Minsheng ** Co., Ltd. recently conducted research on Asia-Pacific Technology and released a research report "In-depth Report: Leapfrogging the Level, Automotive Aluminum Extrusion Leading Take-off", this report gives ** rating to Asia-Pacific Technology, and the current stock price is 646 yuan.
Asia-Pacific Technology Co., Ltd. (002540).
The leading aluminum extrusion material for automobiles has entered a period of rapid expansion. The company is a leading enterprise of aluminum extrusion, with more than 30 years of continuous cultivation of aluminum product research, production and sales, and is a high-quality business in the automotive field, with more than 90% of its revenue coming from the automotive industry, and its products mainly include aluminum for thermal management systems and aluminum for chassis safety systems. As of the end of 2022, the company's existing production capacity exceeded 270,000 tons, and it plans to achieve about 600,000 tons of high-performance aluminum production capacity and supporting deep processing capacity in the next three to five years. Due to the continuous expansion of production capacity and the rapid growth of downstream new energy vehicles, the company's revenue from 2018 to 2022 CAGR was 134%；In 2022, the net profit attributable to the parent company will reach 67.6 billion yuan, revenue and profit have grown steadily.
The lightweight of automobiles is accelerating, and the leading company is taking advantage of the same wind. Lightweight is the general trend, helping to save energy and reduce emissions and improve the range of electric vehicles. By 2030, China's automotive aluminum consumption is expected to reach 9.85 million tons, and the average aluminum used in automobiles will reach 259kg. The extrusion process is flexible and efficient, and is widely used in auto parts such as body structural parts, chassis systems, thermal management systems, battery packs, etcUnder the development trend of electrification and lightweight, body structural parts and new energy vehicle three-electric systems will lead the growth of extrusion demand, and its growth mainly comes from incremental components, so the demand growth rate is high, which is a neglected lightweight track. According to our calculations, the total domestic automotive aluminum extrusion market demand is expected to reach 2.32 million tons in 2030, and the demand CAGR from 2022 to 2027 will be 153%。As a leading enterprise of aluminum extrusion profiles, the company will account for about 30% of the listing in the passenger car segment in 2021.
Go above the level and plan the extension of finishing and scene expansion. The company extends the finishing of downstream products, actively moves forward the position of the industrial chain, and has achieved rapid breakthroughs in the field of deep processing cooperation projects, and will optimize the company's product structure and enhance the added value of products after the two new energy auto parts projects are put into operation in the futureAt the same time, the company actively lays out the emerging fields of aluminum extrusion applications, aerospace and air conditioning aluminum tubes are another growth point of the company's products, and the existing product matrix will be enriched after the completion of the project under construction, and the high value-added products in emerging fields will also increase the company's profits. In addition, the company grasps the transformation of the upstream electrolytic aluminum industry, deploys green electric aluminum to protect its own raw materials, meets the requirements of customers' low-carbon and zero-carbon emission green upgrading strategy, and the degree of green raw material guarantee is expected to reach 60%, further enhancing the company's core competitiveness. The company has outstanding scale advantages, stable operation, strong willingness to pay dividends, and high dividend yield, which is an investment target with both growth and value.
Investment suggestion: The company's leading position is prominent, the downstream demand is booming, and the performance is expected to have great growth potential with the release of production capacity and product optimization, and the company is expected to achieve a net profit attributable to the parent company of 5 in 2023-202599 yuan, 72 billion and 83.4 billion yuan, EPS was 048 yuan, 058 yuan and 067 yuan;The PE corresponding to the ** price on December 1, 2023 is 10 times and 10 times, respectively. For the first time, a "Recommended" rating is given.
Risk warning: the risk that the production capacity release is less than expected, the risk that the production and sales growth rate of new energy vehicles is lower than expected, the risk of intensified competition, and the risk of large fluctuations in aluminum ingots.
*According to the calculation of the research report data released in the past three years, the research team of Guoxin ** Liu Mengluan has conducted in-depth research on the stock, and the average accuracy of the past three years is 7704%, and its ** attributable net profit in 2023 is 56.6 billion, and the **PE converted according to the current price is 1427。
The latest profit** breakdown is as follows:
A total of 4 institutions have rated the stock in the last 90 days, ** 4 have rated it;The average institutional price target over the last 90 days is 779。
The above content is compiled by **Star based on public information, generated by algorithms, and has nothing to do with the position of this site. **Star strives but does not guarantee the accuracy, completeness, validity, timeliness of all or part of the content of the information (including but not limited to text, **audio, data and charts), if there is any problem, please contact us. This article is a compilation of data and does not constitute any investment advice for you, investment is risky, please make a cautious decision.