\u3000\u3 Guocheng Mining Co.Ltd(000688) 162 Jee Technology Co.Ltd(688162) )
The operating revenue increased by 42% year-on-year, and the profit was under pressure due to the rise in the price of raw materials. In 2021, the company achieved an operating revenue of 2.118 billion yuan, a year-on-year increase of 42%; The operating profit was 148 million yuan, a year-on-year increase of 2%; The net profit attributable to the parent company was 139 million yuan, a year-on-year increase of 8%; The non net profit attributable to the parent company was 115 million yuan, with a year-on-year increase of 30%. In the fourth quarter alone, the company achieved an operating revenue of 711 million yuan, a year-on-year increase of 29%; The operating profit was 06 million yuan, a year-on-year decrease of 94%; The net profit attributable to the parent company was RMB 100 million, a year-on-year decrease of 100%; Non net profit attributable to parent deduction was -03 million yuan, a year-on-year decrease of 104%. The company’s operating revenue increased significantly year-on-year, mainly because the company’s intelligent equipment business had sufficient orders on hand at the beginning of the period and increased delivery in the current period; The company’s new energy vehicle motor and electronic control parts business has developed rapidly, the delivery volume has increased significantly, and the market boom is high. However, affected by the price rise of upstream chips and bulk raw materials, the company’s new energy vehicle motor and electronic control parts business failed to achieve profitability.
Intelligent equipment continues to improve, and there is a strong demand for motor electric control. The market of intelligent equipment industry continues to improve. The rapidly increasing production capacity demand of new energy vehicles, complete vehicles, power batteries, motors and electronic controls has brought 2.989 billion yuan of new equipment orders to the company, and the company has sufficient orders in hand; The double optimization strategy of products and customers of the company has been continuously promoted, and the business related to new energy vehicles and new forces of vehicle manufacturing has grown rapidly; The internationalization strategy has achieved initial results, and the operating revenue of international business has increased by 73.21% year-on-year. The new energy vehicle industry continued to develop rapidly, with strong demand from downstream customers and rapid growth of the company’s parts business. 81900 sets of products were delivered throughout the year (excluding 35700 sets delivered by the joint venture Hefei Daoyi Power Technology Co., Ltd.), an increase of 202.27% year-on-year; Through continuous R & D investment, the company realizes the continuous upgrading of products to meet customer needs and realize new customer fixed points at the same time.
Benefiting from the high vision of new energy vehicles, it has entered the industrial chain of new forces in vehicle manufacturing. The company’s overall solutions for intelligent equipment mainly include the intelligent connection production line of automobile body in white, the intelligent assembly and testing production line of automobile powertrain, the intelligent assembly and testing production line of power battery, etc. the main customers include Weilai automobile, Geely Automobile, Contemporary Amperex Technology Co.Limited(300750) etc. The electric drive system of new energy vehicles is the core component of new energy vehicles. The company has a complete new energy electric drive system product R & D and production system including motor, electronic control and integrated electric drive system. Its main customers include Dongfeng Honda, GAC Honda, Anhui Jianghuai Automobile Group Corp.Ltd(600418) etc. The coordinated development of the two businesses jointly benefits from the high vision of the new energy vehicle industry. Risk tip: the sales volume of new energy vehicles is lower than expected, and the cost of raw materials rises sharply.
Investment suggestion: for the first time, give “overweight” rating.
We expect the company’s sales revenue from 2021 to 2023 to be 2.1/30/4.5 billion yuan respectively, and the net profit attributable to the parent company to be 1.4/2.3/320 billion yuan respectively, corresponding to 42 / 25 / 18 times of PE. For the first time, give a “overweight” rating.
