Soochow Securities Co.Ltd(601555) maintain Zhuhai Enpower Electric Co.Ltd(300681) buy rating: profitability has improved significantly, and it is expected to maintain a double increase in volume and profit in 2022, with a target price of 154.8 yuan

According to the research report released on February 6, Soochow Securities Co.Ltd(601555) maintain the purchase rating of Zhuhai Enpower Electric Co.Ltd(300681) (300681. SZ), and the target price is 154.8 yuan. The reasons for rating mainly include: 1) the net interest rate returns to a reasonable level, and the performance of 2021q4 exceeds the market expectation; 2) The short-term delivery of passenger cars is tight, and the chip problem is alleviated and the production capacity is implemented; 3) Equity incentive is deeply bound to key personnel, with conservative objectives to ensure the smooth exercise of rights. Risk tip: the penetration of new energy vehicles does not meet expectations, the sales volume of passenger car related products is lower than expected, and the price competition is intensified.