On November 8th, 2021, Lingdian Electric Control (688667) issued a notice saying: CITIC, Societe Generale Fund, Nuoan Fund, Guoxin Securities, Societe Generale Securities, negotiation Securities, Chinese Merchant Fund, Oriental Fund, Bodao Fund, Hengyue Fund, Shenwanlingxin Fund, Hongdao Fund, Zhengxin Valley Capital and Management assets investigated our company on October 13, 2021.
The main contents of this survey are as follows:Q: what is the company's strategic goal in the next three or five years?
A: the company's strategic planning for the next five years is still based on the two directions of automobile electrification and network connection. In the direction of electrification, the main direction is hybrid and pure electric. The company determined the hybrid direction in 2016, mainly based on the fact that the fuel consumption policy at that time had already specified that it would reach the goal of 5L/ 100 km in 2020, 4L/ 100 km in 2025 and 3.2L/ 100 km in 2030. According to the analysis of the technology path, we judge that only the hybrid solution can achieve the above goals, so the company has been unswervingly following the hybrid path. In the field of networking, our initial product is T-BOX, and we also want to make use of our advantages in the field of power system control to do some characteristic network products to link the network with the power system. Our five-year strategic goal is to become "China's Bosch". In terms of the technical level, the coverage of power control system products and the soundness of the supply chain, we already have the basic conditions.
Q: how to understand the company's electrification strategy?
A: the key to understanding the company's electrification strategy is to grasp the differences in industry barriers and industry patterns between hybrid vehicle control system and pure electric vehicle control system. The technical difficulty of hybrid power control system lies in engine control and electromechanical coupling control, so only United Electronics, Delphi and our company participate in the industry pattern. The technical difficulty of pure electric vehicle control system is much lower, there are many domestic competitors, and the industry pattern is poor, so the competition needs to rely on cost and service advantages. In terms of hardware configuration, the hybrid control system is equivalent to the control system of one gasoline engine and two pure electric vehicles. The company expands the scale advantage through the hybrid control system, and establishes the cost advantage in the pure electric vehicle electric control system market. We will give priority to our original customers in the pure electric market this year and next year. Advanced VCU market-VCU involves vehicle drivability, compared with industrial frequency conversion enterprises with no experience in the automotive industry, we have more advantages-through VCU and then gradually enter the MCU market.
Q: is the growth space in the industry mainly affected by the withdrawal of multinational manufacturers such as the mainland from the Chinese market or by the advantages of the enterprises themselves? How does the enterprise evaluate it?
A: the company's main competitor in the field of gasoline vehicles is United Electronics, and new customers mainly enter own-brand car companies. In terms of development speed and technology cost reduction, independent development EMS enterprises have obvious advantages over multinational EMS enterprises, which can optimize the cost of customers.
Q: what is the potential of the company in the passenger car market in the future? is there an opportunity to enter new customers?
A: the company's advantages mainly lie in the changes in laws and regulations and the development of new models by car companies, both of which will bring considerable market space for domestic independent electronic control enterprises. At present, the company's products have advantages in fault data quality performance, development and response services. In fact, the company has developed a number of passenger car products and actually installed them before. The company entered the passenger car market, opened up the largest market space in the automotive industry, and closely communicated with customers of front-line independent brands and new energy and new power car companies. At present, the models on sale are N1 models and cross passenger cars, while the newly developed models are M2 models and SUV models.
Q: what is the current development stage of the company's GDI products?
A: at present, the summer high temperature experiment and plateau experiment have been completed, and we will participate in the alpine experiment this year.
Q: what is the company's R & D team structure and organizational structure?
A: the company's technology is divided into two categories: research and development and engineering application, R & D is programming, and engineering application is mainly calibration. There are nearly 200 people in R & D and almost 200 in engineering applications. The R & D system strategy department, software development department and software testing department are more important technical departments.
Q: can you tell me something about the impact of RDE regulations on the company?
A: when the sixth national law was implemented, the most important regulation, the RDE regulation (that is, the actual discharge of road pollutants), was delayed until July 1, 2023 due to technical difficulties. RDE regulations for all vehicles, RDE testing conditions are more complex, then the implementation of the requirement that all current in-use vehicles and newly developed vehicles need to be retested and re-declared in accordance with the RDE announcement. At the time of the implementation of the sixth national laws and regulations, many multinational EMS enterprises participated. At present, many EMS enterprises have withdrawn from the Chinese market, and the R & D teams of individual multinational EMS enterprises have been disbanded, so the number of EMS enterprises involved in the implementation of the RDE regulations is much less than that when the sixth national laws and regulations were first implemented. The stock cars originally undertaken by multinational EMS enterprises will be transferred to other EMS enterprises. In addition, there is a two-and-a-half-year preparation time for the implementation of the sixth Law from the end of 2016 to July 1, 2019, while the implementation of RDE regulations only gives car companies a year of preparation time, while multinational EMS enterprises can undertake limited projects within a year, and will squeeze out a large number of models to be controlled by Lingdian, so the implementation of RDE regulations is a reshuffle for the industry pattern. At the same time, the implementation of RDE regulations will also bring a large amount of technical service income to the company.
Lingdian electric control main business: the company is a supplier of automobile power electronic control system, the main business includes automobile engine management system, motorcycle engine management system, pure electric vehicle power electronic control system, hybrid electric vehicle power electronic control system research and development, production, sales and technical services
According to the third quarterly report of Lingdian Electric Control 2021, the company's main income was 598 million yuan, up 16.65% from the same period last year; the net profit was 121 million yuan, up 17.12% from the same period last year; and deducting 103 million yuan from non-net profit, up 5.52% from the same period last year. Among them, in the third quarter of 2021, the company's main income in a single quarter was 174 million yuan, down 9.6% from the same period last year; net profit in a single quarter was 41.915 million yuan, up 15.61% from the same period last year The non-net profit in a single quarter was 33.3861 million yuan, up 1.94% from the same period last year; the debt ratio was 18.76%, the investment income was 10.9309 million yuan, the financial expenses were-1.2989 million yuan, and the gross profit margin was 30.15%.
A total of five agencies have rated the stock in the last 90 days and five have bought ratings; the average institutional target price has been 195.19 in the past 90 days; the net outflow of financing in the past three months has been 8.0384 million, resulting in a decrease in the financing balance; and the net inflow of securities has increased by 0. According to the Securities Star valuation analysis tool, Lingdian Electric Control (688667) has a rating of 3.5 stars, a good price rating of 1 star, and a comprehensive valuation rating of 2 stars.