Double ring drive: the main industry of gear steadily increa

Precision gear leading enterprise. The company is mainly engaged in the R & D, production and sales of mechanical transmission gears. At present, the company has formed a product pattern of all-round development of gears for passenger cars, commercial vehicles, motorcycles, construction machinery and electric tools. It has a number of world top 500 customers such as Bosch and BorgWarner.

 

Join hands with SAIC to deeply cultivate the full automatic transmission industry of passenger cars. The company has built a new dct360 automatic transmission production plant in Tongxiang, which is dedicated to SAIC transformer. In the future, dct360 will be used in five models of SAIC Group (21.220, - 0.10, - 0.47%) such as Rongwei and Mg. At present, the number of automatic transmission passenger cars accounts for 37.31% of the passenger car market in China, but there is a big gap compared with developed countries and regions in Europe and the United States, and the future market demand is large. It is estimated that the company can supply goods in small scale in the third quarter of 2016, and it is expected to become a new growth point of the company's performance from 2017 to 2018. The project revenue is about 250 million yuan and 500 million yuan.

 

Layout RV Reducer industry. As a highly monopolized product of foreign companies, RV Reducer has huge import substitution space. At present, the company has produced 7 models of RV Reducer C and E series, and has been approved by the National 863 Program project. At present, the reducer has been produced in small batch for downstream customers for trial use. In 2016, it is estimated that the project's revenue will be 30 million yuan and 80 million yuan from 2016 to 2017.

 

Investment suggestion and rating: it is estimated that the company's net profit in 2015-2017 will be 134 million yuan, 162 million yuan and 245 million yuan, and EPS will be 0.46 yuan, 0.56 yuan and 0.85 yuan respectively, which will be rated as "increasing Holdings".

 

Risk tips: the growth rate of traditional main business is lower than expected, RV Reducer, high-speed rail reducer and other fund-raising projects are lower than expected, and the promotion of dct360 automatic transmission is lower than expected.