\u3000\u3 Shengda Resources Co.Ltd(000603) 730 Shanghai Daimay Automotive Interior Co.Ltd(603730) )
Events
The company issued an announcement on obtaining orders for ceiling systems in the field of new products. Recently, it has obtained orders for ceiling systems from well-known foreign new energy vehicle manufacturers, and has become the customer’s ceiling system integration supplier, which will develop Supporting new energy vehicle ceiling system integration products (including ceiling, ceiling central controller, sunshade system, ceiling interior trim, sunshade and other products). The planned mass production time of this order is from the first quarter of 2023, and the supply value of single vehicle of the project order is about 500800 US dollars. After mass production and supply of orders, it will have a positive impact on the subsequent business development of the company and further improve the market position of the company in the field of automotive interior decoration.
Actively explore the market and product positioning of new energy vehicles
In recent years, the company has continuously increased R & D investment, actively explored the new energy vehicle market and products, and successfully entered the parts supporting system of well-known new energy vehicle manufacturers at home and abroad, such as Tesla, Weilai, Xiaopeng and ideal. This order will expand the company’s products from single and partial automotive interior products such as sunshades to products in the large field of the integration of the whole ceiling system. It is expected to significantly improve the single vehicle supply value and sales of the company’s products and have a positive impact on the company’s future business performance.
Improve the global marketing and delivery capacity of products and promote the development of overseas business
The company has established overseas branches in the United States, Germany and other countries, has business networks in 20 countries and regions, has established product development and supporting supply relations with foreign mainstream vehicle manufacturers such as Mercedes Benz, BMW and Audi, and has successfully supplied sunshades, ceilings and other products for foreign new energy vehicle manufacturers such as Tesla and rivian. This order is expected to further improve the global marketing and delivery capacity of the company’s products and have a positive impact on the development of the company’s overseas business.
Investment suggestions:
In the short term, although the revenue side and cost side are affected by external factors, the company continues to increase product / customer expansion and R & D investment. The company’s products have gradually entered the new market of automobile ceiling products. Automobile ceiling products have obtained orders in North America, which will play a positive role in the growth of the company’s future operating revenue and profit. We believe that local auto zero continues to be optimistic about the globalization of local auto zero due to its low labor cost, perfect industrial chain, fast response speed and significant scale effect. It is estimated that the company’s net profit attributable to the parent company in 21, 22 and 23 years will be RMB 520 / 7.0 / 940 million and EPS will be RMB 0.72/0.96/1.30 respectively, maintaining the “buy” rating.
Risk tip: the impact of downstream core shortage intensifies, the price of raw materials / sea freight increases, the sales volume of supporting models is lower than expected, and the industry competition intensifies.
