\u3000\u3 Guocheng Mining Co.Ltd(000688) 208 Autel Intelligent Technology Corp.Ltd(688208) )
Equity incentive is expected to fully stimulate growth vitality and maintain the "buy" rating
The company released the performance express for 2021, with revenue increasing by 42.84%, maintaining a high growth trend. Considering the impact of rising prices, increasing R & D investment and other factors, we lowered the company's profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 440, 601 and 881 million yuan (formerly 517, 756 and 1085 million yuan), EPS will be 0.98, 1.33 and 1.95 yuan / share (formerly 1.15, 1.68 and 2.41 yuan / share), and the current share price corresponding to PE will be 52.4, 38.3 and 26.2 times, The new energy business is expected to open a new growth curve and maintain the "buy" rating.
The company released the performance express of 2021, and the high growth trend of revenue continued
On February 25, the company released the performance express of 2021. In 2021, the company achieved a revenue of 2.254 billion yuan, a year-on-year increase of 42.84%, and a net profit attributable to the parent company of 440 million yuan, a year-on-year increase of 1.69%. On the revenue side, the company's products continue to innovate, the high growth trend of ADAS, third-generation comprehensive diagnosis, software cloud services and TPMS products continues, and the revenue continues to grow high; On the profit side, due to the rise in the price of raw materials, the rise in international freight, the increase in R & D investment (the introduction of new energy products), share based payment fees and other factors, the profit growth was dragged down. Relying on the cost-effective products with rich functions and a wide range of models, the company has successfully opened the overseas market, and its brand image and recognition have continued to improve. We believe that with the continuous iteration and innovation of products and the continuous opening of the company's growth space, the tension of the international supply chain is only a phased impact, and the short-term fluctuation does not change the growth trend.
Continue to invest in forward-looking layout, and the post new energy market is ready to go
(1) according to the data of the Ministry of public security, the total number of Shanxi Guoxin Energy Corporation Limited(600617) cars in 2021 reached 7.84 million, with a year-on-year increase of 59.25%. With the rapid and large-scale production of new energy vehicles, the original repair has been unable to meet the maintenance needs. There is an urgent need for third-party maintenance institutions to fill the market gap, and the third-party diagnostic equipment ushers in a good opportunity for development. (2) The company continued to make forward-looking investment and officially released the digital integrated solution of "diagnosis, inspection, charging and storage" in September 2021 to lay out the new energy market. According to the 2020 white paper on China's auto aftermarket maintenance industry, it is estimated that the number of new energy vehicles will reach 45 million in 2030, and the aftermarket scale of new energy vehicles will exceed 100 billion, with broad space. The equity incentive of the company in 2021 has been granted, which will further stimulate the growth vitality, and the new energy market is expected to open a new growth curve.
Risk tip: the sales growth of new automotive diagnostic products slows down; The sales volume of new energy products was lower than expected.
