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Supply HVAC System to Beijing Automotive Group's Electric Vehicle Xiezhong International | 3663.HK Rating NOT RATED Entering a new era with Beijing Automotive Current price HK$1. 33 Well established HVAC system supplier in the PRC Company Report Xiezhong is a manufacturer of automotive heating, ventilation and cooling (“HVAC”) systems. It has 19.1%/9.9% share in the PRC 14 Aug 2014 heavy truck and SUV/pickup truck HVAC system market, while sales of sedan HVAC system boosted from RMB9mn in 2011 to RMB152mn in 2013. Lewis Pang Invested by Beijing Automotive Group in June 2014 [email protected] On 4 June 2014, 1) Hainachuan, 2) family of Xiezhong’s Chairman (852) 2235 7847 and 3) family of Xiezhong’s Executive Director agreed to purchase 33.16%/8.09%/1.50% shares from previous institutional shareholders at HK$0.90 per share. Hainachuan is 60% owned by Trading data Beijing Automotive Group. Beijing Automotive Group sold >2mn 52-Week Range (HK$) 4.20/0.72 units of automobiles in 2013, while Xiezhong supplied ~150,000 3 Mth Avg Daily Vol (m) 4.4 HVAC systems to them. We believe it is likely for Beijing Automotive No of Shares (m) 800 Group to give more orders to Xiezhong after the investment. Market Cap (HK$m) 1,064 Cooperation and potential asset injection from Hainachuan Major Shareholders (%) Family of Mr. Chen Hainachuan is primarily focus on automotive parts industry and (37.90%) expected to achieve RMB26bn sales in 2014. It could potentially Beijing Hainachuan inject some of its assets into Xiezhong, in our view. For instance, (33.2%) Hainachuan operates a JV with HVCC, the second largest global Auditors KPMG automotive HVAC system manufacturers. Moreover, Hainachuan Result Due 1H14: Aug has a more globalized customer network, which could help Xiezhong to expand its customer base. Company description Supplier of Beijing Automotive Group’s electric vehicle Listed in 2012, Xiezhong International Xiezhong started supplying electric vehicle HVAC systems to Beijing (“Xiezhong”) is mainly engaged in the Automotive Group since 2010, and it entered into strategic cooperation agreement with Beijing Automotive Group on 31 July manufacturing of automotive heating, ventilation 2014 to further strengthen the relationship. Xiezhong has been and cooling (“HVAC”) systems. Xiezhong offers acting as the sole HVAC supplier of some of the Beijing New Energy its HVAC system products to a wide range of Automobile’s new energy vehicle models such as E150EV. automobiles, including 1) SUVs and pickup trucks, 2) sedans, 3) heavy trucks, 4) vans, 5) Beijing New Energy Automobile targeted to sell 20,000 and 100,000 construction machineries and 6) others (mainly electric vehicles in 2014 and 2018 respectively. We are cautiously light trucks and buses). Xiezhong also sells 7) optimistic toward its sales outlook, given 1) the competitive price HVAC components to auto manufacturers. point of E150EV (~RMB85,000 after subsidy and retail discount), 2) Beijing should be one of the most active cities in promoting new energy vehicles, and 3) the exemption of purchase tax for new Price chart energy vehicle effective from 1 September 2014. Support from Beijing Automotive likely to boost future earnings Xiezhong is now trading at 13X/11X PER in FY14E/15E respectively according to Bloomberg consensus, broadly in-line with peers average. We believe Xiezhong has entered a new growth era with the support from Beijing Automotive Group, which has not yet been factoring into the current earnings forecast. We suggest investors to keep an eye on Xiezhong. RMB million FY11A FY12A FY13A FY14E FY15E Revenue 620 590 728 920 1,122 Net Profit 86 68 59 67 77 EPS (RMB) 0.143 0.096 0.074 0.083 0.096 P/E ( x) 7.4 11.1 14.2 12.8 11.2 Sources: Bloomberg Page 1 of 11 Well established HVAC system supplier in the PRC Supply HVAC systems to a wide range of automobiles Xiezhong International (“Xiezhong”) is mainly engaged in the manufacturing of automotive heating, ventilation and cooling (“HVAC”) systems. Xiezhong offers its HVAC system products to a wide range of automobiles, including 1) SUVs and pickup trucks, 2) sedans, 3) heavy trucks, 4) vans, 5) construction machineries and 6) other vehicles (mainly light trucks and buses). Xiezhong also sells 7) HVAC components to auto manufacturers. Exhibit 1: FY13 revenue breakdown Source: Xiezhong Exhibit 2: Structure of HVAC products Source: Xiezhong Page 2 of 11 Established position in heavy truck and SUV/pickup truck market Established in 2002, Xiezhong has built a strong position in the PRC heavy truck as well as SUV/ pickup truck HVAC system market, with 19.1% and 9.9% market share in terms of 2011 sales volume, as well as >10 years cooperating history with some of the key customers including Beiqi Foton Motor (600166 CH), Liaoning SG Automotive (600303 CH) and Sinotruk (3808 HK). Leverage on its proven track record in PRC commercial vehicle market, Xiezhong started to explore the opportunities in sedan HVAC system market since 