Weifu Hi -Tech's first quarter revenue net profit double drop "Bosch" has a strong sense of existence or needs to pay attention to affiliated transactions

Weifu Hi -Tech, which relies on the "Bosch Department" to enter the hydrogen energy industry, is closely related to the "Bosch Department". The company's net revenue in the first quarter has declined. In this case, a new round of share repurchase plans have been launched.

Recently, Wuxi Weifu High -tech Group Co., Ltd. (hereinafter referred to as: Weifu Hi -Tech, 000581.SZ) revealed in response to investor questions that the current research and development capabilities of the core components of hydrogen fuel cells has steadily improved at home and abroad, and production capacity construction is Promotion and new customer projects are continuously obtained.

According to public information, because the hydrogen energy industry has been one of the focus of development at home and abroad in recent years, due to the company's medium -term development strategic needs, Weifu High -tech began to deploy hydrogen fuel cells and renewable energy hydrogen production in 2018. The outline of the development of hydrogen energy business development and the establishment of the hydrogen energy division. However, checking the information found that the company's development of the hydrogen energy industry relied on the company's second largest shareholder Robert Bosch Co., Ltd. (hereinafter referred to as: Germany Bosch). Some senior executives of Weifu Hi -Tech are also "Bosch".

In terms of performance, Weifu Hi -Tech's revenue in 2021 has a record high, but its net profit has decreased compared with last year, and investment income accounts for 71.32%of the total profit. In response to the above situation, it was found that the network sent an interview letter to the Weifu High -tech request to explain, but as of press time, Weifu Hi -Tech did not give a reasonable explanation.

The "Bosch Department" has a strong sense of existence, and it is necessary to pay close attention to related related transactions

Public information shows that Weifu Gaoke was listed in 1998. It is currently supporting domestic large -scale automobile factories and diesel engine factories. The main business products are diesel fuel injection system products, automotive exhaust processing system products and intake system products.

Recently, Weifu Hi -Tech revealed in response to investors' questions that the current research and development capabilities of hydrogen fuel cell core component business has steadily improved at home and abroad, the production capacity construction is promoted in an orderly manner, and new customer projects are continuously obtained.

In recent years, due to the focus and promotion of the hydrogen energy industry at home and abroad, it has shown a rapid development trend. At present, various enterprises in the domestic and foreign industrial chains have also cooperated with active layout. In this context, Weifu Hi -Tech uses the long -term development strategy needs to use the hydrogen energy industry as one of the core content of the company's medium and long -term new business development strategy. Therefore, in 2018, Weifu Hi -Tech began to deploy hydrogen fuel cells and renewable energy hydrogen production. On January 11, 2022, Weifu Hi -Tech issued the "Announcement on the Establishment of Strategic Planning of the Development of Hydrogen Energy Business and the Establishment of the Hydrogen Energy Division". By 2025, the hydrogen energy business intends to have a total of about 3 billion yuan, of which hydrogen fuel is The core parts of the battery have invested about 2.6 billion yuan, which has been implemented about 800 million yuan, and about 2.2 billion yuan is to be invested.

(Picture source: wind, company announcement)

It is reported that the second largest shareholder of Weifu Hi -Tech Germany Bosch is one of the strategic customers of this long -term plan. On the same day, Weifu Hi -Tech issued an announcement saying that the company wanted to set up Wuxi Weifu hydrogen fuel cell technology Co., Ltd. (tentative name). A Robert Bosch International Beteiligungen Ag (hereinafter referred to as Rbint) is a subsidiary of the German Bosch.

(Picture source: wind, company announcement)

According to the data, the main business of Germany Bosch is divided into four major sectors: automobile and intelligent transportation technology, industrial technology, consumer goods and energy and construction technology, and is currently in full swing to invest in the layout of hydrogen energy in China.

Except for the subsidiaries to help invest in NTD fuel company, the 2021 annual report shows that among the top five sales customers of Weifu High -tech, the top two sales proportion are Bosch power assemblies and Germany Bosch. 100 million yuan, accounting for 22.93%and 8.95%of the total annual sales, totaling 31.88%of the two. The total sales of the five major customers were 7.082 billion yuan, and the sales accounted for 51.77%.

(Picture source: annual report of 2021)

Among the senior executives of Weifu Hi -Tech, the presence of the "Bosch" is also quite strong. Mr. Wang Xiaodong, chairman of the company and secretary of the party committee, is currently the vice chairman and director of the Bosch Dynamics. Director of Dynamics; Director and Finance Header, Mr. Ou Jianbin, is currently the supervisor of the Bosch power assembly; the director Chen Yudong is currently the president of Bosch (China) Investment Co., Ltd. Mr. HSE manager HSE manager and other positions.

