Guangting information (301221)
Emerging intelligent vehicle intelligent manufacturers. The company is an enterprise that mainly provides customized development of automotive electronic software and software technology services for automotive parts suppliers and vehicle manufacturers. In the past ten years of development, the company’s business has gradually expanded from on-board navigation system to on-board information and entertainment system, liquid crystal instrument display system, on-board communication system, advanced driving assistance system (ADAS), chassis electronic control system, electric drive system and other fields, and has the ability of global and full stack software development for intelligent networked vehicles.
Provide intelligent electronic control scheme for new energy vehicles. The company’s products mainly include application software development services for new energy motor controller solutions, electronic power steering system (EPS) and electronic servo braking system. In the field of new energy electronic control, the company provides complete stack solutions for application layer software and basic software; for efficient integrated electric drive system, the company provides MCU (motorcontrolunit) electronic control solutions, The motor controller algorithm adopts advanced synchronous motor vector control technology, which ensures the ride comfort and good NVH characteristics of the vehicle, and greatly improves the driving comfort. It also provides BMS power management and VCU body control unit software solutions.
The proportion of automotive software value is increasing. According to McKinsey data, the proportion of software driven in the global vehicle content structure will increase from 10% in 2016 to 30% in 2030. With the intervention of emerging technologies such as artificial intelligence, 5g communication and vehicle networking, the proportion of software in the content structure of the whole vehicle will gradually increase, and the vehicle will gradually evolve from a traditional means of transportation to a highly intelligent networked mobile terminal. Enterprises similar to the company’s business include elektrobit, Thunder Software Technology Co.Ltd(300496) , Navinfo Co.Ltd(002405) , etc.
It is proposed to raise funds to invest in new areas of automotive intelligence such as domain controllers. The company plans to raise 387 million yuan in this IPO, of which 231 million yuan (59.4%) is used for the construction of basic automotive electronic software platform based on domain controller; 110 million yuan (28.4%) is used for the construction of intelligent networked vehicle test and simulation platform; 47 million yuan (12.2%) is used for the construction of intelligent networked vehicle software R & D center.
Investment suggestion: the company is an emerging automotive intelligent manufacturer, and plans to raise funds to invest in automotive intelligent directions such as domain controller and intelligent networking. We expect that the company’s EPS from 2021 to 2023 will be 1.25 yuan, 1.70 yuan and 2.62 yuan respectively, covering the “buy” rating for the first time.
Risk tip: the landing of new business is not as expected; Industry competition intensifies.
