\u3000\u3000 Zhuhai Enpower Electric Co.Ltd(300681) (300681)
Event: the company announced the performance forecast for 2021. In 2021, the net profit attributable to the parent company was 46-56 million yuan and the deduction of non net profit was 13-23 million yuan. In the fourth quarter, the net profit attributable to the parent company was 29-39 million yuan.
In the fourth quarter, there were a large number of new products and the performance improved rapidly.
2021q4 benefited from the rapid development of new energy vehicles and the rapid volume of the company’s downstream customers Geely, Weima, Hangcha, JAC and other new models. The company’s revenue scale in a single quarter has increased significantly year-on-year and month on month. We expect that the revenue scale of 2021q4 will exceed the cumulative total value in the first three quarters of 2021. Benefiting from the substantial growth in scale and the increase in the proportion of high-end customers, 2021q4 company has achieved a significant improvement in profitability and performance. The expenses arising from equity incentive in 2021 are expected to affect the company’s annual performance of 25.67 million yuan, of which the amortized equity incentive expenses in 2021q4 are expected to increase month on month. The annual non recurring income in 2021 was 33.52 million yuan, which was mainly recognized in the first three quarters.
There are abundant orders in hand and new customers continue to develop.
With the implementation of chip alternatives and the continuous release of capacity reserves, the company’s subsequent delivery is expected to continue to improve. At present, the company has abundant orders on hand, and based on the new third-generation products, the customer structure is gradually upgraded from the previous A00 to a / b models. Geely, Chang’an, Xiaopeng, Weima and other customers have successively determined orders, and the customer structure is gradually optimized to ensure the rapid growth of subsequent companies and the continuous improvement of profitability. At the same time, the steady release of the company’s new orders is expected to ensure the continuous improvement of the company’s subsequent operation.
Investment advice
It is estimated that the company’s EPS from 2021 to 2023 will be 0.60/1.92/3.49 yuan respectively. Maintain the “buy” rating.
Risk tips
The development of new energy vehicles is less than expected; The popularization of new technologies is less than expected.
