New energy automobile air conditioner electronic e

2022-07-30
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Sanhua Co., Ltd.: electronic expansion valve for new energy automobile air conditioner on September 26, we participated in the company's 2014 investor exchange activities, and had in-depth communication with zhangdaocai, chairman of the board of directors of Sanhua holdings, zhangyabo, chairman and CEO of Sanhua Co., Ltd., wangdayong, President, Lewis, vice president, yuyingkui, chief financial officer, Liu Fei, Secretary of the board, and others about the group and listed companies

on September 26, we participated in the company's 2014 investor exchange activities, and had in-depth communication with zhangdaocai, chairman of the board of directors of Sanhua holdings, zhangyabo, chairman and CEO of Sanhua holdings, wangdayong, President, Lewis, vice president, yuyingkui, chief financial officer, Liu Fei, Secretary of the board, and other listed companies

content:

I. operating conditions of listed companies 1. Operating conditions in 2014 (1) conditions of various products:

in the first half of 2014, the sales of four-way valves increased by 22% year-on-year, the stop valve by 18%, the electronic expansion valve by 44%, the square valve by 18%, the gas-liquid separator by 0%, the filter by 27%, the solenoid valve by 19%, and the electronic valve made of pp-lgf30 for double door push was -23%

2014, the controller sales increased by 183% year-on-year, the electronic expansion valve by 44% and the commercial air conditioning refrigeration business by 45.91% (more than 100% in China, Europe and South Korea)

(2) revenue proportion:

four way valve accounts for 40%, stop valve 15% and electronic expansion valve 15%

(3) others:

integration of manufacturing bases: the production capacity of Wuhu and Jiangxi bases has been steadily increased. After the merger and acquisition of Qingdao Sanhua, the production and sales have increased significantly. Lean production: through the reasonable matching of automation and personnel, the cost input has been realized, and the per capita efficiency has increased by 21.1% over the same period. 2. Main products:

(1) electronic expansion valve:

now has the second largest market share in the world, with high gross profit margin and profitability. At present, most of them have realized semi automation, which saves a lot of personnel, has higher stability and efficiency. An increase of 40% over the next five years is expected

(2) square valve:

after the end of anti-dumping in the United States, the sales volume of square valve of the company has been better driven, with a good growth this year

(3) four way valve:

it has a high market share and is the stable growth category of the company. The four-way valve is expected to continue to maintain (estimated) about 20% revenue growth and continue to improve; Every year, new products continue to establish the guiding ideology of "consolidating the foundation, enhancing the advantages and aiming at the high end" with the goal of replacing imports, such as stainless steel and more energy-saving products

(4) stop valve:

the company has a high market share and a low gross profit of about 10%, so the company receives orders selectively. The gross profit margin abroad is higher than that at home

(5) yaweko:

(6) new product:

controller: it is profitable now and will have greater development in the future

sensor: it is mainly used in commercial refrigeration and air conditioning. It is now in its infancy. At the beginning of the year, it began to send samples to high-end customers. It will be a key research direction in the future

serialization of electronic expansion valve (large-scale commercial) 3. Progress of potential product - frequency converter:

Competitiveness: 15 years of service life, certified, moderate cost; The main competitors are Emerson, Danfoss and LG

growth: the global commercial air conditioning and refrigeration inverter market will become a potential market of more than 1billion US dollars. The United States has a large space for upgrading (frequency conversion accounts for less than 3% in the light commercial market, and less than 15% in the Chinese light commercial market)

positioning: provide subsystem solutions for customers

revenue scale: 3million yuan in 12 years, 30million yuan in 13 years, 83million yuan in 14 years and 120million yuan in 15 years. It is expected to maintain an annual growth rate of 50% in the next three years

4. Aweco: after the acquisition of aweco, it has developed from refrigeration to home appliances (1) acquisition background:

aweco is the main refrigerator spare parts in the European market, which has certain competition with the company's business; The business operation of yaweko in this area is not very good. The company used more than 20 billion euros to acquire the refrigerator technology and production capacity of yaweko and put them in China. After a deeper understanding of avec, the company wants to acquire the whole company, provided that the German factory is closed and the production in Europe is kept in Austria and Poland. The company's acquisition of AVIC can establish its position in Europe, which is also related to the 100% growth of the company's commercial projects in Europe this year

(2) revenue composition:

most of the revenue comes from the dishwasher business. The minimum ground friction of the dishwasher is similar to the company's position in household air conditioners. The dishwasher product line is very wide. Key customers: Miller's income of 30million euros, Siemens' 20million euros and Electrolux's income of nearly 20million euros. The customer stickiness is high

(3) problem:

the European market economy is not good, and the continuous opening and closing of factories will cause a large loss of cash flow

(4) the company looks at the three businesses of Central Asia Waco:

dishwasher pumps (100% growth this year), motors (50% outsourcing, with Wuhu factory reaching production in January next year, a variety of machines are available for you to choose from! The proportion of outsourcing will be reduced), dishwasher automatic drying (only Siemens can do this now, and the company is developing this technology, which may be developed in 15 or 16 years)

(5) technology:

Europe and the United States are also promoting energy efficiency upgrading, and there is a gradual trend from electric heating wire to heat pump. At present, 5% of the market adopts heat pump solutions, and the company believes that the proportion will continue to increase in the future

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