报告名称：Dongfeng Electronic Technology(600081)Rapid growth of auto electronics；potential
报告类型：深度分析
报告日期：2016-01-15
研究机构：中金公司
股票名称：东风科技
股票代码：600081
页数：16
简介：Investment positives
As the only listco under Dongfeng Group to focus on theauto parts business, Dongfeng Electronic Technology Co., Ltd.(DETC), through its alliance with Visteon, provides interior partsfor Dongfeng Trucks, Dongfeng PV, Dongfeng Peugeot-CitroenAuto, Dongfeng Nissan and Dongfeng Honda; it also providesbrake systems for Dongfeng Trucks.
Rapid growth of auto electronics; self-developedproducts to benefit from the Internet of Vehicles (IoV).Shanghai Visteon (in which DETC holds a stake) supplies autoelectronics for Shanghai Johnson Control and its capacity of CMU& HUD has started to ramp up; its entry into the supply chain ofSGM, Mazda and Honda should help drive DETC’s earnings fromauto electronics. Its subsidiary Dongfeng Auto Electronics enjoysstrong technological capabilities in auto electronic products likeCV combination instruments, automotive sensors and bodycontrollers.
Cooperation with foreign partners in trim parts andbrakes; integration of non-ferrous casting. In recent years,DETC has strengthened its cooperation with foreign players likeAntolin and Knorr-Bremse in auto interior/exterior parts andbrake systems to gain access to their technology and supplychain resources.
Financials
We expect 2015/16/17e to be Rmb4.87bn/5.10bn/5.37bn andnet profit to be Rmb187mn/202mn/222mn (a CAGR of 7.6%), orEPS of Rmb0.60/Rmb0.64/Rmb0.71.
Valuation and recommendation
DETC stands to benefit from the fast-growing auto electronicsbusiness, but the stock lacks short-term catalysts as it takes timefor Dongfeng Group to consolidate its auto parts assets. Initiatewith HOLD and set our TP at Rmb20 (31x 2016e P/E).
Risks
Sales volume misses expectation.

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