Shinry Technologies Co.Ltd(300745) (300745)
Shinry Technologies Co.Ltd(300745) : the leading enterprise of Shanxi Guoxin Energy Corporation Limited(600617) automotive vehicle power supply is expected to achieve rapid growth
Shinry Technologies Co.Ltd(300745) core products include on-board charger, on-board DC / DC converter and on-board power integration products, which are applied to various new energy vehicles such as passenger cars, buses and special vehicles. The market share of on-board power products in China is in a leading position. The company has made great achievements in passenger car business in recent years, and entered Xiaopeng P7 supply system in 2019; In 2021, it will enter the vast architecture supply system of Byd Company Limited(002594) dm-i and Geely sea, which is expected to contribute to the performance increment. We estimate that the company’s revenue from 2021 to 2023 will be RMB 899 / 1599 / 2598 million respectively, the net profit attributable to the parent company will be RMB 24 / 158 / 267 million respectively, the EPS will be RMB 0.20 / 1.28 / 2.16/share, corresponding to the current PE price of 416.4 / 64.2 / 37.9 times. The company will achieve a great breakthrough in the passenger car on-board power supply business in 2021, Byd Company Limited(002594) dm-i and Geely sea’s vast structure are expected to bring performance increment to the company, We believe that its performance inflection point is coming, and give it an “overweight” rating for the first time.
The sales volume of new energy vehicles continues to increase, and the vehicle power supply market is in the ascendant
According to the passenger Association, the retail sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles from January to October 2021 was 2.319 million, a year-on-year increase of 191.9%. Billion Europe predicts that the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles will be 11.38 million in 2025 and the CAGR will be 52.8% from 2020 to 2025. Taking 2020 as an example, the average unit price of the company’s on-board power supply products is 2710 yuan, corresponding to the scale of China’s on-board power supply market in 2020 is 4.1 billion yuan. Assuming that the average annual decline of product price in the future is 2%, it is expected that the scale of China’s on-board power supply market will be 27.88 billion yuan in 2025 and 46.7% CAGR in 2020-2025. The on-board power supply market is in the ascendant and the industry space is broad.
The company’s on-board power supply has a high market share in China. It entered the Byd Company Limited(002594) dm-i and krypton supply system in 2021. From 2006 to 2020, the company’s cumulative shipment of new energy vehicle on-board power supply was 1065500 sets, accounting for about 19.3% of the Chinese market share. Compared with Chinese competitors, the company has competitive advantages in customer resources, product market share and business scale. The company has made great achievements in passenger car business in recent years. In 2019, it entered Xiaopeng P7 supply system to supply OBC + DC / DC + PDU products; In 2021, it will enter the vast architecture supply system of Byd Company Limited(002594) dm-i and Geely sea, which is expected to contribute to the performance increment.
Risk tip: the sales volume of new energy vehicles is lower than expected, the company’s capacity expansion is lower than expected, the epidemic situation is repeated, etc.
