\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 25 Iat Automobile Technology Co.Ltd(300825) )
Recently, the company announced that it had signed a cooperation agreement and planned to transfer 80.1% of the equity of Tianjin Bojun Automobile Co., Ltd. (hereinafter referred to as "Tianjin Bojun") through equity transfer.
Our analysis and judgment
(I) march towards ODM of complete vehicles and actively explore the extension of industrial chain. Tianjin Bojun is mainly engaged in the manufacturing and sales of automobiles and parts, automobile fittings, engines, electric drive systems, battery pack systems, energy storage systems, electronic products and internal combustion engine accessories. It is jointly established by Tianjin FAW Xiali with the assets and liabilities related to the whole vehicle, such as land, plant and equipment, and Nanjing Bojun new energy in cash. FAW Xiali holds 19.9% and Nanjing Bojun holds 80.1%. After the equity transfer, the capacity injection of Tianjin FAW Xiali is expected to lay a solid foundation for Iat Automobile Technology Co.Ltd(300825) parts production and subsequent vehicle manufacturing business layout, and help the company continue to explore the breadth and depth extension of the industrial chain.
(II) in the short term, Tianjin factory is expected to provide important production capacity for assembly OEM and parts production, and feed back the company's design and R & D. As providing design solutions for the vehicle factory is the main business of the company, if a vehicle manufacturing brand is established for self-development and production, it may compete with important customers. Therefore, we believe that Tianjin factory will mainly provide important production capacity for assembly OEM business and parts production. In addition, on March 15, the company signed a technology license contract with Honda. The company can develop and manufacture and sell relevant models based on the relevant technologies licensed by Honda, while Honda will charge a commission according to the net income of selling models. This model innovation will help enrich the company's revenue source, realize manufacturing back feeding R & D, and further deepen the company's strategic cooperation with important customers, It is expected that Tianjin plant will also provide certain capacity guarantee for this model.
(III) in the long run, the company's layout is vehicle design + R & D and production of core parts + ODM OEM assembly, and its business diversification is in line with international leaders. Third parties with vehicle design and specialized parts R & D and production have inherent advantages in providing assembly OEM for vehicle manufacturers. Taking Magna International (MGA. N) as an example, the revenue of vehicle assembly business has remained above US $5 billion since 2018, accounting for more than 15% of revenue and showing a steady trend of improvement The whole process R & D of Iat Automobile Technology Co.Ltd(300825) Shengeng automobile has successfully developed nearly 300 models for more than 60 customers, and the comprehensive R & D capacity is at the leading level in China. The engine, new energy powertrain, reducer and other parts incubated by the company for many years have entered the stage of mass production climbing. Benchmarking magna and expanding ODM OEM will help the company improve its manufacturing capacity in an all-round way, build one-stop R & D and delivery brand strength, enrich revenue sources and supplement diversified development momentum.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 204 / 332 / 436 million yuan respectively, corresponding to eps0.1 million yuan 62 / 1.00/1.31 yuan, corresponding to pe38x / 23x / 18x, with "recommended" rating.
Risk tips: 1. The risk that the equity transfer process is less than expected; 2. Risk that the capacity release effect is not as good as expected.
