Kabeiyi (300863) continues to benefit from electric lightweight upgrades-clevelanddrifters.com

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Kabeiyi (300863) continues to benefit from electric lightweight upgrades

time：2023-03-24 00:18:51 source：clevelanddrifters.com author：Stock market

Kabeiyi (300863) continues to benefit from electric lightweight upgrades

In 2022, Kabeiyi achieved revenue of 1.21 billion yuan in H1, +31.9% year-on-year; net profit attributable to the parent was 50 million yuan, +59.5% year-on-year; of which Q2 realized operating income of 590 million yuan, +24.2% year-on-year, and -3.4% month-on-month; Net profit attributable to the parent was 20 million yuan, +14.8% year-on-year and -21.4% month-on-month. 2022Q2 sales gross profit margin was 11.10%, +0.85pct year-on-year, +0.22pct month-on-month; net sales profit margin was 3.76%, -0.31pct year-on-year, and -0.78pct month-on-month. Cable sales expanded the company's 2022H1 revenue of 1.21 billion yuan, a year-on-year increase of 31.9%; a net profit attributable to the parent of 50 million yuan, a year-on-year increase of 59.5%; a non-returned net profit of 50 million yuan, a year-on-year increase of 96.1%. The high growth of the company's performance was mainly due to the expansion of cable sales during the reporting period. The company's main business, conventional cables and special cables for new energy vehicles, both achieved rapid growth. In 2022H1, the company's conventional cables achieved revenue of 990 million yuan, a year-on-year increase of 32.7%; the company's special cables achieved revenue of 180 million yuan, a year-on-year increase of 38.0%. At the same time, it can be seen that the demand for cables for new energy vehicles has grown, and the company's special cable revenue growth rate is 5.3pct higher than that of conventional cables. Raw material prices fell and profitability was restored. The raw material cost of the company accounts for a relatively high proportion of the product cost, and the main raw material copper material accounts for about 85% of the main business cost. With the decline in upstream raw material prices, the company's gross profit margin increased quarter-on-quarter. In 2022Q2, the company's gross profit margin was 11.10%, an increase of 0.22pct month-on-month. In 2022H1, the company's gross profit margin was 10.99%, +1.76pct over the same period last year; by business, the gross profit margin of conventional cables in 2022H1 was 9.68%, +1.66pct over the same period last year, and the gross profit margin of special cables was 18.50%, +4.37pct over the same period last year . The smooth production capacity of fundraising projects is expected to increase the company's issuance of convertible bonds to non-targeted objects to raise investment funds in December 2021, with a total amount of no more than 279 million yuan. Investment projects: 1) New energy vehicle cables and intelligent connected vehicle cables Industrialization project, the total investment of the project is 350 million yuan, and the raised funds are planned to be 120 million yuan. Yuan, and is expected to achieve a production capacity of 53,000 kilometers. In 202022H1, the company used convertible bonds to raise funds to invest 140 million yuan and 70 million yuan in projects respectively, and the fundraising and investment projects progressed smoothly. We believe that after the fundraising project is put into production, the company's intelligent manufacturing level is expected to improve, the production capacity of new energy vehicle cables and intelligent networked vehicle cables will expand, labor costs will decrease with the improvement of intelligence, and profitability will increase accordingly. The cable industry has benefited from electric lightweight upgrades for a long time, and its performance has opened up room for improvement. 1) The demand for special cables for new energy vehicles increases, and the value of bicycles is expected to increase. Due to the more complex process structure of new energy vehicle cables, the value of a bicycle is relatively high. According to the company's prospectus data, the value of a traditional vehicle cable bicycle is about 500 yuan, and the value of a new energy vehicle cable bicycle is about 1,000 yuan. The unit price 100% increase; 2) Under the trend of lightweight, aluminum is expected to replace copper, and the cost is expected to be reduced. The company's 2020-202022H1 special cable revenue accounted for 10.4%, 12.6% and 15.0% respectively. In recent years, it is expected to benefit from the industry's electrification and lightweight transformation, and its performance will open up room for improvement. Profit forecast The company focuses on automotive cables, the downstream customer structure is high-quality, and the general trend of electric lightweight is expected to open up long-term growth space for the company. We predict that the company's net profit attributable to the parent from 2022 to 2024 will be 130 million yuan, 240 million yuan, and 390 million yuan, corresponding to EPS of 2.39, 4.26, and 7.03 yuan, respectively, and corresponding to PE of 31.2 times, 17.5 times, and 10.6 times.

(Responsible editor：Aerospace stock)

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