\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 81 Zhuhai Enpower Electric Co.Ltd(300681) )
The company has been cultivating electric drive products for many years, and its performance has been continuously improved in recent years
The company is an enterprise focusing on the R & D and production of new energy vehicle power system. The company’s main products are new energy vehicle powertrain, power supply assembly, driving motor, motor controller, on-board charger, DC-DC converter and other core parts of new energy vehicle electric drive. The company’s products can be applied to the whole series of new energy vehicles, hybrid vehicles, commercial vehicles, electric vehicles, etc., and are also widely used in the fields of electric engineering machinery, electric special vehicles and so on. The company has a professional R & D team and world-class laboratory. At present, it has Zhuhai headquarters and Shandong Heze north base.
The company’s revenue and profit began to grow rapidly. In terms of revenue, the company’s 2020 and 2021q1-3 were 421 million yuan and 455 million yuan respectively, with a year-on-year increase of 32.18% and 85.53%. From the perspective of net profit attributable to the parent company, the company realized from loss to profit in 2020. Q1-3 in 2021 was 17 million yuan, with a year-on-year increase of 929.34%. According to the performance forecast of the company in 2021, the net profit attributable to the parent company in 2021 is expected to be 46-56 million yuan, with a year-on-year increase of 249.62% – 325.63%. Among them, the net profit attributable to the parent company in the single quarter of 2021q4 increased significantly, with a year-on-year increase of 152.01% – 238.93%, mainly benefiting from the rapid volume of the company’s drive assemblies and electronic control products.
The market space of electric drive power supply for new energy vehicles is broad, and the integration trend is obvious. The two modes of self supply and external mining will coexist for a long time
China Shanxi Guoxin Energy Corporation Limited(600617) automobile production, sales and penetration increased rapidly, promoting the rapid expansion of the market scale of motor, electronic control and power supply system industries. According to the data of China Automobile Industry Association, the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) vehicles in China in 2021 was 3.521 million, with a year-on-year increase of 157.5%. Driven by the demand for new energy vehicles, the market scale of China’s motor, electronic control and power supply system industry has expanded rapidly. It is estimated that the market scale of China’s motor electronic control and power supply system will total about 87.095 billion yuan in 2025, and the CAGR will reach 23.72% from 2021 to 2025. In recent years, the electric drive system and power supply system of new energy vehicles have shown the trend of integration, high speed and high efficiency; In addition, we judge that for a long time, the two modes of self supply and outsourcing will coexist for a long time, and finally the market share of the electric drive system company with cost advantage will continue to increase.
As the pioneer of single pipe parallel solution, the company has obvious advantages, and the release of production capacity ensures the rapid growth of performance
Single tube parallel control scheme can improve efficiency and reduce cost. Compared with the traditional pure electric vehicle motor controller drive module, by connecting multiple single tube devices in parallel to form a complete drive device, it can not only improve the output power of the controller, but also reduce the cost of the motor controller by about 15%. However, the single tube parallel scheme is difficult to control under high voltage and high current, and there are few high wattage application products at present. Since its establishment, the company has continuously focused on the R & D and production of electronic control single tube parallel scheme products for new energy vehicles for 17 years. It has made breakthroughs in key technologies such as dynamic and static current sharing technology and laminated busbar, and further developed the third generation “integrated core” powertrain products. In 2021, the company’s market share in the field of electronic control of new energy vehicles has entered the top ten in China, reaching 3.45%. The company’s supporting mainstream vehicle enterprises and designated models are increasing. Among new energy passenger vehicles, the company’s products have achieved mass production of all series of passenger vehicles such as A00, a, B, MPV and SUV. Half of the top 20 new energy passenger vehicle manufacturers in 2021 have become the company’s customers. Among the new energy commercial vehicles, logistics vehicles, special vehicles and special vehicles, the company has successfully expanded among the industry benchmark customers Hangcha and ZF.
The company’s capacity continues to expand, and the automation level of the production base is expected to be improved. The company has two major production bases in Zhuhai, Guangdong and Heze, Shandong. According to the company’s plan, Zhuhai Zhuhai Enpower Electric Co.Ltd(300681) will mainly produce a0-c model drive assembly and power assembly products, and Shandong Zhuhai Enpower Electric Co.Ltd(300681) will mainly be engaged in the production of A00, special vehicles and power system core parts in other subdivided fields. In addition, the company plans to raise funds to further expand production capacity and improve the company’s automatic production level.
Profit forecast and Valuation: since its establishment, the company has focused on the R & D and production of core components of electric drive of new energy vehicles, and has a leading advantage in single tube parallel scheme. Looking forward to the future, with the rapid development of new energy vehicles, the company is expected to continue to increase its market share by relying on products with higher cost performance and higher energy density. We expect the company to realize operating revenue of RMB 983 million, RMB 2132 million and RMB 3358 million from 2021 to 2023, with a year-on-year increase of 133.41%, 116.94% and 57.52% respectively; The net profit attributable to the parent company was 50 million yuan, 160 million yuan and 301 million yuan, with a year-on-year increase of 282.64%, 218.57% and 87.86% respectively. The corresponding PE was 135.09, 42.41 and 22.57 times respectively. The “buy” rating was given for the first time.
Risk warning: risk of rising raw material prices; The prosperity of the new energy vehicle industry is less than the expected risk; Risk of product R & D progress falling short of expectations.
