\u3000\u3000 Huada Automotive Technology Corp.Ltd(603358) (603358)
Key points of the report:
We have been deeply engaged in the field of automobile stamping for nearly 30 years, and the new energy business has developed rapidly
The company has been deeply engaged in the field of automobile stamping for nearly 30 years and has accumulated rich experience in stamping, welding technology and mold R & D. at present, it has become a high-quality supplier of automobile parts in China. In the wave of global automotive electric intellectualization, the company has actively explored the new energy market, continuously expanded product categories through acquisition and independent research and development, developed businesses such as battery tray assembly and motor shell, and laid out integrated die casting and other technologies, opening a new growth pole of the company.
The battery box business continues to be large-scale, and the aluminum casting lightweight business is arranged through in-depth cooperation with Hangda new materials
The company acquired Jiangsu Hengyi in 2018 to enter the field of new energy vehicle parts, and its downstream customers cover weixiaoli, Contemporary Amperex Technology Co.Limited(300750) , SAIC times, etc. Hengyi's planned production capacity of battery trays is 1.2 million in 2022 and 2 million in 2023. In the future, the company will gradually increase investment to further expand production capacity. In addition, aluminum die casting will become the mainstream process under the background of lightweight new energy vehicles, and the high-strength and integrated super production line will be the general trend in the future. Through in-depth cooperation with Hangda new materials, the company strengthens the layout in the field of aluminum alloy casting, makes full use of Beihang's technical advantages in the field of lightweight, and continues to promote the R & D and implementation of integrated die-casting technology. Combined with the company's deep technical reserves in the field of stamping and welding, it is expected to grow into a global leader in aluminum alloy lightweight parts in the future.
It is proposed to increase capital and introduce Contemporary Amperex Technology Co.Limited(300750) affiliated strategic investors to consolidate the ability of sustainable development
Subsidiary Jiangsu Hengyi plans to introduce strategic investors with new energy industry background chendao new energy and Ningbo Chaoxing venture capital through capital increase and share expansion, of which the second shareholder of chendao new energy is a wholly-owned subsidiary of Contemporary Amperex Technology Co.Limited(300750) . The proposed capital increase will further strengthen the cooperation between the company and Contemporary Amperex Technology Co.Limited(300750) in the field of battery boxes, and lay a solid foundation for the company to continue to expand the field of new energy vehicles in the future.
Investment advice and profit forecast
Huada Automotive Technology Corp.Ltd(603358) is a leading enterprise in the field of automotive stamping parts in China. Its traditional stamping parts business will benefit from the recovery of the whole automotive industry. In the context of electric intelligence, the company's new energy business is expected to fully enjoy the huge development space brought by market expansion. In 2025, the market of Shanxi Guoxin Energy Corporation Limited(600617) vehicle battery box is expected to exceed 30 billion. At present, the company continues to increase the volume of battery trays and gradually increase investment to expand its production capacity. In the future, the company will continue to expand product categories and downstream application fields by means of independent R & D and M & A integration. We expect that from 2021 to 2023, the company's revenue will be RMB 4482 / 5546 / 7271 million respectively, and the net profit attributable to the parent company will be RMB 333 / 422 / 580 million. The current share price corresponds to EPS of 0.76/0.96/1.32 yuan and PE of 27.3/21.6/15.7 times. It is rated as "overweight" for the first time.
Risk tips
The price of raw materials rose, the production capacity was lower than expected, and the prosperity of the industry decreased.
