Company is a professional metal structural parts supplier, adapting to the background of the times to achieve new energy transformation of customers
Xiangxin Technology was founded in 2004. It focuses on the fields of metal stamping molds and structural parts for 18 years. With the help of core process technology and rapid response capabilities, it has transformed from the fields of communications and office equipment to enter the automotive industry, and has successfully penetrated the broad new energy field including suppliers of new energy vehicles, power batteries, and photovoltaic energy storage structural parts. Currently, the revenue of broad new energy business, including new energy vehicles, power batteries and photovoltaic energy storage, accounts for nearly 70% of the company's revenue.
The prospects of the new energy industry are promising. High-quality customers drive upstream parts to increase
New energy vehicles into the stage of popular penetration. Major independent brand car companies lead the rapid development of the industry and drive the continuous increase in new energy vehicles and power battery structural parts. The photovoltaic and energy storage fields benefit from the energy transformation and the "dual carbon" development strategy continue to grow rapidly. The company's downstream customers cover the core customers of GAC Aion, BYD , NIO , Xiaopeng , Geely , Huawei , etc.; the core customers of power battery CATL , Funeng Technology , Xinwangda , Guoxuan Hi-Tech , Guoxuan Hi-Tech , Yiwei Lithium Energy , Tafier , etc.; the core customers of photovoltaic energy storage Huawei, Sung Power , ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ctc, ct
company has entered the harvest period of transformation, and its profitability is expected to continue to improve. Since entering the new energy industry in 2020, the company has integrated funds through IPO fundraising, issuance of convertible bonds, , etc., to invest in production capacity, increase R&D, and start equity incentives to promote various businesses to enter the new energy industry quickly. With the rise in upstream costs and the impact of the epidemic, various expenses have risen too fast and their profitability has declined. Entering 2022, with the expansion of business and the increase in scale, the marginal expenses of major management activities are stable or reduced. In addition, the impact of the epidemic gradually disappears and the price linkage mechanism with the upstream and downstream reaches a stable gross profit margin. The company is expected to continue to benefit from industry dividends while steadily increasing its profit level.
Earnings Forecast
It is estimated that from 2022 to 2024, the company's net profit attributable to the parent company's shareholders will be: 230 million yuan, 420 million yuan and 600 million yuan respectively. According to the latest share capital, the corresponding basic earnings per share will be: 1.30, 2.40 and 3.4 yuan respectively. According to the latest stock price, the corresponding PE valuations are 350, 190 and 14 times respectively. The company will be given a 29-fold valuation in 2023, with a corresponding stock price of 69 yuan (corresponding to the completion of the new private placement plan and diluted profits, with a PE of 36 times in 2023).
