2023 is the first year of the outbreak of new energy vehicles.
Ideal announced its financial report, with revenue exceeding 100 billion yuan and net profit exceeding 10 billion, becoming the leader of the new forces; With the blessing of Huawei, Cialis has sold more than 30,000 yuan in a single month, from being on the verge of bankruptcy to becoming a leading OEM; Geely's latecomers are on top, with a total of 480,000 new energy vehicles sold, many new products, and strong competitiveness; BYD is still the king of the mountain, with the power to compete with Tesla, as well as the unattainable sales in the domestic new energy field.
The whole industry is blooming, and it also makes the parts companies hidden behind the main engine factory shine.
According to the financial data of Bojun Technology: in the first three quarters of 2023, the company's total operating income was 170.1 billion yuan, a year-on-year increase of 10307%；Net profit 18.2 billion yuan, a year-on-year increase of 12521%；Deduct non-net profit of 17.9 billion yuan, a year-on-year increase of 12885%。In terms of the third quarter alone, the total operating income in the third quarter of 2023 was 67.9 billion yuan, a year-on-year increase of 8374%；Net profit 08.6 billion yuan, a year-on-year increase of 10351%；Deduct non-net profit 08.5 billion yuan, a year-on-year increase of 10264%。
According to Bojun Technology's annual performance forecast: the estimated net profit in 2023 is 288-3.2.5 billion yuan, a year-on-year increase of 95%-120%; Deduct non-net profit 280-3.1.7 billion yuan, a year-on-year increase of 90%-115%; So speculatively, the net profit in the fourth quarter was 107-1.4.4 billion yuan, deducting non-net profit of 100 million-13.8 billion yuan, continuing high growth.
Bojun Technology is a professional manufacturer of automotive precision parts and precision molds, mainly engaged in the research and development, design, production and sales of automotive precision parts and precision molds.
The company's operating income mainly relies on the following four aspects:
1. Stamping business
The stamping business is the company's largest revenue, accounting for more than 9% of the revenue, mainly including frame, transmission, other products, as well as body modular parts and production line molds for vehicle manufacturers.
2. Injection molding business
The injection molding business mainly includes injection molded components for automotive sunroofs, doors and windows. Injection molded components are mainly stamped parts are pre-placed into injection molds, and one-time inserts are injection molded and cured.
3. Commodity mold business
Commodity mold business refers to the company's external sales of customized commodity mold products. Some customers customize and purchase molds from the company for their own production needs, and the company designs and produces molds according to customer requirements and sells them directly to customers.
The company has a group of professional mold development and design personnel, and has a relatively strong ability to develop molds independently, which is not a simple order-based production. In addition, the company's mold processing and testing equipment has certain advantages in mold accuracy, surface flatness, manufacturing cycle, service life, etc.
4. Body-in-white business
The body-in-white business refers to the business of body modularization and instrument panel skeleton and other assemblies. With the continuous development of the automotive industry, various vehicle manufacturers are seeking joint development with upstream parts manufacturers, so the company has been actively expanding the body-in-white business since 2018, and is relatively mature in this field.
Since then, the company has successively developed modular products such as side walls, floors, front longitudinal member assemblies and anti-collision beams, instrument panel skeletons, etc., to improve the assembly quality of automobiles and shorten the production cycle.
It should be noted that although the growth of the company's traditional three major businesses is relatively stable, the profit margin is not high, and it is not until the rapid expansion of the body-in-white business that the value of the company's products has increased significantly, and the profit margin has also improved significantly.
The company's main first-class business customers include thyssenkrupp, Kie-Teek, Webasto, Bosch, Yanfeng, Kede, etc., and since 2019, it has begun to directly deliver finished products to OEMs. In 2022, Geely, Li and Cialis will enter the company's top five customers, accounting for more than 30% of the total revenue. In the first half of 2023, the sales revenue of Ideal, Geely, and BYD will become the company's first respectively.
I. Second, the fourth largest customer, the top three OEMs accounted for 56% of the sales revenue, and the OEMs gradually replaced the first-tier customers as the main revenue, which is also a manifestation of the company's business upgrading.
Li Auto's volume is obvious to all, and it is also the company's largest single customer at present. The annual sales volume in 2023 is 3760,000 units, a year-on-year increase of 1822%, in 2024, Li Auto's target sales volume will be 800,000 units, more than 1 times the total sales in 2023, and its average monthly sales in 2024 will be at least 670,000 units.
Cialis rose to prominence in the second half of 2023, with good results in both M7 and M9. In January 2024, the sales volume of the entire series of Wenjie will reach 32,973 units, surpassing the ideal and becoming the No. 1 sales volume of the new power brand. Among them, the delivery of M7 reached a new high, reaching 31,253 vehicles, the first time to achieve a monthly delivery of more than 30,000 vehicles, at present, only M7 Dading has exceeded 140,000 vehicles, M9 has not yet been delivered in large quantities, but Dading has also exceeded 30,000 vehicles. It is foreseeable that with the gradual increase in the volume of the M9, the sales of Cialis will reach a new high.
According to the caliber of Bojun Technology's research, the company's monthly supply volume for the Cialis Wenjie model is consistent with its external sales, and it began to supply the M5 and M7 for Wenjie in 2019, and later added the M9 model, so with the subsequent increase in the volume of Wenjie models, Bojun Technology will also become the direct beneficiary behind it.
BYD is also an important customer of the company, and Bojun Technology supplies hot stamping body parts and other related products for its Ocean series and Song Plus models. At the beginning of 2024, BYD started a first-class battle, and it is expected that sales will continue to increase in 2024. In addition, the company is Changan Automobile's first-class body parts, and has cooperated with Great Wall, Ford, etc., and this year, because the project was acquired, directly supplied to Xiaopeng Motors.
The customer's cluster benefit side has improved the company's production profits, and the company's orders have gradually become abundant.
From 2023 to 2025, the company currently has a total of 71 orders in hand0.7 billion yuan, of which 57 were orders for body modularization0.6 billion yuan, considering that the capacity utilization rate is at a high level, the company expanded the Changzhou base and set up subsidiaries to build Hebei, Ningbo and Chongqing Shapingba bases.
In order to meet the needs of new energy lightweight development, the company actively lays out the die-casting business, the existing 2,500 tons, 3,500 tons and 4,500 tons of die-casting equipment are put into operation in the Chengdu factory, 9,000 tons of die-casting equipment is planned to be put into operation in the second phase of the Changzhou factory, the second phase of the Changzhou factory and Hebei are expected to be put into operation in 2024, and Chongqing Shapingba is expected to be put into operation in 2025. With the orderly expansion of production capacity, the company's performance is expected to continue to grow.
On January 18, 2024, the company announced that it plans to build an auto parts production project in Zhaoqing, Guangdong, with a planned investment of 400 million yuan, and the address is about 10501 acres.
At present, the Guangdong subsidiary has completed the industrial and commercial registration, once the production capacity is landed, the company's production and capacity in the Pearl River Delta region will be further improved, and the synergy with surrounding OEMs will be strengthened.
With the continuous rise in sales of new energy vehicles, parts companies that are the beneficiaries are also making a lot of money. In 2024, there is a high probability that it will be a white-hot stage of competition for new energy vehicles, so the downstream orders are sufficient, and it is relatively easier to understand.
Compared with OEMs, the popularity of auto parts is not so direct, but the degree of benefit and risk of core enterprises is significantly better.