On January 19, 2022, Chuanhuan Technology (300547) issued an announcement that: Guosen Securities Tang Xuxia Dai Shiyuan Ouyang Shihua, Huatai Securities Zhang Duanfeng, Zhongrong Fund Sun Zhidong Gan Chuanqi Wu Gang Luo Jian, Minsheng Jiayi Fund Zhao Jie, Gao Yi Asset Chen Junbin, Juming Fund Guo Xuanhong, Tianhong Fund Shengxian, CITIC Construction Investment He Renke, China Merchants Self-operated He Yuming, Changxin Fund Chen Jiabin, Ping An Pension Wu Boheng, China Canada Fund Huang Xiaolei, Galaxy Fund Zhu Jianhui, Industrial Fund Xu Liren, Chuangjin Hexin Cun Simin, Dai Fengnian of Xinhua Asset Management and Zhang Liuxin of Oriental Harbor investigated our company on January 18, 2022.
The main contents of this survey are:
Q: What is the overall status of the pipeline system of fuel vehicles and new energy vehicles at present?
A: With the current development of the automobile market, especially the rapid growth trend of new energy vehicles, vehicle manufacturers have also put forward new requirements. Compared with the same industry, the company's advantage is that it can provide overall solutions of the same model and different pipelines according to the requirements of the oem. Taking the cooling water pipe as an example, the traditional fuel vehicle is only used for the cooling of the engine compartment, and the pipeline provided is only a few relatively simple pipes, and the complexity is not high. The pipeline design of new energy vehicles is more assembled and modular, generally including traditional single pipes, clamps, joints, tees, O-rings, rigid pipes and other combinations. The pipelines used in the pipeline system of pure electric vehicles are generally 20-35 groups (sets), and the pipelines used in the pipeline system of hybrid vehicles can reach 40-50 groups (sets). The piping system of new energy vehicles can generally reach about 800 yuan in terms of the value of bicycles, and the high can reach more than 1,000 yuan.
Q: What is the revenue share of the cooling system hose?
A: According to the 2020 annual report, the cooling system hose accounts for about 56% of the company's overall revenue, the fuel vehicle system hose accounts for about 30% of the revenue, and the 2019 annual report shows that the cooling system hose accounts for about 51% of the company's overall revenue, the fuel vehicle system hose ratio is about 27%, and the sales volume of the cooling system piping system has shown an upward trend in the past two years.
Q: What parts of the cooling system are mainly used in the car?
A: The company's cooling system pipeline is mainly used for the cooling of the engine compartment of traditional fuel vehicles, and in the field of new energy vehicles, it includes thermal management circulation system pipelines and assemblies, battery pack system pipelines and assemblies, extended range power system pipelines and assemblies, etc., including battery packs, motor controllers, gearboxes, chargers OPC, dense electrical appliances DC-DC, engine control module PCM and other aspects of cooling. Therefore, the cooling lines used in the new energy vehicle system have increased by about 3 times on the basis of the original fuel vehicles.
Q: Are the materials of the piping system rubber parts?
A: The piping system we produce includes rubber piping, plastic piping (such as nylon piping) and a combination of the two to meet the needs of different models and different configurations of the same models of OEMs. With the development of new energy vehicles, on-board electronic equipment is also gradually increasing, the use of various functional parts also have cooling needs, we meet the design requirements of the main engine factory under the premise of the pipeline system to achieve integration and integration, reduce the assembly links, save time and cost, enhance market competitiveness.
Q: What are our advantages over competitive pairs?
A: Generally speaking, vehicle manufacturers will designate one to three of their parts suppliers, and supply the winning share of related parts according to each supplier. Compared with the same industry, the company's advantage is to be able to provide the same model, different pipelines according to the requirements of the oem, the company's products are diverse, covering fuel system hoses, cooling system hoses, brake system hoses, power steering hoses, body accessories system hoses, intake and exhaust system hoses and other aspects; the company can provide rubber piping systems, plastic piping systems and two types of combined assembly systems according to the oem, etc., to meet the needs of different models of vehicle manufacturers and different configurations of the same models. At the same time, the company can participate in the synchronous development of the pipeline of the vehicle factory, using many years of experience in the research and development and production of the vehicle pipeline, which can save the development time and greatly accelerate the development progress, and has a strong comprehensive collaboration with the vehicle manufacturer and the ability to solve related problems.
