\u3000\u3 China Vanke Co.Ltd(000002) 402 Shenzhen H&T Intelligent Control Co.Ltd(002402) )
Build a 2 + 2 business pattern
Based on its long-term accumulation and leading position in the field of intelligent controller, the company has continued to diversify and globalize its layout, and has built a business blueprint including two core sectors of intelligent controller and RF chip, as well as two emerging businesses of automotive electronics and energy storage. The company implements the “three high” business positioning of high-end technology, high-end products and high-end market, and has strong comprehensive operation, supply chain integration and technology R & D capabilities.
Future growth exceeds expectations
The automotive electronics business is expected to grow rapidly: the company has arranged products such as body domain control and thermal management, and has established cooperative relations with global Tier1 manufacturers such as BorgWarner and Nico, as well as Chinese new power vehicle manufacturers such as Weilai, Xiaopeng and ideal. As of 2021, the orders in hand have reached about 8 billion yuan. The company has rapidly increased its sales in Shenzhen, Hangzhou, Vietnam Romania’s production line investment, increase capacity expansion and meet customer order delivery requirements.
T / R chip is expected to become an important driver: Chengchang technology under the company has the core competitiveness of independent design and R & D of millimeter wave T / R RF chip, and the status of industrial chain is scarce. Driven by the development of Satellite Internet, military phased array radar and 5g millimeter wave communication in the future, the demand for phased array T / R chip in China is expected to burst.
The new energy field is progressing smoothly and flexible: the rapid development of the energy storage industry drives the market demand for controllers in the energy storage field. The company integrates the experience and control theory of automotive electronics and high voltage and high current products into energy storage products and continues to upgrade technology. At present, the company has completed the technical development and mass production of some projects.
Increase of share in the field of household appliances and electric tools: focusing on the high-end market, it is the main partner of Electrolux, Whirlpool (China) Co.Ltd(600983) , Siemens, TTI and other major partners. Based on its advantageous R & D and delivery capacity, its business scale and market share are expected to continue to increase.
Profit forecast and valuation
We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 731 million yuan, 975 million yuan and 1.271 billion yuan, and the PE will be 28 times, 21 times and 16 times respectively. Considering the business elasticity of the company’s automotive electronics, t / R chips, energy storage and other fields, the future growth is expected to exceed expectations. For the first time, give a “buy” rating.
Possible catalysts: the expansion of automotive electronics and energy storage fields exceeded expectations.
Risk warning: the gross profit margin decreased more than expected; Order acquisition is not as expected.
