\u3000\u3000 Jee Technology Co.Ltd(688162) (688162)
Two wheel drive for high-end intelligent equipment and electric drive business. Jee Technology Co.Ltd(688162) Co., Ltd. was established in January 2005 and is headquartered in Hefei, Anhui, the capital of new energy vehicles. The company has strong business expansion ability, from the installation and testing production line of commercial vehicle axle and main reducer to the production line of passenger vehicle power system and body connection, as well as the development of electric drive, the core component of new energy. The company’s business is mainly composed of intelligent equipment and electric drive system business, of which the intelligent equipment business accounts for a high proportion. In 2020, the intelligent equipment business contributed RMB 1.313 billion, accounting for 87.9%. Electric drive business contributed 168 million yuan, accounting for 11.2%. We believe that benefiting from the development of new energy vehicle industry, the two businesses of the company are expected to usher in high growth.
Deeply cultivate intelligent manufacturing equipment and take advantage of the rapid development of new energy automobile industry. In 2006, the company established RT business department to lay out industrial Siasun Robot&Automation Co.Ltd(300024) integrated applications. By the end of 2020, it has obtained 232 invention patents in the field of intelligent manufacturing equipment, with the number leading in the industry. In the field of lightweight body intelligent connection production line, the company has successfully undertaken and implemented the es8 project of Weilai automobile, which accounts for the highest proportion of lightweight materials in the world (lightweight materials account for more than 96%), and the cjlr project, which accounts for the second proportion of lightweight materials (cherui Jiebao Land Rover XFL lightweight materials account for 75%), The company is ahead of other Chinese competitors in the field of lightweight body intelligent connection. The trend of automobile lightweight is obvious, and the proportion of single vehicle aluminum alloy has increased significantly, which puts forward higher requirements for BIW connection technology. The company is expected to win more production line orders with the accumulation of BIW intelligent connection technology and experience. Hefei, where the company is located, has the vision of building a “capital of new energy vehicles”, and major vehicle and supporting enterprises have entered the fertilizer layout one after another. Weilai China settled in Hefei, Volkswagen China entered Jiangqi and GuoXuan, and Xinqiao intelligent electric vehicle industrial park has an annual output of 1 million new energy vehicles and 100GWh power battery capacity planning. Hefei has become a gathering place for new energy vehicle industry. The company’s intelligent manufacturing equipment business is expected to benefit and start a new round of rapid growth cycle.
With rich experience in electric drive development, IPO plans a new generation of electric drive products. Electric drive system is one of the core systems of new energy vehicles. Its performance determines the main performance indexes of vehicles, such as climbing ability, acceleration ability and maximum speed. Relying on the local automobile enterprises in Anhui, the company engaged in electric drive business earlier and accumulated rich experience in R & D and mass production. In 2009, the company established the automotive electronics department to enter the field of electric drive, and achieved large-scale mass production in 2011. At present, the main motor and electric control products have been produced continuously for more than 10 years, and the cumulative supply has exceeded 200000 sets. The core parameters of the company’s electric drive products, motors and electronic control products are comparable to the first-line competitive products in the industry. At the same time, the company actively plans a new generation of electric drive system, and will continue to focus on the development trend of integrated and efficient electric drive system, and develop oil-cooled flat wire motor, 24000rpm high-speed motor, high-voltage silicon carbide device motor controller, 260kw / 5000NM high-power and high torque integrated electric drive, multi-in-one power electronic products, etc. The IPO raised investment project focuses on the construction of integrated and intelligent electric drive system, flat wire motor, oil cooling motor, silicon carbide power module and other products related to the next generation of electric drive system.
Profit forecast and investment rating of the company: the company’s business is expected to benefit from the development of new energy automobile industry, actively layout new product technology and achieve high growth. We expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 212, 311 and 471 million respectively, and the corresponding EPS to be RMB 155, 2.27 and 3.44 respectively. The current share price corresponds to the PE value from 2021 to 2023, which is 58, 39 and 26 times respectively. For the first coverage, give a “recommended” rating.
Risk warning: the sales volume of passenger cars is lower than expected; The development of new energy vehicles is less than expected; The company’s new product expansion is less than expected.
