\u3000\u3000 Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) (603035)
Company profile: mainly engaged in interior and exterior decoration, expanding to intelligent cockpit + new materials for interior and exterior decoration
Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) was established in 1996. Through equity participation and cooperation and its own customer expansion, the company has successively entered the customer supply system of FAW Volkswagen, BBA, Tesla, velai and other customers, and the customer expansion of new energy vehicles is smooth. In addition, the company actively deployed intelligent cabin products and new materials for automobile interior and exterior decoration, bringing new growth points. We estimate that the net profit attributable to the parent company from 2021 to 2023 will be RMB 404 / 511 / 654 million, corresponding to EPS of RMB 1.12/1.42/1.81, and corresponding to PE of current stock price of 17.6/13.9/10.9 times. For the first time, it will be rated as "overweight".
Continue to develop electric vehicle customers, which is expected to fully benefit from the general trend of electrification
The market pattern of interior parts of traditional fuel vehicles is stable, and foreign-funded / joint ventures occupy the mainstream. The company actively develops new energy vehicle customers. At present, it has entered the supply system of new energy customers such as Tesla, Volkswagen MEB, Mercedes Benz EQB, BMW EV, Weilai, ideal, Xiaopeng, Nezha, Zero run, arcfox, Chinese express, hengchi automobile and North America zoom, which is expected to benefit from the rapid growth of new energy vehicle market. It is estimated that the company's new energy customer sales will account for about 20% in 2021, significantly higher than that in 2020. In 2019, the company raised 992 million yuan by issuing convertible bonds to expand the production capacity of automotive interior trim parts. With the gradual implementation of the production capacity of raised investment projects, the company's automotive interior trim business is expected to reach a new level.
Forward looking layout of new materials for intelligent cockpit and interior and exterior decoration
(1) intelligent cockpit: automotive interior is highly integrated with automotive electronics, and the added value of automotive interior products will be effectively improved. ① The company has reached a strategic cooperation with Shanghai Botai, taking Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) automotive interior and exterior trim as the carrier and equipped with Shanghai Botai's intelligent operating system, automotive electronics and automotive software to provide potential customers with a complete set of integrated solutions for intelligent cockpit in the future. ② The company cooperates with FAW Fusheng and Huawei to open up the comprehensive link of software and hardware through harmonyos to realize the comprehensive upgrading of intelligent cockpit health management and audio-visual perception. (2) New materials for interior and exterior decoration: the company takes the research and development of hemp fiber, carbon fiber, plastic tailgate and other products and the technology of replacing steel with plastic as the starting point, and the industrial application is continuously promoted.
Risk tip: the car sales volume is lower than expected, and the progress of the raised investment project is lower than expected
