\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 87 Anhui Zhongding Sealing Parts Co.Ltd(000887) )
Event: it was announced on March 7 that Anhui anmeike, a subsidiary of AMK China, recently received a customer’s notice that the company has become a batch supplier of air supply unit assembly products of air suspension system for a new platform project of a head independent brand main engine factory in China. The life cycle of the project is 5 years, and the total amount of the life cycle is about 52 million yuan.
Since 2020, the total number of air suspension orders has exceeded 3 billion, and the air suspension business has been implemented rapidly. In 2016, the company acquired AMK, the top three supplier of air suspension air supply system in the industry. In 2018, Anhui anmeike, AMK’s Chinese subsidiary, was established. According to the company’s announcement (since 2020), up to now, Anhui AMC’s air suspension business has accumulated new orders of 3.32 billion yuan, and its customers cover head independent brands such as Weilai and Dongfeng / new energy / commercial vehicle enterprises.
The whole line of air suspension + chassis lightweight + thermal management has been promoted in preparation for the electric intelligent era. Since 2020, the announcement shows that the company’s emerging business has received a total of more than 12.6 billion yuan of orders in China (thermal management + chassis lightweight + air suspension), of which the thermal management business / chassis lightweight / air suspension business is 5.34 billion yuan / 4.27 billion yuan / 3.32 billion yuan respectively. At present, the company has the system level supply capacity of air suspension, lightweight and thermal management. The value of single vehicle supporting Byd Company Limited(002594) , Weilai, ideal and Xiaopeng is up to 6000 yuan. With the development of air spring business and the expansion of chassis lightweight category, the price of single vehicle is expected to exceed 10000 yuan. In 2021h1, the revenue of the three emerging businesses accounted for 38% (year-on-year + 49%), and the company will continue to benefit from the trend of automotive electric intelligence.
The internationalization “three-step” strategy has entered the fulfillment period, and the international M & A in China has achieved good results. The company started the overseas M & a strategy in 2008, and is currently in the third stage of “global M & a”, “China landing” and “overseas control”. The company acquired German KACO (the leading supplier of high-end seal products) in 2014, German wegu (the leader in seismic and noise reduction technology in Europe), German AMK (the world’s top three air pump valves) in 2016 and German TFH (the world’s top three in thermal management pipeline) in 2017, A business layout covering chassis and thermal management system has been formed. Since 2016, the company has continued to promote business integration and landing in China. The proportion of revenue of local institutions of overseas companies has increased year by year (from 3.5% in 2016 to 9.7% in H121), which will become the incremental engine of the company.
Based on the closing price of RMB 1.34 billion and RMB 1.28 billion in 2022, we expect to maintain the net investment of RMB 1.38 billion and RMB 1.28 billion in 2022, which is 1.45 times of the closing price of RMB 1.34 billion and RMB 1.28 billion in 2022.
Risk tip: the progress of product development iteration and mass production is less than expected, the mitigation degree of chip shortage is less than expected, and the rise of raw material cost is more than expected
