Traditional Business Pressure, Powertrain + Operation To Help Development

- Nov 07, 2018-

Traditional business pressure, powertrain + operation to help development

Economic downturn + industry competition intensified, traditional business continues to be under pressure: Dayang Electric is a leading domestic motor company, and has a leading position in the field of traditional household electrical appliances, due to weak international economic recovery, slowing domestic economic growth, and huge inventory and merchants. A lot of unfavorable factors such as "price war" have been hit, and business performance has been sluggish. By introducing automation equipment, the company improved production efficiency; optimized production line layout and reduced intermediate inventory; set up factories in Mexico and vigorously developed strategic products, among which BLDC/DIGIMOTOR high-efficiency intelligent motor sales ratio was further improved, effectively improving the net interest rate of the company's products. . The sales revenue was 389 million yuan, a year-on-year increase of 23.14%, which increased the net interest rate of the company's products. Although the revenue and gross profit margin of non-air-conditioning motors increased by 2.09% and 4.33% respectively. However, the revenue and proportion of the relatively large air-conditioning motors decreased by 15.07% and 0.57% respectively. As a result, the overall performance of traditional motors is poor. We believe that the traditional motor business will continue to be under pressure due to the economic downturn.

Endogenous strong growth superposition and extension of M&A electric drive, stable powertrain leading position: Driven by the rapid growth of new energy vehicles, in 2015, the company's powertrain system business achieved operating income of 430 million yuan, an increase of 392.43%. The company effectively integrated R&D resources in Zhongshan, Beijing, Shanghai and Detroit, and its technical competitiveness has been further enhanced. At the same time, the company completed the acquisition of Shanghai Electric Drive to achieve synergy with Shanghai Electric Drive in research and development, supply chain management, customer resources, etc. The company's new energy vehicle powertrain system business in the domestic market share reached 30% about. During the performance commitment period, Shanghai Electric Drive's audited net profit for 2015-2018 is not less than 9,400/13,800/18,900/27,700,000 yuan, which will greatly increase the company's future performance. Ocean Electric + electric drive + Patelai + Genorui has formed nearly 300,000 sets of new energy vehicle powertrain system capacity. With multiple complementary advantages, the company is expected to become the leader of new energy vehicle motor powertrain system. With the continuous high growth of downstream new energy vehicle production and sales, it is predicted that the average annual compound growth rate of electric drive will be over 70% in the next three years.

Layout operations to achieve upstream and downstream synergy, to create a new industrial ecology: the company takes the operation of new energy vehicles as the core, and strives to build a new energy vehicle operation platform for the whole industry chain with production, technology, research and use. The business mainly includes charging station/pile construction and operation, new energy vehicle leasing, operation and Internet customized car. The company has participated in the Sino-Singapore and Titan Energy, and invested in the establishment of a new energy auto industry fund to participate in the Piggy. At present, nearly 2,000 new energy vehicles have been operated in Zhongshan, and the models cover a variety of urban functional vehicles. The cooperative vehicles include Jinlu, Futian, Jinlong, Zhongtong, Changan, Guangzhou Automobile, Haige, SAIC Datong, etc. Nearly a thousand piles will be completed to complete the construction of four power stations; future business will be extended to areas such as new energy vehicle maintenance and new energy vehicle finance. We believe that the company's innovative layout of downstream industries and the synergy between upstream and downstream industries will drive the sales of the company's powertrains to increase significantly. This will not only enhance the core competitiveness of the ocean, but also lay a good foundation for the subsequent industrial transformation and upgrading.

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