\u3000\u3000 Keboda Technology Co.Ltd(603786) (603786)
Automotive lighting controller leader, diversified in-depth layout of vehicle products, and actively create vehicle controller leader. Focusing on the field of automotive intelligent and energy-saving products, the company is a high-tech automotive electronic enterprise supported by the state. Its main business covers automotive lighting control system, motor control system, energy management system, on-board electrical appliances and electronics and other automotive electronic products. The company has customer channels of dozens of mainstream automobile brands in the world, and its products enter the global supporting system of European and American high-end customers such as Volkswagen, Audi, Porsche, GM, Daimler and Peugeot Citroen. At the same time, the company also has the world’s leading supply chain resources and has established strategic cooperation relations with dozens of well-known semiconductor suppliers in the world.
From light control to motor control, chassis domain controller, etc., automotive electronics blossom at multiple points, and the growth curve is clear. As the leader of the lamp lighting control system, the company has completed the full product type coverage of the lamp control system, including main light source controller, auxiliary light source controller, atmosphere lamp controller and tail lamp controller. Under the development background of domain controller, the lamp controller will continue to grow. At the same time, with the development of intelligent cockpit and the personalized needs of customers, The atmosphere lamp is gradually popularized to medium and low-end models and new energy models, and the atmosphere lamp controller is expected to open a new space; Many products in the motor control system benefited from the national six-year policy, and the AGS project achieved significant growth in the first three quarters of 2021; In terms of chassis domain controller, it has been designated by Byd Company Limited(002594) several vehicle chassis domain controller projects; USB and other automotive electronic businesses also show a good momentum of development.
New customers, new business, new technology and new energy jointly build a new growth curve of the company. Since the cooperation between the company and SAIC Volkswagen in 2003, the company has successfully integrated into the global supporting system of Volkswagen Group, and its products involve the main sales models of Volkswagen, Audi, Porsche, Bentley, Skoda and other brands; At the same time, the company continues to actively expand new customers, such as BMW, ideal, Renault, Ford, Dongfeng Nissan, Infiniti, Hongqi, FAW, Byd Company Limited(002594) . In 2021, the company successfully passed the review of Toyota’s potential supplier system, laying a foundation for entering Toyota’s global supplier system in the future. The company continued to increase investment in R & D of new products and technologies. Some important new businesses such as national VI emission and USB showed a good development momentum, and actively expanded to chassis control system, thermal management system and other related new product fields, laying a solid foundation for long-term growth.
Investment suggestion: as the leader of vehicle controller, while steadily developing the existing business, the company will accelerate the layout of new business and the expansion of new customers. Among them, the atmosphere lamp business, national VI emission, AGS, USB and other businesses have a good development momentum and are expected to become a new growth curve of the company. It is estimated that the net profit of the company from 2021 to 2023 will be 409 million yuan, 716 million yuan and 951 million yuan respectively, corresponding to 81 times, 46.22 times and 34.79 times of PE. It will be covered for the first time and rated as “overweight”.
Risk factors: 1. New customers and new business development are less than expected risks; 2. Price fluctuation risk of raw materials; 3. Covid-19 epidemic risk of repeated spread.
