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Logistics and automotive parts business collaboration led to the development of high growth performance Overweight

Author : www.cumminsdongfeng.com Date : 2016-9-14 9:19:07
 www.cumminsdongfeng.com

  
  Investment Highlights:
  
  Company Profiles Company's current main business for automotive body parts business and logistics business, net profit contribution accounting for about 62%: 38% in the future the company will be formed to auto parts development and production as the core automotive suppliers chain management as a secondary business system. 2016 mid-year report the company revenue grew 36.45%; gross profit margin 28.16%; owned by the parent net profit rose 39.43%; female buckle non-normalized net profit up 133.71%; earnings per share of 0.36.
 
  Logistics and automotive parts business collaboration led to the development of high growth performance Overweight

  Traditional main business grew steadily increase in the first half of 2016, driven by the performance of auto parts manufacturing company revenue grew 41.87%, gross margin 23.13%, an increase of 1.33pct. At present company's main customer is Shanghai GM, revenue contribution accounted for more than 50%, followed by Shanghai Volkswagen.
  
  Currently, Shenyang and Wuhan ongoing two base expansion, expected to be completed end of this year to expand production capacity. With the completion of the expansion of the base production release, the company relies on the quality of the downstream vehicle operators, the future of the traditional main business steady growth can be expected. In addition, the company last July in North robot cash capital increase (3.97% stake), the future of the company will strengthen business cooperation and technological exchanges with the North humanoid robot, with the continuous improvement of the company's production line automation needs for the future extension of the company industrial chain and increase technological competitiveness of great significance.
  
  Epitaxial automotive supply chain services and the main industry is currently coordinated development of warehousing and logistics company's business scope includes the recycle stream appliance management business, VMI services, admission logistics business, the acquisition of three business revenue last year accounted for about 60%, 30% and 10%, the former major service SAIC GM. 2016 mid-year report net profit of 25.65 million yuan logistics business, Click here to estimates, 45.5 million yuan this year is expected to complete the performance commitments. Meanwhile, the company in 2003 to undertake the SAIC-GM-cycle logistics equipment management business, is the first in the recycle stream appliance supply chain management business enterprises, due to the large number of automotive suppliers, so the logistics equipment management is a complicated systematic project, barriers to entry higher than the current vehicle operators in this field and to seek cooperation in R & D, the company's future business expansion is vast. Since the market has been seeking extension and expansion last year, the parent company's assets into the morning Logistics, future capital market platform will be conducive to the development of automotive logistics industry, we do not rule out the possibility of future controlling shareholder assets continued to injection.
  
  Earnings forecasts and investment rating: Maintain Overweight rating. Consider the company's traditional core business to grow steadily, the automotive supply chain logistics services business synergies obviously, the future extension is expected to strongly, expect 2016-2018 EPS of 0.67 yuan, 0.76 yuan, 0.87 yuan, the current share price of 25.29 yuan, the corresponding PE of 38 times , 33 times, 29 times, the first cover, give an "overweight" rating.
  
  Risk Tip: 1) extension merger business integration less than expected; 2) the traditional core business performance decline
  
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