The company will focus on the development of auto parts business, and its leading products include automotive interior systems, electronic and electrical systems and automotive braking systems. As a listed company under Dongfeng Group, with the consumption upgrading and the internationalization of China automobile enterprises, there is a large demand for vehicles, and the enterprises that provide automobile parts still have great development opportunities.
20 10 the profitability of the existing business has been significantly improved. Despite the prosperity of the automobile market in 2009, the performance of the company's main customers, Dongfeng Heavy Truck and Dongfeng Shenlong, was weak, and the company lost only 0. 10 yuan that year. In the first half of 20 10, companies such as Dongfeng heavy truck (+l65%) and Dongfeng Shenlong (+49%) significantly improved their market positions, and the company realized earnings per share of 0.40 yuan (turning losses). We maintain a relatively optimistic judgment on the heavy truck and passenger car market in the second half of the year. It is estimated that the company's profitability is expected to continue, and the profit in the second half of the year is not inferior to that in the first half.
It is the general trend for large automobile groups to focus on cultivating core parts business. The technical shortcomings of core parts will restrict the development of automobile enterprises. The "Automobile Industry Revitalization Plan" clearly puts forward that "key parts technology" should be "independent", and mainstream automobile groups such as FAW and SAIC have clearly planned the parts business platform. The major shareholder of the company was changed from Dongfeng Limited to Dongfeng Auto Parts Company. We speculate that the Group's support for key components may be strengthened, and Dongfeng Technology is expected to become a component platform similar to FAW Fu Wei and Huayu Automobile.
At present, the supporting proportion of the company is low, and the growth space is broad. The company's income mainly comes from Dongfeng Heavy Truck and Dongfeng Shenlong, and the supporting proportion of Dongfeng Limited and other group enterprises is still low. In 2009, the company's revenue was only 654.38+03 billion yuan (Huayu was 24.7 billion yuan in the same period). Based on the automobile output of Dongfeng Group in 2009 of 6.5438+0.89 million, the total purchasing scale of spare parts of the whole group should be around10 billion yuan. Dongfeng Technology is the only listed company in the field of parts and components of Dongfeng Group. If it is clearly positioned as a business platform, there will be great room for business scale growth.
Dongfeng co., ltd has abundant spare parts resources. Dongfeng Company owns 17 auto parts enterprises including Dongfeng Technology, and its business scope covers wheels, transmission shafts, radiators, tile shafts, castings and other categories. According to public statistics, the income scale of in-vitro business of listed companies may be 4-5 times that of in-vivo business.
Dongfeng Technology's existing business10/112, profit forecast 0.89/1.05/1.21yuan, current price1yuan. The report believes that the company's own business is in a stage of rapid growth; Its position in Dongfeng Group is expected to rise, which will lead to a rapid increase in business scale; The company has a small market value and a large scale of external parts assets, so it is expected to enjoy a valuation premium. The market outlook will benefit from the support of the new energy vehicle policy in the Twelfth Five-Year Plan, and the auto parts business will usher in new development opportunities.
Risk factors: the macroeconomic slowdown led to lower-than-expected demand for automobiles, the decline in investment led to a downturn in the commercial vehicle market, the market position of major companies of Dongfeng Group declined, and the prices of bulk raw materials such as oil and steel rose sharply.
Technical side: 5 10, and the 20-day moving average diverges downward. The price has been falling since 9- 15. Gradually increase the volume from 9- 15. Under the DEA line, MACD indicators: DIFF indicators, KDJ indicators, RSI indicators and OBV indicators all show that the stock price in the market outlook has to continue to drop.
Suggestion: short-term selling is better, and stocks still have good investment value in the long run.
(The above views are purely personal and do not constitute investment views) Q 1634649344