Author: Yang Lei, Editor: Xiaoshimei
On June 20, the energy storage sector set off a trend of daily limit, with more than 10 stocks hitting their daily limit. Among them, Aotejia (002239) has two consecutive boards, and its market value has returned to more than 10 billion. In the past two days, the company's market value has soared by nearly 1.9 billion yuan, and the average profit of shareholders is 13,000 yuan.
On the news, relevant departments have recently issued the "Pollution Reduction and Carbon Reduction Synergy Efficiency Implementation Plan" document, and the new energy industry continues to be driven by policies. The logic behind this round of rising prices for Aotejia is that the company’s business is related to the new energy industry chain.
It is understood that as of the end of 2021, automotive air conditioning systems, energy storage battery thermal management equipment, and air conditioning compressors accounted for 51.52% and 48.48% of Aotejia's revenue.
The main application end of automobile air conditioning system is automobile. Last year, the market size of automotive air-conditioning compressor exceeded 56 billion yuan. As of 2020, Aoteka's market share is about 20%, and its main competitors are foreign manufacturers such as Denso Corporation, Toyota Industrial, Mitsubishi Heavy Industries , etc.
energy storage thermal management system is mainly used in lithium battery and other fields. As the penetration rate of and in new energy vehicles continues to increase, it will further drive the development of the thermal management industry. The
organization predicts that by 2025, the number of new energy vehicles will increase by 4 million units, with a compound annual growth rate of more than 20%. It is also predicted that from 2019 to 2025, the domestic electric vehicle thermal management system market size may exceed 40 billion yuan.
Aotejia ranks among the top among domestic peer companies. As of 2020, in the global energy storage thermal management system market, the global market shares of major domestic manufacturers Yinlun Holdings (002126), Sanhua Intelligent Control (002050), and Aoteka are 29% and 14% respectively. ,9%.
In the field of energy storage thermal management systems, Aotejia currently uses water cooling technology. Compared with traditional air-cooling technology, the advantages are high thermal management efficiency and fast feedback on battery temperature abnormalities. With this technical advantage, Aoteka has developed well-known enterprises such as NIO, Li Auto, and Huawei as corporate customers.
Although Aotejia has certain competitiveness in the industry, its performance is average.
In 2020 and 2021, the company's net profit loss attributable to the parent company was 296 million and 134 million. In 2022Q1, it lost another 64.738 million. As net profits fluctuate, profitability fluctuates dramatically. Since 2020, the company's net sales profit margin has continued to be negative.
Affected by the fundamentals, Aotejia has staged one roller coaster market after another in the capital market. The current stock price is down more than 51% from the high in July 2020.
Aotejia’s future performance growth will mainly be the energy storage thermal management system business. Will it be the savior to reverse the company’s fundamentals?
Disclaimer
This article involves content about listed companies and is the author’s personal analysis and judgment based on the information publicly disclosed by listed companies in accordance with their legal obligations (including but not limited to temporary announcements, periodic reports and official interactive platforms, etc.); the content in the article The information or opinions do not constitute any investment or other business advice and Market Cap Watch disclaims any liability for any actions resulting from this article.
——END——
