天津夜网

Joyson Electronics (600699) Company Review: Adds 1.5 Billion Tesla Orders Totalling 75 Billion

Joyson Electronics (600699) Company Review: Adds 1.5 Billion Tesla Orders Totalling 75 Billion

Event summary: Company announcement: After the company’s stock self-examination, the company was identified as the supplier of Tesla’s China Model 3 and Model Y models, and provided Tesla with steering wheel, airbag and other automotive safety system products.

The total amount of new orders for the project is about 1.5 billion yuan.

In addition, the announcement stated that the company’s new energy battery management and charge-discharge system business-related orders totaled about 15 billion yuan.

Event comment: Tesla is expected to contribute an average of 1.5 to 2.5 billion yuan in revenue for the company each year.

Joyson’s subsidiary Lingang Joyson 南京夜网论坛 Safety recently received a letter of intent from Tesla China, and formally determined to provide steering wheel, airbag and other automotive safety system products for Tesla China Model 3 and Model Y models.

According to company estimates, the new order amount is about 15 million.

Officials from the company’s automotive safety division have provided a full range of passive safety systems and front hood lifters to Tesla’s full range of models, with a total spindle order amount of approximately 4.5 billion.

As a result, the Automotive Safety Division currently has a total order value of approximately 60 million.

In addition, the company also provided Tesla with global HMI controllers and related sensors and other products. The electronics division received a total of $ 1.5 billion in orders.

The company’s two major business 北京桑拿洗浴保健 units have received a total of $ 7.5 billion in Tesla orders.
Mass production will gradually take place within five years; by calculation, Tesla expects to contribute an average of 1.5 to 2.5 billion yuan in revenue to the company each year.

The new energy sector has accelerated its development, accumulating 15 billion orders, and is expected to contribute an average of $ 3 billion to $ 5 billion in annual revenue.

The company’s products in the field of new energy vehicles include battery management systems, wireless charging and high-voltage fast charging modules, 48V battery management systems, on-board chargers (OBC), DC / DC converters, on-board charging posts and PDU distribution boxesProducts, customers include Mercedes-Benz, BMW, Porsche, Volkswagen and other major domestic and foreign vehicle brands.

At present, the company’s new energy battery management and charge and discharge system business-related orders total about 15 billion yuan, in the future 3?
It will be gradually mass-produced within 5 years. Through calculation, it will contribute an average of 3 to 5 billion revenues to the company every year, and the company’s E-mobility revenue in 18 years is only about 5 trillion.

Investment suggestion: The company consolidated Takada, focused on integrating the automotive safety business, and the profit margin is expected to gradually improve. Based on JSS, it will expand the fields of new energy, intelligent network connection, and intelligent driving, and promote the capture of the competitive heights of the automotive intelligent era.

In the future, with the gradual landing of Tesla and the new energy of automobiles, the advantages of smart network connection and electric control are expected to be released faster and enter the rapid growth channel.

As the release of orders for 20 years is slightly optimistic, the net profit of the company will be 14 from 20-21.

0, 17.

800 million down to 13.

0, 16.

4 trillion, the corresponding EPS is 1.

05, 1.

32 yuan / share.

Maintain “Buy” rating.

Risk warning: Joyson’s security integration is less than expected, the development of connected car and automotive electronics business is less than expected, car sales are less than expected, Tesla sales are less than expected, and goodwill is significantly impaired.

Call Now