Special coverage of new shares of Jingwei Hengrun: Jingwei Hengrun (issue 29, 2022)

Jingwei Hengrun (688326)

(the special coverage report of new shares aims to conduct a simple research and sorting on the recently inquired listed companies)

Key investment points

A total of one company made an inquiry in this period, and the "Jingwei Hengrun" listed company on the science and Innovation Board will make an inquiry on March 31 (Thursday).

Jingwei Hengrun (688326): the company focuses on providing electronic products, R & D services and solutions and overall solutions for high-level intelligent driving for customers in the fields of automobile, high-end equipment and unmanned transportation. The company's business covers all stages from electronic system R & D, production and manufacturing to operation services. Specific products include automotive electronic products, high-end equipment electronic products and automotive electronic product development services. From 2019 to 2021, the company achieved operating revenue of 1.845 billion yuan / 2.479 billion yuan / 3.262 billion yuan respectively, yoy was 19.91% / 34.35% / 31.61%, and the annual compound growth rate of operating revenue in the three years was 28.5%; The net profit attributable to the parent company was - 60 million yuan / 74 million yuan / 146 million yuan, yoy was - 387.2% / 223.5% / 98.37%, and the compound annual growth rate of the net profit attributable to the parent company in three years was 91.6%. According to the company's preliminary forecast, the net profit attributable to the parent company in 2022q1 is expected to increase by - 223.74% to - 161.87% year-on-year.

Investment highlights: 1. The company is China's leading automotive electronic service provider with early layout of intelligent driving and other related businesses in China. Benefiting from the trend of China's automotive Zhilian and online connection, the related businesses are expected to maintain rapid growth. The company is one of the few enterprises in China that can realize the coverage of intelligent driving electronic products, R & D services and solutions, and high-level intelligent driving overall solutions; The company has started the research and development of intelligent driving electronic products since 2010. In 2016, the self-developed ADAS system successfully carried out mass production supporting in SAIC Roewe rx5 model, breaking the monopoly of foreign companies in this field. So far, the company has completed the iteration of the fourth generation ADAS system; At the same time, in 2015, the company entered the field of high-level intelligent driving business and developed single vehicle intelligent solutions, intelligent fleet operation management solutions and vehicle cloud data center solutions. In terms of product market share, according to the statistics of zoth automotive research, in 2020, the company's ADAS product assembly volume was 178000, with a market share of 3.6%. It is the only local enterprise among the top ten suppliers of front view system for new passenger cars in China. 2. The company's product lines are matched with each other. Not only have the main products such as ADAS, cam and APCU achieved supporting mass production in FAW Group, Guangzhou Automobile Group Co.Ltd(601238) , Sinotruk Jinan Truck Co.Ltd(000951) , inna France and other well-known automobile manufacturers at home and abroad and international well-known automobile first-class suppliers. At the same time, the company also has a large number of products that have been fixed and waiting for volume. It is expected that the continuous mass production of new products will promote the company's performance. According to the disclosure of the company's prospectus, a variety of intelligent driving electronic products are in the fixed-point stage, including the fixed-point of on-board high-performance computing platform (HPC) in yingche technology and Baoneng automobile, the fixed-point of millimeter wave radar products in Jiangling Motors Corporation Ltd(000550) , Anhui Jianghuai Automobile Group Corp.Ltd(600418) and APA in Saic Motor Corporation Limited(600104) fixed-point; The brake by wire system of chassis electronic control system products has been fixed in great wall holding, and the chassis domain controller has been fixed in Weilai automobile.

Comparison of Listed Companies in the same industry: Listed Companies in the same industry in the field of automotive electronic intelligent driving similar to Jingwei Hengrun mainly include Huizhou Desay Sv Automotive Co.Ltd(002920) , Guangting information, Foryou Corporation(002906) , Thunder Software Technology Co.Ltd(300496) , etc. Assuming that the above companies look at the situation of the same industry, the average revenue scale (the first three quarters) of Listed Companies in the same industry is 3.1 billion yuan, the average gross profit margin is 33.47%, and the average pe-ttm (arithmetic average) is 75.1x. In comparison, the company's revenue volume is basically equivalent to the industry average, but significantly lower than Huizhou Desay Sv Automotive Co.Ltd(002920) ; The gross profit margin of the company is in the middle range of the industry, higher than Huizhou Desay Sv Automotive Co.Ltd(002920) and Foryou Corporation(002906) , but lower than Guangting information and Thunder Software Technology Co.Ltd(300496) .

Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company's content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.

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