On June 29th, Dongfeng Technology (60008 1. SH), an auto parts company under Dongfeng Motor Group, issued a preliminary plan for the public share allotment plan, and plans to issue shares to all shareholders at the ratio of 10 to 3 shares, raising about1400 million yuan.
Dongfeng Technology's rights issue is also the first case of public rights issue in the auto parts industry in recent years. Since 20 18 1 1, Lyme shares (603633. SH) Disclosure of the rights issue plan. No company in the auto parts industry has tried to issue rights.
According to the plan, the funds raised from the rights issue will be used for two projects, of which the investment in "New Energy -3in 1 and 5in 1 Die Casting Technical Transformation Project" is no more than 70 million yuan, and the investment in "New Energy Powertrain and Core Manufacturing Capability Improvement Project" is no more than 430 million yuan.
According to the data, Dongfeng Technology is a subsidiary of Dongfeng Auto Parts (Group) Co., Ltd., mainly engaged in automobile braking system, oil supply system, die casting, automobile temperature regulation, exhaust system and other businesses. 202 1, the company completed a major asset restructuring, and acquired nine auto parts subsidiaries from the major shareholder Dongfeng Parts, which were included in the business layout of automotive thermal management and powertrain parts system.
The investment of this project is another round of capital investment in powertrain parts business and electric drive business after the reorganization last year.
According to the announcement, the total investment of the aforementioned powertrain project is 440 million yuan. After the project is completed, Dongfeng Electric Drive will have an annual production capacity of 600,806 generators, 867,365,438+02 starters, 422,865,438+05 drive motors and 65,438+053,675 integrated electric drive systems, and its operating income will reach.
Dongfeng technology revealed that the electric drive powertrain parts business has signed orders with a number of manufacturers and Dongfeng related customers. If the core components and product platforms of downstream customers remain unchanged, stable orders may continue to be generated in the next 10-20 years.
Electric drive business is another outlet after new energy batteries, because it is second only to battery modules in the value ranking of new energy vehicles.
Guosen Securities Tang Xuxia believes that in 2025, the sales volume of electric vehicles will be about100000, and the penetration rate will be about 40%. The market space of electric drive assembly is expected to reach 654.38+000 billion yuan, and the market space of power supply assembly is expected to reach 30 billion yuan.
Soochow securities pointed out that electric drive players embrace the trend of "all-in-one machine" and new technology, and enhance the value of bicycles. Under the pressure of automobile manufacturers to reduce costs, the proportion of "all-in-one" of third-party suppliers in revenue has increased, and the value of bicycle supply is expected to continue to increase.
However, due to the great demand for MCU and power chips in the electric drive system, the production potential of Dongfeng Technology still depends on the future chip supply.
"In 20021year, the company faced a serious shortage of chips, a sharp rise in raw materials, a shortage of key resources and a bottleneck in production capacity." Dongfeng technology pointed out in last year's annual report.
Analysts believe that electric drive enterprises mainly faced chip constraints last year, and electric drive enterprises generally directly faced chip cost pressure, which was difficult to pass on to the downstream. The "lack of core" in the auto parts industry has led to the bottleneck of capacity release in the electric drive business to a certain extent. Judging from the recent industry exchanges, the lack of cores in auto parts has not been completely improved.
Recently, Zhao Fuquan, a professor at Tsinghua University Vehicle and Transportation College and president of Automotive Industry and Technology Strategy Research Institute, pointed out at the 2022 China Automobile Supply Chain Conference that although the global supply chain system is gradually recovering, it is difficult to change the state of lack of core in the short term. "Last year, we lacked the core. This year, there is likely to be a lack of core and power. There may be new situations next year, so the supply chain problem will be a huge challenge for the future automobile industry. "
In addition to electric drive motors, Dongfeng Technology's "New Energy -3in 1 and 5in 1 Die-casting Technical Transformation Project" is also a lightweight track for new energy vehicles.
According to the announcement, the company will invest 7411.61.00 million yuan by holding Dongfeng (Shiyan) nonferrous castings of Sun Company, and increase the annual production capacity of nonferrous metal castings by 905,800 pieces.
Dongfeng Science and Technology pointed out that at present, compared with ferrous metal die castings, non-ferrous metal alloy die castings have higher tensile strength, corrosion resistance, recyclability and light weight, and have obvious competitive advantages. With the improvement of die casting equipment and technology, more and more ferrous metal castings are replaced by non-ferrous metal die castings such as aluminum alloy and magnesium alloy.
Analysts pointed out that due to the high proportion of batteries in the weight of the vehicle, new energy vehicle companies have stronger motivation to promote lightweight, because under the same conditions, vehicle weight reduction can reduce the cost of batteries, and new energy vehicle companies will directly benefit.
In addition to Dongfeng technology, the trend of lightweight has also attracted a number of A-share auto parts die-casting manufacturers to increase investment.
June 18, Hu Rui Mould (002997. SZ) announced the capital increase to its holding subsidiary for the construction of precision molding equipment and lightweight parts for new energy vehicles. On June 29th, Aikedi (600933. SH) also announced that it plans to acquire 67.5% equity of Fule Die Casting (Taicang) Co., Ltd. for 298.5 million yuan to realize business combination and invest in precision die casting business.
The lightweight of die casting has been overweight by many companies. However, in the past month, after fully absorbing the expectation of lightweight, the capital market showed some signs of low tide. As of the close of June 29th, Aikedi hit the daily limit, and Hu Rui's molds fell by more than 7%.
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