\u3000\u3000 Anhui Zhongding Sealing Parts Co.Ltd(000887) (000887)
Event:
The company announced that its subsidiary AMC has obtained a batch supplier of air supply unit assembly products of air suspension system for a new platform project of an independent brand head enterprise in China. The life cycle of the project is 5 years, and the total amount of the life cycle is about 340 million yuan.
The orders of air suspension business are strong, and there is room for product expansion and improvement.
With the localization of the company’s air suspension technology and the rapid development of China’s independent brands and new energy vehicles, the company’s air suspension business has entered a period of rapid development since 2020. According to the company’s announcement, the company has obtained billions of orders in the life cycle in the field of air suspension, and its customers include China’s independent brands, new forces in vehicle manufacturing and overseas brands. At the same time, on the basis of accelerating the development of air compression units, the company accelerated the layout of air spring components. In the early stage, the group’s acquisition of Bridgestone damping business will expand the company’s air suspension business to “air compression unit + air spring” small assembly products, which is expected to promote the increase of the value of supporting single vehicles of the company (RMB 2000-5000) and its stickiness to downstream customers.
The business growth logic is clear, and the business prospect of intelligent chassis is good.
The company has built three growth points of fluid (pipeline), air suspension and lightweight to comply with the development trend of new energy and intelligence. Among them, the fluid business benefits from the development of new energy vehicles, resulting in the increase of single vehicle value, and the market space is expected to be 2-3 times that of traditional vehicles. Air suspension is an emerging market in China. After localization, the product price is further explored to lay the foundation for the popularization of follow-up products. At the same time, high-end autonomy and new energy development have brought short-term breakthroughs. During the reporting period, the company’s air suspension business received multiple project orders, and the air suspension business in the Chinese market has been steadily promoted. The lightweight chassis system has made steady progress, and together with the air suspension business, it has built an intelligent chassis system.
Investment advice
It is estimated that the company’s EPS from 2021 to 2023 will be 0.81/0.96/1.12 yuan respectively. Maintain the “buy” rating.
Risk tips
Fluctuation of raw materials; Risks such as lower than expected growth rate of production and sales of new energy vehicles
