\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 87 Anhui Zhongding Sealing Parts Co.Ltd(000887) )
The air suspension business has been designated again, with a total amount of about 3.69 billion yuan since 2020
On March 7, 2022, Anhui Zhongding Sealing Parts Co.Ltd(000887) announced that Anhui anmeike, a subsidiary of the company, became 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 about 5 years and the total life cycle amount is about 52 million yuan. The localization of the company's air suspension business has been accelerated since 2020. In 2021, the air supply unit assembly line of H1 company in China was completed. In addition, the company actively arranged air springs and other air suspension system parts. The company has successfully developed Chinese air suspension customers, and has obtained fixed points for many Chinese independent brands such as Weilai and Dongfeng and new forces of car making projects. Since 2020, it has announced that the total life cycle amount of air suspension fixed points is about 3.69 billion yuan. Considering the impact of the price rise of bulk commodities and raw materials on the company's profits, we lowered the company's profit forecast for 20212023. It is estimated that the net profit attributable to the parent company in 20212023 will be 1.03 (- 0.8) / 12.3 (- 1.9) / 1.63 (- 0.7) billion yuan and EPS will be 0.84 (- 0.07) / 1.01 (- 0.16) / 1.33 (- 0.06) yuan / share respectively, The current share price corresponds to 18.4 / 15.3 / 11.6 times of PE from 2021 to 2023 respectively. The company's new business expansion is accelerated, the upward trend of profit remains unchanged, and the "buy" rating is maintained.
Cooling pipeline and lightweight business are at full power, becoming another growth pole of the company's performance
The company's lightweight and cooling pipeline business has been promoted rapidly, and has successively obtained the fixed-point of many new power brand host factories and head independent brand host factories. Since 2020, the company's lightweight / cooling pipeline business has announced the total amount of fixed-point life cycle is 6.73/5.34 billion yuan respectively. The company's cooling pipeline business covers new energy vehicle battery cooling system, engine cooling system, automobile air inflation pipe series products, etc. the expansion of Shanxi Guoxin Energy Corporation Limited(600617) automobile customers is smooth. At present, it has basically realized the full coverage of new energy brands of new forces / independent automobile enterprises. The company's lightweight business has the technical advantages of multiple processes of ball joint manufacturing + aluminum forging. The technical strength of the ball joint hinge assembly of its subsidiary, Sichuan WANGJIN, is leading in China. The market expansion of lightweight business exceeds expectations. With the continuous supply of newly obtained fixed-point projects, the company's performance is expected to reach a higher level. Optimistic about new businesses such as air suspension, cooling system and lightweight, which will bring new growth drivers to the company, and measures such as management optimization will promote the company's profitability.
Risk tips: the demand for automobiles at home and abroad is less than expected, the cost reduction of the localization of the air suspension system is less than expected, the price of raw materials fluctuates sharply, and the exchange rate fluctuates sharply.
