The "Fengkou Research Report · Company" vehicle chain has stabilized the top three in China. This company cuts into the "Spring Wind Power+Geely+BYD" in hand.

The demand in the chain transmission industry is strong, and the average annual market space of the country exceeds 20 billion yuan. This company has cut into the "Spring Wind Power+Geely+BYD" and other vehicle OEMs and agricultural industrial equipment. In 2022, the order is full. Increased by 95.2%, corresponding to the current PE valuation of less than 20 times.

Company essence:

① Cinda Securities Liu Zhuo is optimistic that chain transmission is an important basic component of the machinery industry. China's annual chain transmission market is more than 20 billion yuan, accounting for more than 60%of the global chain. , Industry space is expected to open further;

② The company's core business is the motorcycle chain. Referring to the spring breeze power data. In June, the export of two -wheeled vehicles exceeded 3,300, an increase of 122%year -on -year, of which 250CC+large displacement two -wheeled vehicles exported nearly 2,300 units, an increase of 80%year -on -year. Strong, in addition, the company's vehicle chain supports entering the OEMs such as Geely, BYD;

③ The company has a leading position in the domestic agricultural machine chain system. In 2021, it achieved revenue of 241 million yuan, an increase of 46%year -on -year. "Safe" attaches more importance, and the company's business is also on the rising channel;

④ Liu Zhuo expects the company's net profit to belong to the parent company in 2022-2024 is 1.54/2.03/259 million yuan, respectively, an increase of 95.2 %%/31.7%/27.7%year-on-year, and the corresponding PE is 17/13/10 times;

⑤ Risk reminder: exchange rate changes risk; trade policy changes, etc.

Chain Transmission is an important basic parts of the machinery industry. The size of China's chain transmission market has reached more than 20 billion yuan each year, accounting for more than 60%of the global chain. With the support of the rise of large -scale motorcycles and the demand for agricultural mechanization, the industry's market space is further opened.

Cinda Securities Liu Zhuo's latest coverage of domestic chain leading leadership and industry (003033). The company's share in the market in the vehicle chain system, agricultural machinery chain system and industrial equipment chain system ranks among the top three domestic enterprises. Typical customers include the new continents Honda Honda , Wuyang Honda, Chongqing Yamaha, Jiangling Automobile, Chunfeng Power, Livo Group, etc.

The motorcycle industry is the main downstream of the company, and the current global market demand is very strong. With reference to Chunfeng Power Data, the export of two -wheeled vehicles exceeded 3,300 in June, an increase of 122%year -on -year, of which 250cc+large displacement two -wheeled vehicles exported nearly 2,300 units, an increase of 80%year -on -year.

Liu Zhuo expects the company to belong to the parent company's net profit from 2022-2024 to 1.54/2.03/259 million yuan, respectively, an increase of 95.2 %%/31.7%/27.7%year-on-year, and the corresponding PE is 17/13/10 times.

The motorcycle industry at home and abroad still has room for development, and the large -displacement motorcycle market has begun to rise

The company's vehicle chain products are mainly motorcycle chains and car chains, and business income accounts for a long -term ratio of total revenue than 50%. Due to the higher technical requirements for car chain products, the company's current sales scale is relatively small, and it has entered the OEMs such as Geely, BYD, Honda and other OEMs.

my country's motorcycles are mainly exports. In 2021, my country's motorcycle export volume was 350.058 million, an increase of 23.7%year -on -year, and the export value was US $ 12.322 billion, an increase of 43.3%year -on -year. In 2022, under the disturbance of the epidemic, a total of 162,000 units above the 250cc or above were sold, an increase of 51%year-on-year.

Liu Zhuo analyzed that the chain transmission is consumable. Usually, motorcycles need to maintain the chain regularly. After multiple maintenance, the chain needs to be replaced. It is estimated that the market replacement market is larger than the motorcycle before. The company has cooperated with well -known domestic motorcycle brands, and the main business needs are still growing.

The demand for agricultural machinery is steady, and there is a lot of promotion in the industrial field.

In 2022, the comprehensive mechanization rate of crop farming in my country was approximately 71.25%, and there was a certain gap compared with the 95%of the US agricultural mechanization rate. The "Fourteenth Five -Year Plan" of the Ministry of Agriculture and Rural Ministry of Agriculture and Rurality also clearly states that by 2025, the comprehensive mechanization rate of crop farming will reach 75%by 2025.

The company possess a leading position in the domestic agricultural machine chain system. In 2021, it achieved revenue of 241 million yuan, an increase of 46%year -on -year. In the first quarter of 2022, the company's agricultural machine chain business still maintained a good growth and order. During the epidemic, the world attaches more importance to "food safety", and the company's business is also on the rising channel.

The industrial equipment chain system is the basic parts of industrial machinery and equipment. Its downstream applications are also wide. Common applications include logistics, freight, transportation, food production and other industries. my country's manufacturing industry is the world's largest in the world. The industrial chain system is good. Growth soil.

Due to the large number of downstream applications of the industrial chain, the market space is large, but some market segments are small, and the company will gradually cut in from logistics and food production.

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