Public information shows that Bosch has become one of Weifu Hi -Tech participation companies. There are related transactions such as cargo and labor, payment technology commission fees, etc., and Weifu Hi -Tech has served as executives in the "Bosch" enterprise. In this regard, industry insiders said that although the hydrogen energy industry is now a large popular, compared to the current popular lithium batteries, the construction cost is higher, the current output is low, and the corresponding orders have not formed a large scale. On the other hand, Weifu Hi -Tech relies on the "Bosch Department" to cut into the hydrogen energy industry, and the current proportion of related transactions of Weifu Hi -Tech and "Bosch" is relatively large. , Or there is a situation of benefit delivery. (Picture source: annual report of 2021)

The net profit in the first quarter declined, and the new round of share repurchase was to be examined

Although the second largest shareholder of Germany Bosch has assisted the expansion of business and the hydrogen energy industry is in full swing, the main business of Weifu Hi -Tech is still equipped with a component business equipped with fuel vehicles.

In the first quarter of 2022, Weifu Hi -Tech achieved total operating income of 4.343 billion yuan, a year -on -year decrease of 7.6%; net profit of returning to the mother was 736 million yuan, a year -on -year decrease of 14.52%. Weifu Hi -Tech faces the performance of the net revenue of revenue.

From the perspective of time, from 2018 to 2021, the total operating income of Weifu Hi-Tech was 8.722 billion yuan, 8.784 billion yuan, 12.884 billion yuan, and 13.682 billion yuan, respectively. 46.67%and 6.2%. In the same period, net profit attributable to mothers was 2.396 billion yuan, 2.268 billion yuan, 2.773 billion yuan, and 2.575 billion yuan, with a year-on-year growth rate of -6.82%, -5.34%, 22.25%, and -7.12%. From 2018 to 2021, the total operating income of Weifu Hi-Tech increased by 56.18%, a record high in 2021, but the net profit attributable to the mother was decreased compared with 2020.

(Picture source: Wind)

In 2021, Weifu Hi -Tech's automotive after -treatment system, fuel injection system, and air intake system realized operating income of 6.511 billion yuan, 6.025 billion yuan, and 648 million yuan, respectively, with revenue ratio of 47.59%, 44.04%, and 4.73%, respectively. The gross profit margins corresponding to the three main business were 10.75%, 24.52%, and 28.43%, and the year-on-year growth rates were 0.45%, -1.63%, and -8.6%. The main business is still mainly domestic sales, with revenue accounting for 97.24%.

(Picture source: annual report of 2021)

It is worth noting that the total profit of Weifu Hi -Tech in 2021 was 2.74 billion yuan, a year -on -year decrease of 8.74%, of which investment income was 1.955 billion yuan, accounting for 71.32%of the total profit. This part of the profit mainly comes from the two joint venture Bosch power assemblies and investment income of Zhonglian Electronics.

(Picture source: annual report of 2021)

Nowadays, Weifu Hi -Tech's profits are declining, and nearly 70 % of the total profits are derived from investment income. In this regard, Weifu Hi -Tech has recently launched a new round of share repurchase plan. On April 19, Weifu Hi -Tech plans to repurchase the company's shares with its own funds for centralized bidding transactions to implement employee shareholding plans or equity incentive plans. As of May 31, Weifu Hi -Tech repurchased a total of 2.941 million shares, accounting for 0.2916%of the current total share capital of the company, of which the highest transaction price was 20.85 yuan/share, the lowest transaction price was 19.67 yuan/share, and the total amount paid was to be paid was to be the total amount of payment. 599.871 million yuan.

Industry insiders pointed out that in addition to strengthening investor confidence in this share repurchase of Weifu Hi -Tech, they also want to achieve incentive employees and establish a more comprehensive incentive restraint mechanism, thereby improving the team's cohesion and competitiveness. Earlier, Weifu Hi -Tech has launched a two -phase share repurchase plan. In 2015, Weifu Hi -Tech completed a round of centralized bidding trading repurchase, with a repurchase of 11.2504 million shares, accounting for 1.12%of the total share capital, and 250 million yuan. Market value management. At the end of 2021, Weifu Hi -Tech's second equity repurchase incentive object abandoned restricted stocks that have been granted but have not been unlocked due to resignation, death, and other physical conditions.

(Picture source: Wind)

Weifu Hi -Tech, which is closely related to the "Bosch Department" and the hydrogen energy industry is in full swing, has declined in profits. Whether Weifu Hi -Tech can inspire the performance through share repurchase and find that the network will continue to pay attention.

(Reporter Luo Xuefeng, financial researcher Gao Ran)

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