2020.05.22 CoStone Capital 浏览次数:
On May 22nd, CHERVON Auto(603982), invested by Co-Stone in 2017, made IPO on Shanghai Stock Exchange. On its first day, the company’s stock achieved a soaring rise of 44%, the limit up of new stock’s IPO.
On May 22nd, CHERVON Auto(603982), invested by Co-Stone in 2017, made IPO on Shanghai Stock Exchange. On its first day, the company’s stock achieved a soaring rise of 44%, the limit up of new stock’s IPO.
Following Vland(603739), CHERVON becomes Co-Stone’s second investment project that made IPO this year.
CHERVON Auto’s business scope mainly involves the R&D, production and sale of key automobile spare parts. The company supplies for many major multinational automobile spare part suppliers, and it is seizing the opportunities brought by new energy. CHERVON is growing rapidly, and it has a promising outlook.
Steady Growth
CHERVON’s business engagement with multinational automobile spare part suppliers is shown in the chart below:
CHERVON achieved an annual revenue increase of 26.7% from 2015 to 2018, and a annual net profit increase of 33.41% in the same period.
Promising Potential
Global automobile market is transforming, major spare part suppliers with technology and capital advantage will be more competitive, and CHERVON’s clients are exactly these primary suppliers.
Chart:Clients Distribution of CHERVON
The development of new energy cars, the trend of energy conserving and environment protection will promote the need of magnalium automobile parts. CHERVON has made breakthroughs in this field, with higher productivity and better quality, the company has increased its gross profit.
From 2015 to 2018, CHERVON has raised its sales revenue of new energy related products from ¥8.7276 million to ¥114.2822 million, with an annual increase of 135.7%, the share of sales revenue has increased from 1.47% in 2015 to 9.51% in 2018.
The funding raised from the IPO will be partly allocated to improve the production capacity of spare parts for new energy cars.
CoStone believes that the future of China’s new energy cars lies in the upstream and downstream of the automobile industrial chain, thus Co-Stone is determined to invest in the industrial chain to search for the next star corporation like Bosch and Aisin Seiki.
CoStone sees the value of CHERVON in the following 3 aspects:
The strong management team with rich international experience led by chairman of CHERVON Auto, Mr. Pan Longquan.
Advanced technology including cutting-edge manufacturing process, prominent mould designing and strong R&D competence.
Constant flow of quality clients.
Currently, CoStone has invested over ¥5 billion in automobile industry. Among these investment projects, five companies, including CHERVON Auto(603982), HUITIAN New Material(300041), XUCHANG YUANDONG Drive Shaft(002406), Huachangda Intelligent Equipment(300278) and SOLING(002766), has made IPO. Meanwhile, Co-Stone has also invested a considerable amount of funding in automobile industrial chain related companies including Lanke Lithium, EFORT, Xcar, Klclear, Grand Auto, ZHONGDING Sealing Parts, HMT, JiangnanMould&PlasticTechnology, Joyson Electronics and Carzone.
Rewritten by: Xue Guanda, Edited by: Du Zhixin, Li Yunzhen
几年前，我曾提出一个问题：中国经济繁荣的根基是什么？
我认为是“重商主义（这里借指市场经济）”与“儒家文化”这两个因素的核聚变，只要我们的体制大门开一条小小的缝，中国老百姓与生俱来的聪明、勤奋、奋不顾身，几千年穷怕了的物质主义和实用主义，就能创造一个新天地。
2021年，我见到一个新能源公司的董事长，谈及张维迎所言“直到20世纪70年代，绝大部分中国人的生活水平不比唐宋时期好多少”，他说这是真的，1978年他没有见过电，全家所有家当是一个小木柜。1979年，我的好朋友，一个咨询集团的董事长考上了大学，报到前他勤工俭学，骑六七十里山路卖冰棍，山里的一户人家，用几个鸡蛋和他换了一根，全家人排成一排每个人吮吸一囗。
在改革开放前，这是中国普遍的景象。而我们这一两代人，在改革开放后，怀抱着对美好生活的向往，创造了人类发展史上的奇迹。40多年过去，我们看到，轻舟已过万重山。伟大的中国工业革命，怎么赞扬也不为过！
而另一方面，中国用几十年的时间，走完了发达国家几百年的路，这也就注定了，我们上山的道路，更加的陡峭。同时，中国作为一个有几千年历史的古国，其发展正常就是“孔雀东南飞，五里一徘徊”。作为一个新兴经济体，我们讲究的是实用主义，中国的政策也是因时、因势而变的。
因此，并非一些简单的因素就能够遏制中国的增长，只要不出现战争这样会扰乱经济进程的极端因素，只要中国依然坚定地支持民营经济发展，保护企业家精神，中国经济的前进步伐就是坚定不移的。
如果认同这一点，那么无论是短期的政策、市场变化还是长期的中美对抗，都不会让我们产生太大的焦虑。
具体从我们做企业和做投资来讲，也无需过度悲观。“沉舟侧畔千帆过，病树前头万木春”，在一些行业和企业衰落的同时，也永远有一些行业和企业在崛起。
以半导体产业为例，我们不必纠结于半导体仿佛一年紧缺、一年过剩，因为问题的核心不是这个。问题的核心是第四次工业革命离不开半导体技术，而中美对峙、科技封锁，将进一步迫使中国在所有科技领域谋求自主可控，进一步迫使中国以举国体制解决创新问题。同时，当一项投资吻合科技进步趋势和政策引导的双重影响时，其估值亦将脱离传统财务模型。这些才是中国硬科技投资的重要的底层逻辑。
看待资本市场，我们更不必计较一时的股价波动。回顾历史，在资本市场发生剧烈调整时，那些优质的企业往往也会出现大幅下跌，但不同的是，优秀企业不仅能收复失地，还能再攀高峰。因此，我们继续坚定地布局那些有核心技术、有企业家精神的企业。而从我们的投资经历来看，那些有企业家精神的企业最终都带领我们穿越了周期，并获得了异乎寻常的回报。
莫愁前路无知己，天下谁人不识君！