Hanchuan Intelligent (688022) New Share Coverage Study: Intelligent electrification helps rapid growth of automotive electronic equipment

Hanchuan Intelligent (688022) New Share Coverage Study: Intelligent electrification helps rapid growth of automotive electronic equipment

The main focus is to deepen automotive electronics, expand medical and lithium-ion intelligent manufacturing equipment: the company is a professional intelligent manufacturing equipment overall solution provider.

The company is locally significant in the field of automotive electronic automation equipment, covering seven 杭州桑拿网 of the world’s top ten automotive component manufacturers.

In the field of connector segmentation, Tyco Electronics and Molex, the top two global manufacturers, have replaced important customers of the company.

In addition, the company’s customers in the medical and health industry include Medtronic, which ranks first in the world for medical devices; customers in the new energy battery industry include high-quality customers such as the top one billion lithium-ion lithium batteries installed in domestic power lithium batteries and Xinwangda.

Benefiting from the electrification of automobiles and the enhancement of intelligence, driving automotive electronics to flourish: Transforming automobiles to electrification, networking and intelligent development, electronic components are rapidly increasing in the overall cost of the automotive industry, and the overall automotive electronics industry is at a rapid pace.During the development period, it will still maintain a high growth trend, which will greatly promote the development of the automotive electronics industry.

The cost ratio of automotive electronics in the entire vehicle has increased from less than 1% in 1950 to 29 in 2010.

50%. It is expected to reach about 50% in 2030.

Benefiting from the advantages of high energy ratio, high power ratio, and high conversion rate of new energy batteries, the new energy battery industry has shown rapid growth.

With the significant increase in the growth rate of sales of electric buses, the release of consumer property sales of passenger cars, the increase in the proportion of new energy passenger cars and the increase in the number of lithium batteries installed in bicycles, the growth rate of installed lithium batteries will continue to exceed the sales of new energy vehiclesGrowth rate.

Sufficient in-hand and supplementary orders, and raising funds to expand the production capacity of intelligent manufacturing systems: The company has passed the certification of global-renowned automotive electronics manufacturers, continues to enter the qualified supplier sequence, and has rapidly increased the revenue of first-tier suppliers in the automotive electronics industry.

The company has a lot of new orders in hand and new orders, with a total of over 3 new orders in hand at the end of 2018 and the first four months of 2019.

1.8 billion, which is 72 of 2018 revenue.


The excess orders in hand ensure that the company will still maintain rapid growth.

In addition, the company will raise funds to invest in new projects of intelligent manufacturing systems and high-end equipment, with a total investment of 4.

6.8 billion U.S. dollars, the annual production capacity of intelligent manufacturing custom equipment and special equipment will be increased after the completion of production. The total production capacity of intelligent manufacturing systems is 1,550 sets / set, which will help the company to further expand market share, consolidate and develop domestic and foreign markets, and improveProfitability.

Estimates and investment suggestions: According to the company’s business characteristics, choose Kelemech in the automotive electronics industry, Zhiyun shares in the intelligent manufacturing equipment industry, and step into shares, and seteng shares are comparable companies. For example, if the average static price-earnings ratio of the company in 2018 is 43.

2 times as a reference, the company’s net profit attributable to its mother in 2018 was 70.26 million yuan, and the company’s reasonable market value was 3 billion yuan.

For example, according to the average static market sales ratio of comparable companies in 20186.

2 times as a reference, the company’s operating income in 2018 was 4.

36 trillion, the company’s reasonable market value of 27 trillion.

Considering the company’s excellent customer structure, too many orders in hand, and the automotive electronics automation equipment industry is still in its growth stage, we believe that the company can give the company an estimated upper limit of 10% premium. The company’s reasonable market value range after listing is $ 2.5-3.3 billion, such asCalculated based on the total shares of 108 million shares after issuance. The recommended inquiry range is 23.


6 yuan.

Risk reminders: Automobile sales continue to stagnate, and the demand for automotive electronic intelligent manufacturing equipment weakens the risk; loss of large customers will lead to revenue risks; the company’s development of the lithium battery equipment market is facing policy risks.