\u3000\u3000 Zhuhai Enpower Electric Co.Ltd(300681) (300681)
Event: the company released the 2021 performance forecast, and the net profit attributable to the shareholders of the listed company was 46-56 million yuan, with a year-on-year increase of 249.62-325.63%; The deduction of non net profit is 13-23 million yuan.
The profit of 2021q4 company is higher than expected, and it is expected to continue to improve in 2022: the net profit of the company in the first three quarters was 17.006 million yuan, and the deduction of non net profit was -16.1023 million yuan. According to the performance forecast, the net profit of Q4 company was 28.994-38.994 million yuan, and the deduction of non net profit in a single quarter was 29.10-39.1 million yuan. Compared with Q3, the single quarter net profit of 298000 yuan and the deduction of non net profit of -1856000 yuan increased significantly, and the profitability of the company was significantly improved. Meanwhile, the share incentive expenses of the company in 2021 were 25.6686 million yuan, of which 16.2114 million yuan was included in the expenses in the first three quarters and 9.4572 million yuan was withdrawn in Q4. We believe that the main reasons for the company’s Q4 performance exceeding expectations are:
1) the company’s order volume maintained a rapid growth, adding Q4 as the traditional peak season of new energy vehicles, and the company’s product shipments in the field of new energy passenger vehicles and special electric vehicles increased significantly;
2) in 2021q3, in order to cope with the shortage of chips and the rise of prices, the company adjusted the technical scheme. After being verified and approved by customers, we speculated that the bottleneck of the supply chain had been alleviated and the delivery volume was guaranteed;
3) aiming at the rising price of raw materials, the company reached new supply prices with customers one by one, superimposed the cost advantages of the company’s single pipe parallel technology, and the profit margin was improved.
The motor controller single tube parallel technology adopted by the company has high barriers, which needs to consider factors such as device current sharing, temperature rise and durability. At present, it is only applied by Tesla and a few other enterprises. We believe that the company has accumulated more technical experience in single tube parallel connection in the field of low-speed electric vehicles and is expected to continue in the field of new energy passenger vehicles. The weight, volume and cost of the “integrated core” powertrain developed by the company based on the single tube parallel technology are more than 20% lower than the current mainstream products, which has obvious product competitive advantages. We believe that the company’s integrated core products have strong market competitiveness and are expected to help the company occupy a larger market share.
The company has abundant orders on hand, the average price of products has increased, and the medium and long-term development momentum is good: according to the 2021 semi annual report of the company, the company has 68 designated projects, including 3 main supporting customers and application models of class B cars and 12 main supporting customers and application models of MPV and SUV. At the same time, among the supporting models of the company, Weima bicycle has a supporting value of nearly 10000 yuan, SAIC Maxus and SAIC diesel engine models have a maximum supporting value of more than 20000 yuan, and Hangcha bicycle has a maximum supporting value of nearly 15000 yuan. We believe that these fixed-point projects will gradually start mass production, which will provide a strong driving force for the company’s subsequent growth. And the company has been able to support six in one system level electric drive products, and the medium and long-term development trend will be better in the future.
Investment suggestion: we believe that the performance forecast of the company in 2021 is higher than expected, and the company’s profitability will gradually improve in the future, but we will still increase investment in R & D. We will adjust the net profit attributable to the parent company from 37, 173 and 395 million yuan to 53, 181 and 352 million yuan from 2021 to 2023, and adjust the investment rating of the company to “buy”.
Risk tip: the recovery of automobile chip supply is less than expected, the sales volume of the company’s customers’ models is less than expected, the acquisition of the company’s new projects is less than expected, and the performance forecast is the preliminary calculation result. The specific financial data shall be subject to the disclosure of the company.
