①受益新能源带来增量市场空间，预计到2022年新能源乘用车热管理市场约141 亿元，约占整个热管理市场的15%，2019-2022年CAGR 达21%。
②为了进一步限制尾气排放，我国计划从2019年7月开始按照轻型汽车、重型汽车分步实施国六排放标准。传统燃油车尾气处理方面，国六排放升级带动 EGR 冷却器产品爆发，天然气重卡、城市柴油重卡、所有地区柴油重卡分别于 2019/7/1 、2020/7/1/、2021/7/1 日切换国六。银轮股份在重卡EGR优势明显，配备了几乎所有的天然气重卡和超过一半的柴油重卡 EGR 冷却器，2021 年下半年将明显受益排放升级。。
Silver-colored cycle debt: Turn currently share price value is controlled for 99.7 yuan, protect this price to be 115.1 yuan, bond yield is 2.41% .
Silver-colored cycle debt explain buy information fundamental condition:
1. Explain buy code: 072126
2. Match carry out code: 082126
3. code: 002126
4. name: Silver annulus share
5. Issue amount: 700 million yuan
6. Level of credence of silver-colored cycle debt: AA
7. Every match carry out: 0.8837 yuan can turn debt
8. Par interest rate: The first year 0.30% , the 2nd year 0.30% , the 3rd year 1% , the 4th year 1.5% , the 5th year 1.8% , the 6th year 2.0% .
9. share price: 10.84 yuan (on June 4 closing quotation price)
10. Turn share price: 10.77 yuan
11. Turn share price value: 100.65 yuan
12. Turn repair below share price: Successive 30 trade noon to at least 15 trade the closing quotation price of day under current turn 90% of share price case
13. Answer carry out conditionally: Finally year of two plan interest, if company stock is in any successive 30 trade the closing quotation price of day under current turn 70% of share price
14. Compulsive and redemptive: Successive 30 trade noon to at least 15 trade the closing quotation price of day not under current turn 130% of share price case
15. Predict a case of the market price on day to be controlled for 115 yuan
Silver-colored cycle debt main area analysis:
The company basically produces heat management product and product of tail gas processing, hot exchange battalion receives gross profit to occupy than be being controlled in 70& , car air conditioning is occupied than about 13% , tail gas processing occupies business of hotter than be in in 10% or so; management to go up, company active from traditional domain outspread to field of new energy resources, prospective company will realize the Qi Sheng that estimate value.
Company car and quantity of produce and sale of heat exchanger of project machine tradition occupy domestic industry first place firmly, oil is cold implement year sales volume is in 10 million above, among them stainless steel oil is cold implement with aluminous oil cold implement global city is occupied rate achieve respectively 52% with 12% , batteries condenser year sell 250 thousand, global city is occupied rate about 17% .
The client is covered by wait for client of mainstream manufacturer automobile with car, commercial vehicle and project machine, have times of general, Ford, peaceful heart, auspicious, wide steam, Biyadi, Great Wall, graceful Hu Mo benefit of tiger of road of leopard of Er, nimble, farad, Ao Di, run quickly, the main client of the domain has the; commercial vehicle such as BMW
The main client of project machine domain has card spy those to strap, Yaohandier, live labour of friendly, Xu Gong, dragon, 31 heavy industry, long protect the; such as cropland
The main client of domain of civil air conditioning has division force air conditioning to wait.
① is benefited new energy resources brings increment market space, predict about 14.1 billion yuan to multiply the heat that use a car to run the market to new 2022 energy resources, 15% what take market of whole hot government about, 2019-2022 year CAGR is amounted to 21% .
At present heat of international TOP car manages a company to include Japanese report outfit, Korea Chinese to take, Faleiao and bridle shellfish Er, these 4 city are occupied rate in 50% above. In traditional car hot management, electric outfit, Faleiao, writing is held high, the international tycoon oligopoly such as bridle, relationship of form a complete set is stable. Car of new energy resources heats up management to regard a new student as demand, although bibcock of each country border intervenes early, technical level is high, but cost is higher, do not take actor in the setting that car of domestic new energy resources develops quickly so. Domestic manufacturer 3 Hua Zhi accuses, silver annulus share because cost control and advantage of ground predestined relationship are swift company of car of new energy resources of country of form a complete set. International is truckload in last few years in the tide that the factory gets lost new energy resources, domestic manufacturer permeates international stage by stage truckload factory. Constitute compared ceaseless promotion as car of new energy resources, hopeful of firm of domestic heat management breaks relatively stable heat to manage market structure.
