\u3000\u3 Shengda Resources Co.Ltd(000603) 730 Shanghai Daimay Automotive Interior Co.Ltd(603730) )
Core view
Event: the company issued an announcement on obtaining orders for ceiling system in the field of new products.
The company obtained the order of ceiling system integration from foreign new energy vehicle enterprises. On March 9, the company announced that recently, the company has obtained a new order for ceiling system from well-known foreign new energy vehicle manufacturers, and will develop and support new energy vehicle ceiling system integration products for customers, including ceiling, ceiling central controller, sunshade system, ceiling interior trim, sunshade, etc. The planned mass production time of this order is the first quarter of 2023, and the supply value of single vehicle is about 500800 US dollars. After obtaining the order this time, the company will become a ceiling system integration supplier, which is of great significance to the expansion of the company’s product line and the improvement of the supply value of single vehicles.
Actively explore the market of supporting products for new energy vehicles, and the order of ceiling system integration will increase the value of the company’s single vehicle. With the rapid increase of global sales of new energy vehicles, the company closely follows the development trend of new energy vehicles, actively develops new markets and products of new energy vehicles, has entered the supporting systems of new energy vehicle enterprises at home and abroad such as Weilai, Xiaopeng, ideal and Tesla, and has developed a number of new technologies such as new sunshade lamp switching structure, 360 degree rotating ceiling reading lamp and pull rod structure patent technology New products. The company maintains a close synchronous development rhythm with existing customers and gradually cuts into the new field of automobile ceiling. After obtaining the ceiling system integration order from foreign new energy vehicle enterprises this time, the company’s products will be expanded from single products such as sunshade, headrest and ceiling central controller to the integration of the whole ceiling system, and the single vehicle supply value of the company’s products will be greatly improved, It will have a positive impact on the company’s revenue and profits.
The company has strong global delivery and sales service capabilities. The company has strong global delivery ability and supplies supporting products for large multinational car enterprises such as Mercedes Benz, BMW, GM, Volkswagen and Ford in the international market. In order to better expand the international market and meet the delivery needs of customers, the company has established production bases in the United States, France, Mexico and other places, and set up wholly-owned subsidiaries in the United States, Germany, South Korea, Mexico, Japan and other places, gradually building a global marketing and service network covering 18 countries, It is expected that the global delivery and sales service capabilities gradually established by the company will provide a solid guarantee for the company to continuously obtain global orders.
Profit forecast and investment suggestions
Slightly adjust the expense rate and gross profit margin. It is predicted that the EPS from 2021 to 2023 will be 0.87, 1.08 and 1.33 yuan respectively (original 0.87, 1.18 and 1.43 yuan). According to the 22-year PE valuation and referring to the average valuation level of comparable companies, 19 times the PE valuation in 2022 will be given, and the target price will be 20.52 yuan, maintaining the buy rating.
Risk tips
The supporting quantity of sunshade, headrest and ceiling products of passenger cars was lower than expected, and the profit improvement of Motus was lower than expected.
