\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 87 Anhui Zhongding Sealing Parts Co.Ltd(000887) )
On September 9, 2029, a subsidiary of Anhui Sitong Technology Co., Ltd. received the notice of batch management of new products of a pipeline factory, which became a new product supplier of Sitong Technology Co., Ltd. The life cycle of the project is 5 years, and the total amount of the life cycle is about 213 million yuan.
The thermal management business continues to make efforts, and is designated again to highlight the core competitiveness of products
In 2017, through the acquisition of TFH layout thermal management business, a global circulation leading company, the company was committed to the R & D and supporting of engine and battery thermal management system assembly products. TFH has advanced technologies such as createube process and TPV hose, ranking second in the market share of automotive cooling pipeline segment in the world, and has strong market competitiveness. After the acquisition of TFH, the company deeply integrated it, and China reverse invested to establish Anhui testone. Based on TFH, the company quickly mastered the world's leading thermal management system assembly technology, and has become a high-end supplier of automotive thermal management system assembly products in China. At present, the company has received orders for thermal management pipeline assembly from Geely, ideal, Xiaopeng, Zero run and other auto enterprises. This time, it has been recognized by a new power brand host factory in China again, highlighting the core competitiveness of the products, and is expected to accelerate the continuous expansion of the company's new energy vehicle thermal management pipeline business in China. Up to now, the total amount of thermal management pipeline ordering points of the company has reached 5.556 billion yuan, which will contribute up to 1.111 billion yuan of revenue to the company every year according to the five-year life cycle.
With air suspension as the core, accelerate the layout of intelligent chassis strategy and comprehensively meet the transformation of Electric Intelligence in the industry. Now, the total amount of fixed-point projects has reached 12.3 billion yuan
The value of the company's traditional automobile damping and sealing rubber business is only a few hundred yuan. The value of the intelligent chassis business hollow suspension (intellectualization), chassis lightweight assembly (lightweight) and thermal management pipeline assembly (electrification) is tens of thousands of yuan. The value of the intelligent chassis business has increased significantly. At present, the company's traditional business revenue has ranked among the top 100 parts in the world. Large scale brings cost advantages, high-quality customer structure, as well as the in-depth absorption and localization of overseas advanced technology, providing the company with stable cash flow. With the air suspension as the core, the company accelerates the layout of the intelligent chassis strategy, grasps the core technology through high-quality mergers and acquisitions, realizes localization through reverse investment, and has the first mover advantage. It is expected to quickly seize the market in the transition period of electric, intelligent and lightweight industry, and become a global leader in automotive electronic parts. Up to now, the intelligent chassis announced by the company has won a total of 12.314 billion yuan of fixed-point projects in China, including 2.485 billion yuan of air suspension and 4.273 billion yuan of lightweight. The increase in volume and price of incremental business is expected to significantly open up the growth space of the company and drive the "double click" of the company's performance and valuation.
Investment suggestion: it is estimated that the company will achieve a revenue of RMB 13.028/13.715/14.929 billion and a net profit attributable to the parent company of RMB 1.050/11.50/1.388 billion from 2021 to 2023. The current market value corresponds to 19 / 17 / 14 times of PE from 2021 to 2023. With the cyclical recovery of the company's performance and the continuous promotion of the smart chassis strategy, as a global leading company of parts and components, it is expected to enjoy a valuation premium and maintain the "recommended" rating.
Risk tip: raw material price fluctuations lead to low gross profit margin, new product expansion is less than expected, exchange rate risk, etc