② is discharged to restrict tail gas further, our country plan begins to divide a pace to carry out a country according to light-duty car, heavy-duty car from July 2019 6 discharge a standard. Tail gas of traditional fuel car handles a side, country 6 discharge upgrade drive EGR condenser product to erupt, derv of natural gas serious check, urban derv serious check, all area weighs card to part at country of switch of day of 2019/7/1, 2020/7/1/ , 2021/7/1 6. Silver annulus share is in advantage of the EGR that weigh card is clear, deployed the derv that all natural gas get stuck again and exceeds an in part almost to block EGR condenser again, second half of the year will be benefited apparently 2021 discharge upgrade. .
Silver annulus share, gram comes the Electromechanical, share that vacate dragon basically heats up layout of car of the sources of energy of administrative business Xiangxin from fuel car, 3 flowers are from home appliance circuit cuts car of new energy resources to heat up management. In the supplier, domestic manufacturer does not have the capacity that provides general assembly of hot pump system, nevertheless, domestic component factory has achieved the technical breakthrough of single component. Heat up pump system, its core component basically includes: Electric compressor (1500 yuan) , the electron expands a powerful person (400 yuan) , heat exchanger (200-300 yuan) , pipeline (300 yuan) , electronic water pump (150 yuan) etc.
Domestic manufacturer has what single component supplies capacity to have: Abstruse special beautiful (electric compressor) > 3 Hua Zhi accuses (the electron expands a powerful person) > the gram comes Electromechanical (CO2 pipeline) = is silver-colored round of share (heat exchanger) > Teng Long share (water pump) . Because car of new energy resources does not have engine, the compressor of traditional fuel car, water pump cannot get dynamical drive, because this needs an electron to expand water pump of a powerful person, electron, bicycle magnitude of value by 50 original yuan / cover promotion to reach 500 yuan / set. Have electronic water pump, electron to expand a powerful person of productivity have 3 Hua Zhi accuses, those who have productivity of electronic water pump have the share that vacate dragon.
In above component, the core product oil of silver annulus share is cold implement, in cold implement amount to respectively in the portion in market of domestic commercial vehicle 45% , 35% , what need an attention nevertheless is, although this part component is replaced, but batteries condenser, water-cooling board is similar and traditional the oil of fuel car is cold implement, in cold implement, technical each other is epicene taller, technical changeover is more accordingly easy.
From the point of bicycle magnitude of value: Abstruse special beautiful > 3 Hua Zhi accuses > silver annulus share > Teng Long share.
Can compare 3 beautiful intelligence of company (3 flowers turn, abstruse special beautiful, medium vessel share (in the vessel turns 2; is silver-colored annulus at present appraise value is in nearly 3 years to come exalted, included the market anticipation to outstanding achievement, but with course of study of person of the same trade 3 Hua Zhi accuses and abstruse special beautiful attributes estimate quite in the value.
Silver-colored cycle debt explain buy analysis of dozen of new investment value:
Closing quotation of silver annulus share is in 10.84 yuan, those who be in nearly two years is medium PE is a; correspondence 25.7 times, corresponding PB is 2.13 times, what all be in nearly two years is medium around, the safe limit of share price is passable. Publisher grade AA, value of estimation debt bottom makes an appointment with 88.3 yuan, debt bottom protects passable; to turn share price value makes an appointment with 100.65 yuan, turn share price cost is higher. Of the company advocate the heat management that business Wu is car of new energy resources, we know car of new energy resources is the main way that prospective automobile industry develops. The company is had in domain of air conditioning of hot pump of car of new energy resources send an advantage first, from number of client of form a complete set and order gross, all be in an industry lead position. Will look at present, the development of car of new energy resources still is in start level, so market of future of silver annulus stock is had degree still can have very big promotion, foreground or but period.
Original title: Silver-colored cycle debt 072126 explain buy value analysis