Lianchuang Electronic Technology Co.Ltd(002036) (002036)
1、 Event overview
On December 25, 2021, the company held the board of directors, and Dr. Zeng Jiyong was promoted to Chairman of the board of directors, and the key personnel of the optical team were promoted to vice president.
2、 Analysis and judgment
Dr. Zeng Jiyong was promoted to Chairman of the board and vice president of the optical team
Dr. Zeng Jiyong was formerly Lianchuang Electronic Technology Co.Ltd(002036) vice president and general manager of the optical business department, and was bound to act in concert with the actual controller, Mr. Han Shenglong. Zeng Borong, chairman of the board of directors and director of the strategy committee, will participate more in the company’s strategy formulation and operation and management activities in the future. In addition, the vice president of the optical team was promoted to bind the core technicians, including Hu Junjian, Wang Tao, Li Liang, Wang Zhuo and other leaders.
Weilai’s new car release exceeded expectations, and Lianchuang is its ADAS module supplier
Et7 / et5 Weilai NT2 For the two heavy-duty models launched on the new platform, et7 will open the lock order on January 20, 2022 and deliver on March 28; Et5 is expected to be delivered in September 2022. Lianchuang is the core ADAS optical supplier of two models, both of which supply seven 8madas on-board modules. With the launch of new models, Lianchuang’s vehicle business is about to expand.
Lens and module capacity reserves are sufficient, binding core partners to strengthen industrial advantages
The company has sufficient capacity reserves, the self-made rate of molded glass is 100%, and the resources are inclined to vehicle optics. Hefei automotive optical industrial park plans 50 million automotive lenses and 50 million modules per year, with sufficient capacity planning to strengthen its core advantages. The company has strategic cooperation with solution manufacturers such as Mobileye, NVIDIA, Huawei, Aurora and Dajiang, and the vehicle lens has signed fixed-point contracts with well-known customers such as Valeo, Magna, APTIV, mcnex, Tesla and Weilai. The company’s 8madas vehicle lens has also been successfully developed and recognized by customers, and is expected to further extend to the module.
3、 Investment advice
It is estimated that the company’s revenue from 2021 to 2023 will be 9.5/113/13.5 billion yuan, and the net profit attributable to the parent will be 3.0/5.0/840 billion yuan. Based on 20 years, the compound growth rate of net profit attributable to the parent will be 72% in the next three years, corresponding to peg0.5% next year 72。 Considering that the volume and price of on-board optics are rising at the “golden track”, the company is the core manufacturer of ADAS optics, with high competitive barriers and strong scarcity, and the valuation switch is carried out at the end of the year to maintain the “recommended” rating.
4、 Risk tips:
The development of on-board customers is less than expected, the capacity expansion is less than expected, and the product yield is less than expected.
