300351 Yonggui Electric Appliances will exchange minutes of the recent strategy meeting

Yonggui electrical appliance investment logic combing:

1, HVDC connector domestic leading, new energy vehicle field mainly supply connectors, wiring harnesses, charging guns three categories of products, of which charging guns for the advantage of business, public charging pile fast charging using high voltage solutions to solve the charging slow pain points, accompanied by 800V penetration of the market is expected to usher in an outbreak period, HDC liquid cooling charging gun is expected to break out rapidly, the company has been supplying some models, next year H customers are expected to enter the volume stage. Revenue is expected to be 50 million to 100 million next year, and more than double the growth in the following year.

2, the traditional rail connector is stable, can maintain about 10% growth, provide performance basic disk, the current 7 series of products market has been stable, stock parts update and incremental investment can ensure the steady growth of business.

3, the new energy business this year to achieve a turnaround, the overall capacity utilization rate of only 60%, next year through two shifts can increase the production capacity, long-term expansion land is ready, with the capacity utilization rate increased, the comprehensive profitability is expected to increase from 1% to the industry average of about 10%.

This year's revenue is expected to be about 1.1 billion, rail transit 600 million-700 million, military aerospace 100 million, automobile-related nearly 300 million, next year rail transit and aerospace military industry to maintain stability, automobile business doubled to 600 million to 800 million, estimated profit is expected to 180 million -200 million (rail transit 110 million + military 0.2 billion + automobile 0.6 billion), with reference to the current automotive electronic connector peer company Ruida, etc., 22 years to 50X valuation, see the market value of 10 billion

Communication minutes

New energy business

Automotive connectors related to the first three quarters of 200 million revenue, the whole year is expected to be close to 300 million, last year's 180 million, next year's growth rate is faster than the industry, now the capacity utilization rate of 60%, next year can also double the output value through two shifts. Mianyang Phase II plant 80 acres of land to be built, is expected to start next year, 23 years can contribute to production capacity.

Terminal launch of HVDC liquid cold charging gun is to solve the problem of slow charging, especially the urgent demand for public charging piles, can effectively solve the mileage anxiety, to solve the current public charging pile is too slow problem, the current liquid cooling route, the representative HVDC liquid cooling charging gun single to about 10,000, now do can go to 600A current, has been developed with Geely and other car companies, with the user experience up, the market will quickly increase the volume, charging gun target to do the first in China.

The main customer is BYD SAIC Huawei, this year's customer structure has improved a lot, last year there are hundreds of customers, this year gradually focused on dozens of, the future hope is concentrated in 20-30, of which BYD this year accounted for about 1/3, next year is expected to double, next year Huawei will also put volume, before the Huawei system has German Phoenix, after comparing with other domestic companies, HVDC Yonggui do the best, Xiaokang SUV is expected to start in the middle of next year.

The company's advantages in the field of electric vehicles: technology accumulation is very important, 70% is the technical background to decide, the company has been in the rail connector market for many years, strong technical strength, with design to manufacture of the whole industry chain capabilities, in addition to raw materials are their own, in addition to raw materials are self-made, raw materials are general raw materials, alloy copper, plastic particles, nylon, etc., can be purchased in bulk, the final cost is relatively low. Now because the scale is not enough, the profit margin is low, and the profit margin on the scale next year will not be lower than that of peers, and the long-term estimate is 10%-15% Reasonable profit margin.

Charging gun market space: next year's charging gun to do tens of millions of problems are not big, mainly for the car companies to build their own and third-party public charging piles, transformation + new is expected to 30% penetration rate, according to the current demand of 300,000 sets, about 100,000 sets of high-pressure liquid cooling, market space of at least 1 billion, Yonggui can basically lock in the industry first, according to 50% share target planning, consider the charging experience, the demand may exceed expectations.

Rail Transit & Military

Rail transit last year 600 million, this year's first three 470 million, a small increase in the whole year, rail transit is a basic disk, will not collapse, but also in the internal expansion, the current 7 series of products, rail transit positioning is 10% growth.

The military industry is close to 100 million this year, has reached the second level of confidentiality, the highest level of private enterprises, behind can do integration business, the current main or scattered connectors, after getting the qualification can be further increased.

The production base is in Mianyang, mainly Sichuan industrial workers are rich, Mianyang has scientific research institutes and military enterprises, cultivated a large number of technical personnel and industrial workers, the comprehensive cost is relatively low.

Disclaimer: The content is only an opportunity to excavate and objectively sort out, and is not used as investment advice, and you still need to make your own decisions on investment, and buy at your own risk accordingly.

Every year, the company updates tens of thousands of internal research reports of non-public institutions, and pays attention to the "Information Agency" for more latest news

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