DAAE(600178)2024-11-14 07:33Business Overview - The company's main products are engines (including range extenders) and transmissions, primarily matched with passenger and commercial vehicles [1] - The company has been expanding into the special products market, including all-terrain vehicles, aircraft, special vehicles, and engineering and agricultural machinery [1] New Energy Business - The growth of pure electric new energy vehicles has slowed down, while hybrid and range-extended new energy vehicles are developing rapidly [2] - Range-extended vehicles offer an electric vehicle experience while addressing the shortcoming of electric vehicle range [2] - Traditional automakers may develop hybrid power, while new car manufacturers without engine technology accumulation will likely adopt the range-extended route [2] - The company is the earliest domestic enterprise to develop range-extended engines and has cooperated with most new car manufacturers [2] - In addition to range extenders, the company's new energy products also include DHT [2] - By the end of 2025 to early 2026, there are expected to be large-scale production models matching the company's range extenders [2] Export Business - The company's main export product is AT transmissions, accounting for about 20% of the company's revenue [2] - The company plans to increase engine exports and aims to raise the proportion of overseas business revenue to over 30% [2] Range Extender Market - New energy companies adopting the range-extended route generally purchase range extenders externally [3] - A monthly sales volume of less than 40,000 units is uneconomical [3] - New energy companies generally lack engine technology accumulation, and the current technology is relatively mature, making investment unnecessary [3] - There are cases of joint ventures between new energy companies and engine companies to achieve strategic binding [3] Commercial Vehicle Engine Business - In the first three quarters of this year, the company's commercial vehicle market was affected by factors such as new energy battery price reductions, leading to lower-than-expected sales of gasoline engine models [3] - The company is promoting a gas range-extended engine project to enter the larger-tonnage commercial vehicle market and expand commercial vehicle engine sales [3] Cost Management - In 2021, the company acquired equity transferred by the external shareholder of Dongan Automotive [3] - Through resource sharing and internal benchmarking, the company has saved over 100 million yuan annually [3] - The company is also actively promoting supplier price reductions [3] - The engine industry requires high scale, and with the launch of the company's designated products, profitability is expected to improve [3]