Caitong Securities Co., Ltd. Li Bo recently conducted research on Zhongding Co., Ltd. and released a research report "Received the designated location of new energy host manufacturers, and the chassis business continues to increase". This report gave Zhongding Co., Ltd. an increase in holdings, and the current share price is 19.94 yuan.
Zhongding Co., Ltd. (000887)
Core Views
Company has been designated for air suspension product projects for new energy hosting factories
According to the company's announcement, the company has received a designated for project of a leading new energy hosting factory, which will provide an air supply unit for air suspension system for its new platform project. The project life cycle is 7 years and the total amount is approximately 767 million yuan.
has sufficient orders in hand, and the three major products continue to increase in volume
According to the company's announcement, from the beginning of 2022 to the present, the company has obtained multiple designated projects of domestic and foreign OEM factories, with the total amount of orders in hand reaching 13.59 billion yuan. The life cycle of designated projects is concentrated in about 5 years. We expect to contribute about 2.718 billion yuan of revenue to the company every year. Among them, the lightweight chassis assembly reached 8.573 billion yuan, the air supply unit of the air suspension system reached 3.711 billion yuan, the air suspension system assembly reached 279 million yuan, and the thermal management pipeline assembly reached 1.027 billion yuan. The company has sufficient orders in hand, and the three major products continue to increase in volume.
embraces the trend of electrification and intelligence, and has a broad space for growth
We believe that the company's products will fully benefit from the trend of electrification and intelligence of automobiles and have good room for growth. Under the trend of intelligence, we believe that the penetration rate of air suspension is expected to increase rapidly. As the company's intelligent chassis layout is accelerated and improved, the company will fully benefit in the smart track. Under the trend of automotive electrification, we believe that as the industry-leading supplier of thermal management pipelines, the company is expected to continue to grow due to the increase in the value of thermal management pipelines in bicycles; at the same time, the lightweight chassis technology is cost-effective in terms of energy consumption and battery life. Under the trend of electrification, the company has won many large orders and its growth space is constantly expanding.
Investment advice:
We expect the company's EPS from 2022 to 2024 to be 0.87 yuan, 1.04 yuan and 1.29 yuan respectively, with corresponding PEs of 22.3 times, 18.5 times and 15.0 times respectively, covering for the first time, and giving an "overweight" rating.
risk warning: downstream customers' sales volume is lower than expected; profitability is lower than expected; downward risks of macroeconomic downward.
Securities Star Data Center calculates based on the research report data released in the past three years, and the team of researchers Li Zijun of CITIC Securities has conducted in-depth research on the stock. The average prediction accuracy in the past three years is as high as 97.43%. It predicts that the attributable net profit in 2022 will be 1.111 billion yuan, and the predicted PE based on the current price conversion is 23.74.
latest profit forecast details are as follows:
A total of 15 institutions in the stock have given ratings in the past 90 days, 11 buy ratings and 3 increase ratings; the average target price of institutions in the past 90 days was 20.53. According to the financial report data in the past five years, Securities Star valuation analysis tool shows that Zhongding Co., Ltd. (000887) has good competitiveness in the industry, average profitability, and average future revenue growth. Financial concerns may be hidden, and financial indicators that must be paid attention to include: monetary funds/total asset ratio, accounts receivable/profit ratio. The stock has a good company index of 2.5 stars, a good price index of 2.5 stars, and a comprehensive index of 2.5 stars. (Indicators are for reference only, indicator range: 0 ~ 5 stars, maximum 5 stars)
or above is compiled by Securities Star based on public information. If you have any questions, please contact us.
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