\u3000\u3000 Shenzhen H&T Intelligent Control Co.Ltd(002402) (002402)
Performance review
On February 22, 2022, the company released its annual report for 2021, with an annual operating revenue of 5.986 billion yuan, a year-on-year increase of 28.3%; The net profit attributable to the parent company was 553 million yuan, a year-on-year increase of 39.73%; The net profit deducted from non parent company was 498 million yuan, with a year-on-year increase of 35.89%, and the performance was basically in line with expectations.
Business analysis
In the fourth quarter alone, the gross profit margin rebounded steadily, with significant cost reduction and efficiency increase. From the perspective of the whole year, the company’s gross profit margin fell by 1.96pp, but based on the effective price transmission and the easing of supply chain shortage, the gross profit margin increased by 2.93pp month on month in the fourth quarter, which has returned to the 20-year gross profit margin level. With the further easing of the shortage of upstream chips and the adjustment of product structure, the company’s gross profit margin is still expected to rise steadily. The company continued to promote cost reduction and efficiency increase. In 21 years, the sales / management / Finance / R & D expense ratio decreased by 0.02pp/0.81pp/1.06pp/0.29pp year-on-year, the annual net interest rate was 10.37%, an increase of 1.36pp compared with 20 years, the profitability was enhanced and the operating efficiency was improved.
The horizontal and vertical expansion of intelligent controller business is smooth, and the automotive electronics business is about to break out. 1) Household appliances, smart home and electric tools: the revenue of household appliances was 3.948 billion yuan, an increase of 32.47%, the revenue of smart home was 576 million yuan, an increase of 30.37%, and actively expand the Pan home sector. The revenue of electric tools was 953 million yuan, an increase of 17.59%, and continue to expand product categories and new customers horizontally; 2) Automotive electronics: the revenue was 164 million yuan, up 66.22% at the same time. It is the fastest growing business of the company. At present, it has cooperated with global Tier1 manufacturers such as BorgWarner, nedco, Haila, China new forces and other vehicle manufacturers in the fields of lamps, body control, thermal management, charging pile and so on. It is expected that the proportion of automotive electronics business will increase rapidly in 22 years.
Accelerate energy storage technology reserve, and the T / R chip subsidiary will be split soon. In terms of energy storage products, based on the experience of automotive electronics and high voltage and high current products, the company has formed a relatively complete third-generation assembly scheme. Phased array T / R chip achieved a revenue of 211 million yuan in 21 years, an increase of 18.06% and a gross profit margin of 77%. Among them, spaceborne series products have been widely used in a series of satellites. In addition, Satellite Internet and 5g millimeter wave have also realized cooperation. In the future, energy storage products and T / R chips will become the new business growth power of the company.
Profit adjustment and investment suggestions
Combined with the latest performance of the company, we basically maintain the profit forecast of 749 million yuan and 980 million yuan in 22 and 23 years, and the net profit attributable to the parent company in 24 years is predicted to be 1.27 billion yuan. Using the segment valuation method, given that the chip business of the company is 70 times PE and the intelligent controller business is 30 times PE in 2022, the target price in 2022 is 33 yuan / share and the market value is 26.2 billion yuan, the “buy” rating is reiterated.
Risk tips
Intensified competition in intelligent controller business; The progress of spin off and listing of subsidiaries is less than expected; RMB exchange loss
