Zhejiang Asia-Pacific Mechanical & Electronic Co.Ltd(002284) (002284)
Event overview:
On January 3, 2022, the company announced that it has recently received a fixed-point notice from Zhejiang lingpao Technology Co., Ltd. that the company will develop and produce products with electronic parking rear brake assembly (EPB) of a11 project as a parts development and production supplier of lingpao technology.
Head independent "demonstration effect" is opened, and customers of automotive electronics business are expected to accelerate the breakthrough
The company's core electronic product EPB assembly has won the fixed point of the head new power brand Zero run automobile a11 project, and the expansion of automobile electronic customers has made full efforts. In 2021, the total sales volume of Zero run automobile was 43000, of which 7807 were delivered in December, with a month on month increase of 39% and a year-on-year increase of 368%. It is a core new force automobile manufacturing enterprise. The a platform project is expected to be an iterative platform with zero running s / T platform, covering compact SUV models. With the continuous volume of leading new cars, the company's EPB products are expected to continue to drive the rapid increase of its automotive electronics revenue. At present, the company's EPB products have been designated by many core models such as great wall ec01 and chb025a model platform. This time, it has won the designated point of Zero run automobile core model EPB assembly project of core new power automobile enterprises again. It is expected that the independent "demonstration effect" of Great Wall Motor Company Limited(601633) head has been started, and the company's automotive electronics customers are expected to accelerate the breakthrough.
With the rise of independent brands and a complete automotive electronic product line, the company is expected to become a "Bosch" in China's braking field
With the comprehensive rise of independent brands, abundant reserves of the company's automotive electronic product line and continuous optimization of customer structure, it is expected to achieve "accompanying" growth with independent vehicle enterprises and become a "Bosch" in China's braking field. The company continues to increase investment in research and development of automotive electronic products. At present, automotive electronic products include ABS / EPB / ESC and IBS, with rich product line reserves. At present, it has carried out close cooperation with core independent brands such as FAW, Dongfeng, great wall, SAIC, Geely and Chang'an and core new force auto enterprises such as Zero run automobile, and the customer structure has been continuously optimized. Under the general trend of the overall rise of independent brands, the company's share in China's automotive electronics market is expected to increase significantly. The company will achieve "accompanying" growth with independent vehicle enterprises and become a "Bosch" in China's braking field.
Investment suggestions:
It is estimated that the company will achieve a revenue of RMB 3.45/41.9/5.47 billion and a net profit attributable to the parent of RMB 0.70/1.22/199 billion from 2021 to 2023. The current market value corresponds to 110 / 63 / 39 times of PE from 2021 to 2023. The company's automotive electronic products continue to be in large quantities, and its performance is expected to return to a historical high level. As a leader in China's braking industry, it is expected to enjoy a valuation premium and maintain the "recommended" rating.
Risk tips:
Raw material price fluctuations lead to low gross profit margin, less than expected new product expansion, exchange rate risk, etc.
