The cooperation between Huawei and Changan has added another fire to new energy vehicles.
The establishment of a new company through this cooperation not only empowers Changan and Huawei Automobile, but also brings together many companies in the industrial chain, such as Huayang Group, Joyson Electronics, Sailis, Yinlun Co., Ltd., etc.
It seems that the replacement of fuel vehicles by new energy vehicles has become an inevitable trend, but for new energy vehiclesEndurance and replenishmentIt is a problem that must be solved, and many consumers are worried about what to do if they run out of power while running.
Therefore, major car companies have accelerated the construction of charging piles across the countryHuaweiIt also plans to build more than 100,000 units by the end of 2024600kw fully liquid-cooled super charging pile
The so-called liquid-cooled supercharger is to add a coolant device between the cable and the charging gun to dissipate heat, which is faster than the charging speed of fast chargingYongan Electric is the first company in China to mass-produce liquid-cooled charging guns, and it is also the core supplier of Huawei
First of all, let's take a brief look at the performance of Yonggui Electric.
From 2020 to 2022, the company's revenue and net profit will achieve double growth, butThe performance in the first three quarters of 2023 was not very good, achieving revenue of 101.1 billion yuan,A year-on-year decrease of 34%；Net profit attributable to the parent company is 0900 million yuan,A year-on-year decline of 2352%
So why did the first three quarters of 2023 not perform well?
This starts with the business structure of Yonggui Electric.
The company's main business includes rail transit and industrial business and vehicle and energy information business, the former mainly produces non-connector products such as rail connectors and rail doors, and the latter mainly produces high-voltage connectors and liquid-cooled supercharging guns.
The decline in revenue in the first three quarters of 2023 is due to:The decrease in revenue from rail transit doors dragged down the rail transit business by 1145%The reason is that the current scale of Yonggui Electric Rail Delivery Door is small, but the amount of a single order is very large, and the long delivery time of the order has an adverse impact on the performance.
However, this is not a big problem, and as the company's non-connector business expands, this impact will become smaller and smaller.
The net profit in the first three quarters of 2023 decreased year-on-year, in addition to the impact of the decline in revenueThe increase in R&D expenses is also an important reason
In the first three quarters of 2023, Yonggui Electric's R&D expense ratio reached 888%, compared to 2022Rise substantially, and the company's R&D expensesAt the forefront of the industry, much higher than Ruida, Shenglan shares and Laimu shares.
High R&D investment is precisely the company's advantage, in rail transitNew products are constantly being introduced；In terms of new energy vehicles, Yonggui Electric isIt is the first manufacturer to realize the mass production of high-power supercharging guns, tooThere are currently a fewThose who have this ability have been formedFirst-mover advantage
So, what is the future of Yonggui Electric Appliances?
When it comes to the growth of the company, it cannot be separated from the company's business and products, and we will analyze the development space of the two main businesses of Yonggui Electric Appliances.
Rail & Industrial Business
Yonggui Electric Rail Transit Business mainly produces connectors, door systems, shock absorbers, through roads and other products, which are widely used in high-speed rail, bullet trains, subways, buses and other vehicles and tracks.
Due to the large number of people on board these vehicles, the consequences of an accident can be unimaginable, so high product quality requirements and strict qualification processes create high barriers to industry barriers.
Yonggui Electric has accumulated rich experience and customersThe market share has been maintained at 25%-30% for a long time, ranking first in ChinaYes"Fuxing".The ** business, customers include:CRRC Group, National Railway Groupas well as many built with rail transitThe city subway operates busManage.
The company's future revenue** of this business mainly includes two parts: firstNewOrbit, two isRepairsVehicle.
China's "14th Five-Year Plan" proposes to build "eight vertical and eight horizontal" high-speed rail lines, with an investment scale of 1,198.1 billion yuan in 2022.
In addition to the railway, everywhereThe construction of the subway is also accelerating, Beijing, Shanghai, Guangzhou and other cities have released subway construction plans, which will also bring demand for the company's products.
In addition, China's railway bullet trains will also be overhauled according to the age and mileage, which are divided into 5 levels, from 1 to 5 levels, and the maintenance is gradually complexLevel 5 requires the vehicle to be disassembled and replaced
It is estimated that from 2023 onwards, more and more vehicles will undergo Level 5 maintenance, which will also bring a huge amount of demand to rail vehicle parts manufacturersIn 2026, nearly 4 million EMUs are expected to undergo Level 5 maintenance
Automotive & Energy Business
The company's main products are high-speed, high-voltage connectors and liquid-cooled supercharging guns, which are used to transmit signals between different devices.
New energy vehicles require connectors to be able to withstand a voltage of 350-600V and a current of 120-600A, and Yonggui Electric's high-voltage connector productsIt is not only ahead of domestic manufacturers such as AVIC Optoelectronics and Aerospace Electric, but also not inferior to international leaders such as Tyco and Amphenol
With the increase in the penetration rate of new energy vehicles in China, the market size of the high-voltage and high-speed connector market is expected to reach 37.8 billion yuan and 95 billion yuan in 2025 and 2030, with a compound annual growth rate of more than 20%.
With excellent products, Yonggui Electric has becomeBYD, Huawei, Celis, Geely, Great Wall, Chery, Changan, SAIC, FAW, GAC, BAIC, Hondaand other car companies, will fully benefit from the development of the industry dividends.
In addition, energy replenishment is a rigid demand for new energy vehicles, and the number of charging stations and charging piles must keep up with the sales of new energy vehiclesLiquid-cooled supercharging is currently the fastest way to charge the timeThe next three years will be a stage of rapid growth, so the liquid-cooled supercharging gun will also bring greater growth to the company's performance.
From 2020 to 2022, the revenue of Yonggui Electric's vehicle and energy business will increase from 30.6 billion yuan increased to 7200 million yuanThe compound annual growth rate is as high as 534%, which is the company's second growth curve
On November 29, 2023, Yonggui Electric also plans to issue 9800 million convertible bonds forAutomotive connectors and supercharging projectsThe increase in the vehicle and energy information business shows that the company is full of confidence in the business.
Overall,Yonggui Electric is the leading rail transit connector in China, the market share ranks first, the rail transit business is the basic plate of the company's performance, and has leading technology and rich resources in new energy vehicles.
In the medium and long term, with the construction of China's rail transit and the development of the new energy vehicle industry, the company's performance will be greatly improved.
The above is only for the analysis of listed companies and does not constitute specific investment advice.
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**: Flying Whale Investment Research