Weifu Hi-Tech (000581): Entering the field of fuel cells to strengthen the distribution of new energy

Weifu Hi-Tech (000581): Entering the field of fuel cells to strengthen the distribution of new energy

Key points of investment Entering the field of fuel cell core components through equity acquisition The company intends to acquire a 66% stake in Danish IRD Fuel Cell Company for 7.26 million euros and enter the field of fuel cell core components.

IRD was established in 1990. Its main products are membrane electrodes (MEA) and graphite composite bipolar plates (BPP). It has a world-class research and development team and many patents in this field.

IRD currently has two production bases in Denmark and the United States, which provides a strong guarantee for stable production and timely supply.

IRD has stable technical partners and customer resources in Europe, the United States and China, and its products have been recognized by domestic and foreign customers.

The acquisition of IRD shares is another layout in the field of new energy vehicles after cooperating with Protean to develop the wheel motor business last year.

It is conducive to accelerating the cultivation of new business growth points of the company, increasing competition in emerging markets such as new energy vehicles, further optimizing the future strategic industrial layout, and expanding space for the company’s long-term development.

Emissions upgrades provide growth momentum for the company’s traditional business. The company is a leader in heavy truck power systems. It has conflicting competitive advantages in high-pressure common rail, expander, and post-processing systems.Higher market 武汉夜生活网 share.

The company has a complete technical reserve in the field of heavy trucks and non-road machinery power system energy saving and emission reduction technologies. This year, the country ‘s sixth national standard for diesel vehicles will be implemented in some regions.The business will enter a new growth cycle.

Earnings forecast and forecast are expected to be 2 in 2018-2020.

69, 2.

82, 3.

08 yuan / share, an annual increase of 5.

38%, 4.

96%, 9.

16%.

Maintain “Buy” rating.