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133029295821. The company's products conform to the development trend of new energy vehicles. At present, the global penetration rate of Alternative fuel vehicle is still relatively low. The company's performance is expected to benefit from the long-term development of new energy vehicle racetracks
High voltage connected machines mainly correspond to the power system of new energy vehicles, while high-speed connectors mainly correspond to the intelligent interaction and intelligent networking system of new energy vehicles. Compared with traditional low-voltage connectors, the company's products are mainly incremental markets brought about by the development of new energy vehicles. As a major supplier of global new energy vehicle leader Tesla, the company's performance is expected to benefit in the long term;
In a recent public market survey, the company described its business products as follows:
In the new energy vehicle market, the company provides products and connector components such as high-voltage connectors, battery swapping connectors, intelligent connected high-speed connectors, and electronic busbars, forming a rich product line in the new energy vehicle supporting market. The company has the supply qualification and batch supply for well-known domestic and foreign automotive vehicle enterprises and automotive electronic system integrators.
In the communication system market, the company provides RF connector, low-frequency connector, optical connector, high-speed connector and other products and their connector components. At the same time, it began to provide microwave component products, mainly serving Ericsson, ZTE, Samsung, Nokia and other major global communication equipment manufacturers.
In the energy storage system market, the company provides a complete set of connector system solutions for commercial and household energy storage systems. Its main products include energy storage connectors, high and low voltage harnesses, and electronic busbars in the energy storage system market. The company provides a complete set of connector system solutions for commercial and household energy storage systems, including energy storage connectors, high and low voltage harnesses, electronic busbars, manual maintenance switches Energy storage control cabinets and other products, serving domestic and foreign customers.
In the industrial and rail transit markets, the company provides industrial connectors, coupler connectors, and heavy-duty connectors for industries such as industrial control, power, wind energy, rail transit, and locomotive air conditioning.
2. The company's products have successfully entered the energy storage market, and the high growth of energy storage has brought new performance growth points to the company
The company's previous product advantages mainly focused on high-voltage connectors. The company's switch to the energy storage track is easy to be recognized by the market, and CATL has always been a cooperative customer of the company. In the past few years, CATL has achieved 47GWH in energy storage shipments, making it the top transaction in energy storage shipments. According to the company's 22-year report, the company has shipped 50 million units of energy storage in the first half of the year, and is expected to generate revenue of over 100 million yuan for the entire year. The company's entry into the energy storage track is expected to bring new performance growth points to the company.
3. The main customer of the company, Tesla, maintained a year-on-year growth rate of around 40% in the first quarter, and Tesla's low-cost new models are expected to be launched this year, with growth likely to accelerate. Secondly, Tesla is building a new Tesla energy storage plant at its Shanghai Lingang factory, and the cooperation between the company and Tesla is expected to bring long-term and reliable performance growth to the company.
In the first quarter of this year, Tesla produced more than 440000 new cars worldwide, a year-on-year increase of 44.3%, and delivered more than 422000 Battery electric vehicle, a year-on-year increase of 36.4%. Among them, the production of Model 3/Y reached 421000 units, and 412000 new vehicles were delivered, accounting for 97.6% of the overall delivery volume, which is an important driving force for delivery growth.
4. The company's valuation is already in the stage of cost-effectiveness allocation: based on the current stock price, the static PE of the company is around 38 times. According to consensus market expectations, the company's dynamic PE for the past 23 years has dropped to around 23 times, and the company's PEG has been below 0.5. Considering the long-term development trend of new energy vehicles, the company's stock price has reached a configurable range with cost-effectiveness.