Founder Motor (002196): Excellence in the success of the CRRC Transportation Industry Platform is worth looking forward to

Event On August 23, the company issued a notice of change of the actual controller. Zhang Min, the actual controller, completed the transfer registration with Zhuoyou Automobile. After the equity change was completed, Zhuoyou Automobile held a total of 40 million shares, accounting for 8% of the total share capital.

53%, and Mr. Zhang Min holds 12% of the shares of the remaining listed companies to distribute voting rights, and Hanjiang Equipment, a person acting in concert with outstanding automobiles, holds listed companies4.

With 27% equity, the influence of Zhuoyue Auto’s voting rights at the shareholders’ meeting has been expanded to 24.

81% became the company’s controlling shareholder.

A brief comment on the high-premium acquisition, highlighting the excellent confidence of the company in the company’s development prospects. The agreement to transfer 18 million shares of 400 million for the transfer of the outstanding car, the transfer price reached 22.

27 yuan / share, which is higher than the previous premium, reflecting the excellent automobile’s confidence in the operating status and future development prospects of listed companies.

Zhuoyue Automobile is a leader in the manufacture of special vehicles. The transition direction and the company constitute a synergy effect.
Zhuoyue Automobile currently holds 90% of Chusheng Automobile’s distribution. Chusheng Automobile is a leading domestic manufacturer of special vehicles. In 2017 and 2018, the sales of special vehicles were 1 respectively.


340,000 vehicles, achieving operating income of 10.

8.4 billion, 12.

670,000 yuan, net profit 1814.

50,000 yuan, 3654.

370,000 yuan.

Excellent cars are shifting to new energy, intelligent, and lightweight. It is expected to form synergy with Founder Motors business.

CRRC’s traffic control ability is evident, and the follow-up of large-scale industrial platforms is worth looking forward to. (1) Excellent automobile, shareholders are Deqing CRRC Green Pulse New Energy Investment Center (Deqing Fund), Shanghai Zhongzhen Transportation Equipment Co., Ltd., And Deqing Fund, China Zhen Transportation has a common shareholder CRRC Urban Transportation Co., Ltd. (CRRC Transportation), and the general partner and executive affairs partner of Deqing Fund are CRRC Green Pulse, and CRRC Green Pulse’s controlling 重庆耍耍网 shareholder is CRRC.Car traffic.

(2) CRRC Transportation is a mixed-ownership enterprise initiated by China Railway Group and local state-owned and strategic investors. It is positioned as a test field for state-owned capital investment, a pathfinder for business model innovation, and a carrier for CRRC brand output.
The company has achieved rapid growth in the past three years, with revenues of 17 in 2016-2018.

2, 42.

8, 112.

70,000 yuan, with total assets of 5, respectively.

5, 13.

8, 27.

500 million.

The company’s main business is to provide overall urban low-emission public transportation solutions, including rail, tram, BRT, new energy transportation, intelligent parking garages, charging facilities and other internal green, intelligent, three-dimensional public transportation systems.Integrated services such as overall planning, R & D customization, investment construction, operation and maintenance.

(3) In terms of industrial synergy, Founder Motor’s new energy drive motor series products have established supporting cooperative relationships with domestic new energy vehicle companies such as SAIC, Yuchai Group, Geely Automobile, etc., and independent research and development of new energy system drive integration projects have achieved batches.After the completion of the acquisition, the company will obtain CRRC’s large-scale transportation industry platform, and Deqing Economic Development will recommend and endorse the government platform. In particular, it will give priority to the CRRC transportation system for enterprise electric drive system integration and low-emission technology product orders.Many quality customers and orders.

(4) In terms of R & D synergy, CRRC Transportation, the major shareholder of Excellent Automobile, and Tongji University jointly created CRRC MRT Research Institute to provide listed companies with R & D technical guidance and support, and merged listed companies to introduce high-level technical talents.

(5) In terms of strategic synergy, Zhuoyue Automobile will gradually establish a global design for new energy special vehicles, a sales headquarters and a core base for “oil-to-electricity” vehicle manufacturing. After the acquisition, it will realize resource sharing and complementary advantages with listed companies, and further enhance the profitability of listed companies.ability.

Continue to increase the new energy vehicle motor business, and the potential of high-quality customer resources to support the potential release the company to embrace the changes in the new energy vehicle market, continue to promote the development and mass production of electric drive integrated systems, and develop and deploy flat wire motor products.

The company plans to increase the annual output of 350,000 new energy vehicle drive motors and electric drive integrated system projects, and continue to increase the layout of new energy vehicle motors.

As a leading company in the domestic new energy drive motor and electric drive system industry, the company’s comprehensive market share is nearly 7%, and the market share of logistics vehicle assembly products ranks first in the country.

The company’s drive motor products cover a full range of electric vehicles such as passenger cars, logistics vehicles, low-speed vehicles and buses, and have entered Wuling, Geely, Zotye, Dongfeng, Yuchai, Yutong, Yujie and other supporting systems.

The company successfully entered the Geely supply chain, marking that the company’s passenger car motor supply models have expanded from A00 to A.

Excellent customer resources form a strong support for the company’s revenue explosion.

Profit forecast we expect the company 2019?
2021 revenues are 14 respectively.

40,000 yuan, 16.

2.2 billion, 19.
610,000 yuan, the net profit attributable to the mother is 0.

5.7 billion, 1.
0.7 billion yuan, 1.

500,000 yuan, the current corresponding PE is 45.

47, 24.

20, 17.

27 times.

Maintain “Buy” rating.