銀輪股份(002126):獲自主新能源車企定點 熱管理業務加速放量
公司近況 7 月20 日,公司發佈公吿稱與國內某知名新能源車企簽署供應商定點意向書,公司共獲得該客户新平台項目三類熱管理產品的定點採購。根據該客户預測,該項目平台產品預計將於近兩年內批產,生命週期約為6 年,生命週期內銷售額預計約17 億元。 評論 獲自主新能源車企定點,熱管理業務加速放量。根據公司公吿,此次簽署定點意向的客户是國內領先的造車新勢力企業,且公司通過此次定點項目首次正式進入該客户的供應商體系,併為其提供熱管理系列產品。我們認為,銀輪進一步拓寬新勢力客户矩陣,切入優質新勢力車企供應鏈,體現了其優秀的配套能力,並將對公司近中期經營目標的實現產生積極影響。展望全年,我們預計隨着三季度商用車銷量環比改善,疊加乘用車業務放量,公司全年業績呈現前低後高的走勢。 於四川宜賓投資建設水冷板產能,快速響應周邊新能源客户供貨需求。7 月10 日,公司發佈公吿稱擬在四川宜賓投資設立全資子公司,主要生產電池水冷板產品,公司預計新產能於2023 年2 月投產。據公司預測,2023、2024 年將分別形成電池水冷板產量79、121 萬件,實現銷售收入2.27、3.08 億元。我們認為,以麒麟電池為代表的高倍率快充電池逐步落地,將帶動電池水冷板需求提升,進一步打開公司水冷板產品市場空間。公司於四川宜賓建設產能,可滿足四川時代、成都沃爾沃等客户屬地化供貨需求,實現快速響應,進一步提升公司熱管理業務競爭力。 熱管理業務1+3+N佈局,產品矩陣完善,系統性供貨能力強。公司熱管理業務採用1+3+N佈局,即1 套熱控管理系統;3 大集成模塊,熱管理系統+新型空調箱、冷媒模塊、前端模塊;N個熱管理零部件。公司熱管理零部件產品包含水冷板、電子水/油泵、熱泵/PTC等核心零部件,且拓展出3 大集成模塊的高附加值產品。我們認為,公司完善的產品矩陣及系統性供貨能力將帶來較高的單車配套價值量。 盈利預測與估值 維持2022 年和2023 年盈利預測不變。當前股價對應2022/2023 年25.1 倍/18.4 倍市盈率。維持跑贏行業評級和14.80 元目標價,對應29.9 倍2022 年市盈率和21.9 倍2023 年市盈率,較當前股價有19.2%的上行空間。 風險 原材料漲價超預期,商用車銷量下滑超預期
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.