Jiangsu Rongtai Industry Co.Ltd(605133) increase the capacity of aluminum alloy parts. On December 23, Jiangsu Rongtai Industry Co.Ltd(605133) (605133) announced that it planned to issue convertible bonds with a total amount of no more than 650 million yuan. Of the raised funds, 380 million yuan was invested in the aluminum alloy parts project with an annual output of 1.1 million new energy vehicles, and the other 270 million yuan was invested in the phase II expansion project of automotive precision aluminum alloy castings in Mexico.
For the new energy automobile aluminum alloy parts project, Jiangsu Rongtai Industry Co.Ltd(605133) plans to take the company’s existing land as the implementation site, introduce advanced automatic production equipment units such as die casting machines, heat treatment furnaces and processing centers from abroad, comprehensively improve the automation level of the existing die casting production line and improve production efficiency. The construction period of the project is 18 months, and the after tax investment payback period of the project is 7.35 years (including the construction period).
Compared with traditional fuel vehicles, new energy vehicles have more stringent requirements on body weight. Taking Byd Company Limited(002594) Qin ev300 as an example, in order to pursue long endurance, its battery pack weight reaches nearly 500kg, while the total engine weight of traditional vehicles is generally 80-160kg. The driving range of a 70L gasoline vehicle can reach 700-900km, while the driving range of an electric vehicle with 500kg battery is only about 400km
The pursuit of mileage makes the new energy vehicles show the trend of lightweight, so the demand for aluminum alloy materials is increased in the design. According to the announcement, according to the prediction of China Automobile Industry Association, in 2015, when the aluminum consumption of traditional fuel vehicles is 160kg, the aluminum consumption of new energy vehicles is 250kg, and the proportion of the two is about 1.56. According to this proportion, the aluminum alloy consumption of new energy vehicles from 2020 to 2022 is 297, 313 and 328kg respectively. If calculated according to the unit price of automobile aluminum alloy of 40000 yuan / ton, aluminum process medium pressure castings account for 65%. In 2022, the global and medium Shanxi Guoxin Energy Corporation Limited(600617) automobile aluminum alloy market space will be 64.3 billion yuan and 30.8 billion yuan respectively, and the aluminum alloy die casting market space will be 41.8 billion yuan and 20 billion yuan respectively.
In addition, Jiangsu Rongtai Industry Co.Ltd(605133) also saw the opportunity of domestic substitution of aluminum alloy parts. In the announcement, it said that the scale of China’s automobile aluminum alloy die casting enterprises is still relatively small, and the supporting market of medium and high-end models is still dominated by foreign capital or joint ventures, which also leaves huge substitution space for domestic automobile aluminum alloy precision die casting enterprises. At present, Jiangsu Rongtai Industry Co.Ltd(605133) has signed a number of new energy vehicle parts orders or framework cooperation agreements, including Byd Company Limited(002594) , great wall, BMW 7 series new energy vehicle precision die castings, etc.
The second phase of Mexico auto precision aluminum alloy casting, another raised investment project, mainly produces el58 gearbox housing, bt1xx steering housing precision die castings and other products, which are supplied to major customers such as ZF and Nextel in North America, and applied to large pickup trucks and new energy pickup trucks produced by customers such as paccar LNC and stellantis group, Realize the expansion of the company’s products from the field of passenger vehicles to the field of commercial vehicles. The construction period of the project is 24 months, and the after tax investment payback period of the project is 7.40 years (including the construction period)
Affected by the price rise of upstream raw materials and other factors, Jiangsu Rongtai Industry Co.Ltd(605133) this year’s performance increased revenue without increasing profit. The financial report shows that in the first three quarters of this year, the company achieved a revenue of 813 million yuan, a year-on-year increase of 23.3%; The net profit attributable to the parent company was 82.6871 million yuan, a year-on-year decrease of 14.29%.
In the secondary market, Jiangsu Rongtai Industry Co.Ltd(605133) has increased significantly recently. It has increased by more than 68% since November. The latest closing price is 29.99 yuan per share, with a total market value of 4.798 billion yuan.
(Securities Times · e company)