Q: What is the company's order volume?
A: According to the market sales of each model, the oem calculates the sales of automobiles in the next 2-3 months and places orders in real time through the system. We are organizing production according to the orders issued by the main engine factory, the company is now undertaking orders and production and other aspects are in a normal state, the company maintains full load operation, is making every effort to ensure that on time, according to quality, according to the quantity to meet customer needs.
Q: What are the company's current new energy vehicle customers?
A: New energy vehicle customers include: BYD, GAC E-An, Wuling Mini, Nezha, BAIC Jihu, Changan New Energy, Jinkang Cyrus, Weima, Weilai, Lynk & Co, JiKr, Dongfeng Lantu, etc.
Q: What models does GAC Aeon currently have?
A: GAC Ae-An's current monthly sales have reached about 15,000 units, and we have equipped the rubber piping system of all models, and the company is actively organizing production according to the orders issued by GAC Ae-An. In the future, the company will continue to strengthen cooperation with GAC Aean, actively participate in the synchronous development of new-generation models and redesigned model pipelines, and fully guarantee the pipeline supply and distribution of GAC Ae-Ean.
Q: Which parts do we currently supply wuling MINI?
A: Wuling MINI We are equipped with brake hoses. At present, we are actively organizing production according to the order placed by Wuling Motors. In the future, the company will continue to strengthen cooperation with Wuling Motors, actively participate in the synchronous development of new generation models and modified model pipelines, and fully guarantee the supply and distribution of Wuling Motors.
Q: In terms of Jinkang, what are the models we supply?
A: We have participated in the development of relevant pipelines for Jinkang New Energy's Xilix SF5, X1, F1, EC36, E513EV and other models, of which SF5 and X1 (i.e. Q&C M5) have been put on the market. At present, the company is actively organizing production according to the orders placed by Jinkang New Energy. In the future, the company will continue to strengthen cooperation with Jinkang New Energy, actively participate in the synchronous development of new generation models and redesigned model pipelines, and fully guarantee the pipeline supply and distribution of Jinkang new energy vehicles.
Q: Is it a trend for nylon materials to replace rubber?
A: Nylon is one of the materials that solve the development of automobile lightweighting, the advantage is lightweight, but the price is relatively high. We organize production according to the order placed by the main engine factory, and use nylon pipe or rubber pipe route main engine factory. Our company is a pipeline system of two materials can be produced, to meet the needs of different models of automakers, different configurations of the same model.
Q: What is the "131" project implemented by the company?
A: First, on the basis of maintaining and consolidating the existing automobile and motorcycle markets, we should dig deep into the high-end hose supporting market. Vigorously expand the market share of mature products such as air conditioning pipes, nylon pipes, and turbocharged pipes. The second is to expand three new areas on the basis of the existing main business. That is, crUC, followed by PetroChina, Sinopec and military products. The third is to make full use of the listed company platform, actively seek suitable M&A targets, steadily promote M&A work, exert synergy effects, and promote the large-scale development of the company.
The main business of Chuanhuan Technology: R&D, design, manufacturing and sales of rubber and plastic hoses and assemblies for automobiles and motorcycles
Chuanhuan Technology's 2021 third quarter report shows that the company's main revenue was 534 million yuan, up 20.58% year-on-year; net profit attributable to the mother was 68.8061 million yuan, down 3.83% year-on-year; deducted non-net profit of 67.519 million yuan, up 5.92% year-on-year; of which in the third quarter of 2021, the company's single-quarter main revenue was 162 million yuan, down 9.16% year-on-year; single-quarter net profit attributable to the mother was 18.5533 million yuan, down 39.52% year-on-year. In the single quarter, the non-net profit was 18.639 million yuan, down 29.43% year-on-year; the debt ratio was 15.23%, the investment income was 284,700 yuan, the financial expense was -906,300 yuan, and the gross profit margin was 28.17%.
The unit has not had an institutional rating in the last 90 days. The Securities Star Valuation Analysis Tool shows that Chuanhuan Technology (300547) has a good company rating of 3 stars, a good price rating of 2.5 stars, and a comprehensive valuation rating of 3 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
![The reload and upgrade is gorgeous and transformed, and solana Blue Harbor Children's City is unveiled[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)