2012. Increasing contribution from sedan HVAC system products Xiezhong achieved encouraging results in sedan market in the past two years. Its sedan HVAC system was supplied to various auto manufacturers including Beijing Automotive and Brilliance Auto (1114 HK), with sales contribution boosted from RMB9mn in 2011 to RMB152mn in 2013. While the strategy to venture into sedan market brought negative effect to GPM in short term, as Xiezhong needed to accept some low margin trial orders (~15-20% GPM for sedan HVAC system in 2012-13 versus a Group GPM of 27-28% during 2009-11), we believe it would bear fruit for the long term growth as sedans contributed >50% of auto production volume in the PRC. Exhibit 3: Customer base of Xiezhong Source: Xiezhong Page 3 of 11 Promising opportunity after Beijing Automotive Group’s investment Substantial shareholding structure change in June 2014 Xiezhong announced a series of shares transaction agreements on 4 June 2014. Based on these agreements, 1) Beijing Hainachuan Automotive Parts Co., Ltd., (“Hainachuan”) 2) family of Mr. Chen Cunyou (Chairman of Xiezhong) and 3) family of Mr. Ge Hongbin (Executive Director of Xiezhong) agreed to purchase 33.16%/8.09%/1.50% shares from previous institutional shareholders (CITIC Capital China Partners, CDH China Fund III, CDH China Growth Capital Fund II and Fang Brothers Holdings Ltd.) at the price of HK$0.90 per share. Exhibit 4: Change in Xiezhong shareholding structure % of shareholdings Shareholders Immediately after the After the general offer and all share Before the transaction transaction in June transfer based on the Share in June 2014 2014 Incentive Plan is completed Beijing Hainachuan Automotive Parts Co., 0.0% 33.2% 33.2% Ltd. Family of Mr. Chen (Chairman of 29.9% 38.0% 37.9% Xiezhong) Family of Mr. Ge (executive Director of 0.4% 1.9% 2.3% Xiezhong) CITIC Capital China 22.6% 0.6% 0.0% Partners CDH China Fund III 11.5% 0.3% 0.0% CDH China Growth 5.5% 0.1% 0.0% Capital Fund II Fang Brothers 4.4% 0.1% 0.0% Holdings Ltd. Public 25.9% 25.9% 26.7% 100.0% 100.0% 100.0% Source: Xiezhong, CIRL Entering a new era with the investment from Hainachuan, a 60% owned subsidiary of Beijing Automotive Group With the change in shareholding structure, we believe Xiezhong has entered into a new era of development. First of all, the overhang of institutional shareholders disposing stake has been removed. More importantly, the investment from Hainachuan, a 60% owned subsidiary of Beijing Automotive Group focusing on the automotive parts industry, should brought tremendous opportunity to Xiezhong, including 1) more orders from Beijing Automotive Group, 2) cooperation and potential asset injection from Hainachuan, as well as 3) closer cooperation with Beijing Automotive Group in new areas such as HVAC system for new energy automobile. Page 4 of 11 Likely more orders from Beijing Automotive Group With the self owned brands including Foton, Senova and Weiwang, as well as the joint ventures Beijing Hyundai Motor and Beijing Benz Automotive, Beijing Automotive Group sold >2mn units of automobiles in 2013. Before the equity investment, Beijing Automotive Group was already the largest customers of Xiezhong, contributing ~30% sales volume of Xiezhong (~150,000 units) in 2013. We believe Beijing Automotive Group would potentially allocate more orders to Xiezhong in the future. Exhibit 5: Major self owned and JV brands of Beijing Automotive Group Source: Beijing Automotive Group Potential asset injection from Hainachuan Established in 2008, Hainachuan is 60%/40% owned by Beijing Automotive Group and Beijing State-Owned Assets Management Co., Ltd. After years of development, Hainachuan has turned into a large scale automotive part supplier covering a wide range of products including seat protecting, heat exchange, electronic module, chassis braking systems, roof systems as well as bodies and other systems. The company targeted to achieve RMB26bn sales in 2014. Hainachuan has planned to go public since 2011. However, there are 46 business units under Hainachuan, of which 15 of them are 100% owned subsidiaries, 12 are JVs with international enterprises and the remaining 19 units are JVs with domestic companies. Such relatively complicated structure makes it difficult to get listed. According to management of Hainachuan, the company would consider providing some resources to Xiezhong in order to create synergy. Hainachuan operates a JV with HVCC, #2 global HVAC system manufacturer For instance, Hainachuan operates a JV with Halla Visteon Climate Control Corp. (“HVCC”) in Beijing. HVCC is the second largest global automotive HVAC system manufactures with 13% market share. The Hainachuan–HVCC JV sold >1mn units of HVAC systems in 2013, according to our estimation. While there is no clear intention or roadmap for asset injection at this moment, we believe it could significantly boost the sales as well as technical capability of Xiezhong if such injection takes place.
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