Ningbo Tuopu Group Co.Ltd(601689) (601689)
Key points of announcement: the company announced that on December 22, 2021, it signed the project cooperation agreement of topu new energy vehicle lightweight chassis system and interior sound insulation system production base with Chongqing Shapingba District People's government. The company plans to invest 1.5 billion yuan in Shapingba District, Chongqing to build production bases for various product lines of new energy vehicles by stages. The planned land for the project is about 500 mu, and the land for phase I is about 180 mu. The production base of lightweight chassis system and interior sound insulation system of new energy vehicles is arranged. Automotive electronic system and thermal management system are planned to be arranged in phase II of the project.
The implementation of new energy orders and projects is accelerated, the expansion of capacity reserves meets business needs, and the cooperation related to Huawei's industrial chain is expected to be further promoted. 1) The company's existing capacity is rapidly released and brings good benefits. However, with the accelerated increase of new energy orders and the gradual implementation of emerging projects, the company needs to expand its capacity to meet the business development outside China; 2) According to the company's 2021 semi annual report, Company and Chongqing Jinkang (Thales) began to cooperate with key models in light-weight chassis system and other products. This time, Chongqing invested in the construction of production base, which can improve the response speed to customers, enhance customer stickiness, effectively reduce the production and transportation costs of products and provide customers with better services; 3) the R & D and verification of the company's integrated heat pump assembly version 2.0 system continue to be promoted according to the public The 2021 semi annual report of Huawei disclosed that it began to cooperate with Huawei on products related to thermal management system, and the subsequent cooperation with Huawei's industrial chain is expected to be further promoted.
Continue to promote new project R & D and capacity layout, tier0 5 mode is gradually recognized by intelligent electric vehicle enterprises, and the alleviation of chip shortage promotes the further release of the company's performance in the fourth quarter: 1) intelligent braking system and steering system are stepping up verification and matching. 2) The first air suspension unit has been officially completed, with comprehensive supporting capacity integrating design, R & D and manufacturing; 3) According to the order situation, the company speeds up the production capacity layout in China / abroad. China: five suspension systems + nine chassis of Xiangtan base and eight chassis of Hangzhou Bay base were officially completed. Abroad: increase investment in Poland and speed up production capacity construction. 4) The company uses the advantages of many product lines to promote tier0 5. The business model has gradually been recognized by a number of intelligent electric vehicle enterprises, and the value of the supporting bicycle in cooperation with rivian has reached 11000 yuan. 5) Solution of adverse factors in the industry + rapid and large-scale production of key models, and accelerated release of Q4 performance. Since October, the shortage of chip supply has been gradually solved and entered a tight balance state, superimposing the batch supply of new products from Ford, rivian and other new customers. It is expected that the company's revenue and profit will continue to maintain rapid growth, and the future performance will be further released.
Profit forecast and investment rating: in view of the performance impact caused by chip shortage and rising raw material prices this year, we adjusted the company's revenue forecast for 2021-2023 from RMB 11.10/14.126/18.858 billion to RMB 10.812/146.97/19.608 billion, with a year-on-year increase of + 66.1% / + 35.9% / + 33.4% respectively; The net profit attributable to the parent company was adjusted from RMB 1.232/1.523/2.171 billion to RMB 1.127/16.16/2.273 billion, with a year-on-year increase of + 79.4% / + 43.4% / + 40.6% respectively. The corresponding EPS is 1.02/1.47/2.06 yuan and the corresponding PE is 55.29/38.56/27.41 times, maintaining the "buy" rating.
Risk warning: the price rise of raw materials exceeds expectations; Chip shortage exceeded expectations.
