Chunqiu Electronics recently announced that it plans to publicly issue convertible bonds to raise no more than 570 million yuan. After deducting issuance costs, all will be used for the annual production of 5 million sets of automotive electronic magnesium-aluminum structural parts projects and supplementary working capital.
Chunqiu Electronics previously mainly produced computer precision components, and has been deeply involved in consumer electronics by virtue of precision structural parts and module design and manufacturing supply. Currently, Chunqiu Electronics said that the company has stepped into new areas such as the design and manufacturing of 5G communication modules and equipment.
It is worth noting that as early as June last year, Chunqiu Electronics increased its capital to participate in Maanshan Hengjing. Maanshan Hengjing is a company that designs, manufactures and sells brake discs FNC heat treatment. Specializing in providing FNC heat treatment injection technology for new energy vehicle brake systems. Brembo mainly provides braking systems to automakers such as Tesla, Mercedes-Benz, and BMW. In addition, Chunqiu Electronics stated that its Shanghai subsidiary has recently begun to cooperate with Tesla supplier Shanghai Chuanliu Precision Plastic Co., Ltd. in precision molds.
Pacific released a research report saying that it maintains the Spring and Autumn Electronics Buy rating. The reasons for rating mainly include:
1) The “one body and two wings” business structure is formed, and the location in Hefei is selected to strengthen customer demand response capabilities;
2) The downstream boom continues to consolidate revenue growth, and the increase in raw material prices has a marginal improvement in profitability;
3) Improved customer structure and steady expansion of production capacity, laying the tone for sustainable growth
; 4) The chairman and senior management increase their holdings to demonstrate confidence and enhance the cohesion of the management team.
Risk warning: (1) The supply chain of the notebook industry is blocked due to the shortage of chip supply or due to the epidemic ban, which will affect the overall shipment; (2) The recovery of the global notebook computer industry is lower than expected. (3) The U.S. dollar continues to depreciate unilaterally.