DAAE(600178) 证券时报网· Zheng Quan Shi Bao Wang·2024-11-14 10:46Core Viewpoint - Dong'an Power is focusing on the development of range-extended electric vehicles and is well-positioned to capture market opportunities in this segment as traditional automakers shift towards hybrid and range-extended technologies [2][3]. Group 1: Company Overview - Dong'an Power has independent development capabilities for efficient engines and automatic transmissions, forming an integrated advantage in new energy power transmission systems [1]. - The company covers various markets including light commercial vehicles, new energy range-extended power, hybrid vehicles, mid-to-high-end passenger cars, and pickups, with major clients such as Changan Automobile, Foton Motor, and Dongfeng Motor [1]. - Dong'an Power has established a digital and information-sharing system based on a big data cloud platform, leveraging its intelligent factory in Heilongjiang Province for lean manufacturing [1]. Group 2: Product Development and Market Trends - The company has advanced 228 new product projects in the first half of 2024, including 156 vehicle projects, 25 new energy projects, 105 traditional power projects, 15 overseas export projects, and 11 specialty projects [1]. - Dong'an Power is focusing on the development of range-extended electric vehicles, which are expected to grow significantly as traditional automakers explore hybrid technologies and new energy companies lack engine technology accumulation [2]. - The company is one of the earliest developers of range-extended engines in China and collaborates with many new energy vehicle manufacturers [2]. Group 3: Export and Financial Performance - Currently, the main export product is AT transmissions, with export revenue accounting for approximately 20% of total revenue, and the company aims to increase this to over 30% by boosting engine exports [3]. - In the first three quarters of the year, the sales of gasoline engine models were below expectations due to the impact of declining prices of new energy batteries, which affected the company's engine sales [3]. - Dong'an Power is working on a gas range-extended engine project to enter the larger commercial vehicle market and expand its engine sales [3].