Aikedi (600933) company depth: Lean manufacturing + excellent management cast aluminum precision small faucet
The company is a leader in automotive aluminum die-casting precision parts, with excellent management capabilities + lean manufacturing to build a competitive advantage.
The company started with non-standard custom small pieces with high added value, and its global market share of superior wiper products reached 30%.
High-quality and highly concentrated customer structure (bound to Valeo, Bosch and other global first-tier supplier giants, the top five customers account for more than 60% of the revenue), so that the gross profit margin is maintained at a high level of more than 30% for a long time.
The company’s core strengths are twofold. First, it has excellent management, and the five-time fair incentive plan has effectively consolidated employee enthusiasm and a stable staff structure. Second, it has manufacturing advantages and resists downward pressure on the industry through lean production.
Entering the lightweight track, benefiting from the right trend of the aluminum die casting industry.
The trend of lightweighting is in line with the requirements of traditional cars to reduce fuel consumption, and electric vehicles have been extended.
In 2025 in the United States, the market space for automotive aluminum alloys in Europe and the United States is expected to reach 299.6 billion and 346 billion, with an average annual growth rate of 5.
Based on the calculation that the company still maintains the current business structure, the annual average compound growth rate brought 四川耍耍网 about by the growth of the aluminum parts market is about 7.
At present, the aluminum die-casting industry is a Red Sea market that accommodates more than a thousand companies, and benchmarks mature overseas companies. The scale of revenue is basically 10 billion. Some companies represented by the company continue to grow.
The short-term profit end will improve, and the long-term new energy vehicle products will open up new growth space.
The short-term profit level is expected to be restored, and the company uses multiple aggressive depreciation periods (house and building insertion industry 3?
15 years, machinery and equipment replacement industry 2?
(7 years). After the depreciation and amortization, which has a strong correlation with the gross profit margin, peaked in 2H2018 (an increase of 56% per year), the growth rate of 1H2019 dropped to at least 44%, and the gross profit margin is expected to rebound and stabilize.
In the long run, the accelerated deployment of new energy business is expected. The plant is expected to be completed and put into production in June 2020.
At present, it has received orders from customers such as Bosch, Continental, United Electronics, Magna, etc. The products cover aluminum alloy battery packs, electrical controls and motor casings.
Investment suggestion: The company deeply cultivates small aluminum die-casting parts for vehicles, excellent management ability + competitive advantage in the development of lean manufacturing, and the short-term profit level is expected to pick up and stabilize as the pressure on depreciation vendors decreases. Long-term new energy products open up new growth space.
It is expected that the net profit attributable to mothers will be 4 in 2019-2021.
160,000 yuan, corresponding to 2019-2021 EPS is 0.
72 yuan with a target price of 17.
75 yuan, corresponding to 29 times PE in 2020, the first coverage, “Buy” rating.
Risk prompts that car sales growth slows down risks; the growth of new energy vehicle production and sales does not meet expectations; the impact of the trade war; exchange rate risks; changes in raw material prices; pressure from OEMs to lower prices than expected, fierce competition in the industry;pressure.