\u3000\u3 Shengda Resources Co.Ltd(000603) 179 Jiangsu Xinquan Automotive Trim Co.Ltd(603179) )
Event: the company released the annual report, and achieved a revenue of 4.613 billion in 21 years, a year-on-year increase of + 25.33%; The net profit attributable to the parent company was + 1.084 billion on a year-on-year basis.
Revenue increased significantly, benefiting from the large volume of downstream customers.
The company achieved a revenue of 4.613 billion in the whole year, a year-on-year increase of + 25.33%; 21q4 achieved a revenue of 1.349 billion, with a month on month ratio of + 20.63% / + 34.63%. Revenue growth was mainly due to the rapid volume of orders from downstream customers in the fourth quarter and the continuous volume of orders from new customers.
The gross profit margin and net profit margin decreased year-on-year, and the three rates gradually stabilized.
The company’s gross profit margin for the whole year was 21.32%, with a year-on-year increase of -1.68pct, mainly due to changes in the price and sales volume of some products. The gross profit margin of 21q4 was 20.81%, with a month on month ratio of -2.59 / + 2.11pct, mainly due to the rapid volume of downstream customers and prominent scale advantages. From the perspective of business: 1) the increase of gross profit margin of door panel and bumper assembly is mainly due to the production and sales volume of some new products; 2) The decrease of gross profit margin of instrument panel assembly, top cabinet assembly, column and downcomer is mainly due to the annual decline of price and sales volume of some products.
The net interest rate of the company in 21 years was 6.20%, with a year-on-year increase of -0.78pct; 21q4 net interest rate was 4.43%, with a month on month ratio of – 3.63% / – 1.06%. The decrease in net interest rate was mainly due to the increase in operating costs.
In the 21st year, the company’s management / sales / financial expense ratio was 4.65% / 4.36% / 0.61%, with a year-on-year increase of + 0.23 / – 0.17 / – 0.61pct. III. The rate is generally stable, and the increase in the rate of administrative expenses is mainly due to the increase in business volume, increase in employees, amortization and depreciation. The decrease in sales expense rate is mainly due to the increase in revenue. The decrease of financial expense rate is mainly due to the increase of interest obtained from share offering funds, the decrease of loans and the decrease of interest accrued for convertible bond redemption. Looking forward to 2022, based on high-quality customers, the company continues to explore the market, technological innovation and structural optimization, and the gross profit margin and expense rate are expected to be further improved.
Net profit attributable to parent company + 10.21% year-on-year, deducting net profit not attributable to parent company + 3.91% year-on-year.
The company realized a net profit attributable to the parent company of 284 million in the whole year of 21 years, a year-on-year increase of + 10.21%; Deduct the net profit not attributable to the parent company of 257 million, a year-on-year increase of + 3.91%. In a single quarter, the net profit attributable to the parent company in 21q4 was 64 million, with a month on month ratio of – 28.60% / + 13.92%; Net profit deducted from non parent company was 67 million, with a month on month ratio of – 22.18% / + 50.49%. The month on month increase was mainly due to the increase of Q4 business, and the year-on-year decrease was mainly due to the increase of operating costs.
Operating cash flow was 211 million, a year-on-year increase of + 142590%.
The company’s operating cash flow in the whole year of 21 years was 211 million, a year-on-year increase of + 142590%; 21q4 operating cash flow was 123 million, a month on month increase of + 73.99%. The substantial increase of operating cash flow is mainly due to the increase of the company’s business and the improvement of its operation.
Based on high-quality customers, explore domestic and foreign markets and keep up with the development of new energy, the performance is expected to rise.
(1) high quality customer resources: the company has established good cooperative relations with the top five large and medium-sized / heavy truck enterprises in China and many well-known automobile and electric vehicle brands. (2) Reasonable strategic layout: at present, the company has set up production and manufacturing bases in 13 cities in China, built new production base projects in Xi’an and Shanghai, and deployed abroad in the United States, Mexico, Malaysia, etc. to expand both inside and outside the market. (3) Under the background of “carbon neutrality”, the company keeps up with the development of new energy, and its performance is expected to continue to rise.
Investment suggestion: the performance is stable and good, and the company is expected to open the valuation space. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be RMB 530 / 69 / 860 million, maintaining the “buy” rating.
Risk tip: the market prospect is subject to the development speed of the industry, changes in industrial policies, etc.
