve rapid growth in the future. The company will be given a "buy" rating for the first time.
The leading position of automobile pipeline business is stable, or it may benefit from the trend of energy conservation, emission reduction and electrification
The main body of the company's automobile pipeline business is Yada automobile. Yada automobile is the leader of China's automobile pipeline system. In 2020, the company added 229 fixed-point projects in its automobile pipeline business. In the first half of 2021, it won a new localization project of cooling pipe of a Tesla Model, and continued to maintain its leading position in the industry. Under the trend of energy conservation, emission reduction and electrification, the company has deep technical reserves and multiple competitive advantages. The volume and price of automobile pipeline products are expected to rise at the same time, and it is expected to contribute to stable performance increment in the future.
The lightweight business continued to expand, and the acquisition of WAG cut into the field of battery shell of new energy vehicles to open up growth space
Energy saving and emission reduction policies are becoming stricter. Hot formed high-strength steel and aluminum alloy materials are two important ways to realize lightweight. The main direction of the company's lightweight business is thermoforming and aluminum alloy. Among them, thermoforming technology is dedicated to the manufacturing of high-strength steel sheet stamping parts. In recent years, the project has continued to expand and the performance has increased steadily; The traditional product of the company's aluminum alloy business is bumper. In 2015, the company acquired wag of Germany, further improved its technical capacity in the field of aluminum alloy lightweight, and successfully entered the field of battery shell of new energy vehicles. The company has set up battery case production bases in Shenyang, Zhuozhou, Wuhan, Ningde and Germany. It is a designated supplier of Porsche, BMW, Mercedes Benz, Audi, beam cars, Contemporary Amperex Technology Co.Limited(300750) , Great Wall Motor Company Limited(601633) and many projects have achieved mass production. In July 2022, the company invested in the battery case project through fixed increase fund-raising to speed up the production capacity construction, which is expected to contribute to the performance increment in the future.
Risk tip: the sales volume of new energy vehicles is lower than expected, the progress of capacity construction is lower than expected, the epidemic situation is repeated, etc.
