\u3000\u3000 Wuhan Lincontrol Automotive Electronics Co.Ltd(688667) (688667)
Join hands with Chongqing Maojie to establish a joint venture subsidiary to carry out the business of powertrain control system of pure electric commercial vehicles
The company issued an announcement on using part of the over raised funds to establish a holding subsidiary to carry out new projects. It plans to use the over raised funds of 22.5 million yuan to jointly establish Chongqing LingDian new energy vehicle electronic control system Co., Ltd. with Chongqing Maojie to carry out the business of light commercial new energy power control system and enrich the company's product layout in the field of pure electricity. We lowered the company's profit forecast for 2021 and maintained the company's profit forecast for 2022-2023. It is estimated that the revenue in 2021-2023 will be 850 (- 0.47) / 1.210/1.614 billion yuan respectively, the net profit attributable to the parent company will be 166 (- 0.13) / 250 / 361 million yuan respectively, and the EPS will be 3.21/4.85/7.00 yuan / share. The current stock price corresponds to 50.4/33.4/23.2 times of PE in 2021-2023. Considering the long-term potential of the company to realize domestic substitution in the field of automotive electronic control, Maintain the "buy" rating.
Forward looking layout of integrated electric drive products to enhance the competitiveness of electric control system of pure electric vehicles
The electric drive system of pure electric vehicle is composed of drive motor, motor controller and reducer, which gradually evolves from independent monomer to "two in one" and "three in one" integrated drive assembly products, reducing connectors, cooling components, high-voltage harness and other components between each other, and is better in space compactness, cost control and product performance. The company has set up a joint venture to carry out the integrated electric drive system project. At the initial stage of the project, it will develop and produce two in one motor and electronic control products, and later extend to three in one electric drive products, so as to comply with the development trend of drive system integration and further improve the product layout of the company in the field of pure electric vehicles. The construction period of the project is one year, and the joint venture Chongqing Maojie will provide support for the company's products in the carrying and development of relevant models of Xinyuan automobile.
The industrialization of VCU and MCU is realized earlier, and the promotion is planned to be strengthened
The company has realized the industrialization of motor controller MCU and vehicle controller VCU in the field of electric control of pure electric vehicles earlier, and the products are mainly used in commercial vehicles. In 2020, the company's electric vehicle electric control system achieved a revenue of 2.146 million yuan. Since 2021, the company has strengthened the promotion of electronic control system of new energy vehicles, and 146 / 4261 MCU / vcus have been sold in the first half of 2021. The company plans to continue to enter existing commercial vehicle customers in the pure electric market in 2022, and plans to gradually open the MCU market with VCU as the entry point.
Risk tips: the mitigation of core shortage is less than expected, the decline of automobile sales, and the progress of customer development is less than expected
