\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Event: the company issued the annual performance express of 2021 and the announcement of main business data from January to February of 2022.
The performance in 2021 is in line with expectations. According to the performance express, the operating revenue in 2021 was RMB 11.438 billion, an increase of 75.7% year-on-year; The net profit attributable to the parent company was 1.045 billion yuan, a year-on-year increase of 66.4%; The net profit deducted from non parent company was 986 million yuan, an increase of 71.6% year-on-year. The main reason for the difference between the net profit attributable to the parent company and the previous performance forecast is that based on the principle of prudence, the company has made an impairment provision of 47 million yuan for the goodwill formed by the acquisition of Zhejiang Tuowei and Sichuan Maigao in 2017. The operating income was RMB 6.44 billion in the quarter of 2024, with a year-on-year increase of 6.41%; The net profit attributable to the parent company was 292 million yuan, with a year-on-year increase of 21.3%, which was basically the same month on month; The net profit deducted from non parent company was 255 million yuan, with a year-on-year increase of 18.5% and a month on month decrease of 10.8%. In 2021, the company actively expanded new energy customers, increased the value of single vehicle supporting by virtue of system research and development and modular supply, and achieved significant growth in annual performance.
The performance from January to February 2022 exceeded market expectations. According to the company’s announcement, from January to February 2022, the company achieved a revenue of about 2.53 billion yuan, a year-on-year increase of about 60%; The net profit attributable to the parent company was about 250 million yuan, with a year-on-year increase of about 64%. With the continuous promotion of the platform strategy, the company’s electric vehicle business maintained strong growth, helping the company achieve year-on-year high growth in revenue and profit from January to February. The performance in the first quarter is worth looking forward to.
Focus on “2 + 3” industries and actively expand the product matrix. Taking advantage of new energy development, the company focuses on promoting the “2 + 3” industrial layout. The company has been in the field of lightweight chassis for nearly 20 years and has strong competitive advantages. It has cooperated with a customer, Geely, SAIC GM, Chrysler, Byd Company Limited(002594) and other Chinese foreign automobile enterprises. In the field of new energy thermal management, the company’s integrated heat pump assembly, electronic water valve, electronic water pump, electronic expansion valve and other products have entered the supply stage. Intelligent driving system, including intelligent braking system IBS, intelligent steering system EPS, electronic vacuum pump EVP, has entered the verification and matching stage. On the basis of existing business, the company actively arranges new technologies and products such as air suspension and integrated die casting, and the product breadth is expected to continue to improve.
Tier0.0 with key customers Level 5 cooperation is expected to continue to benefit in 2022. Thanks to the advantages of multiple product lines, the company actively explores tier0 5-level cooperation mode to provide system level, modular and one-stop product synchronous R & D and supporting services for vehicle customers, so as to realize the rapid increase of single vehicle supporting amount. According to the announcement of the company, the company has established a cooperative relationship with customer a, the largest customer, for more than 5 years. In 2021, the company will provide a number of products such as shock absorbers, interior functional parts, chassis system and thermal management system for customer A. from January to September 2021, the revenue of customer a accounted for 41.47%. Customer a delivered more than 936000 vehicles worldwide in 2021, and the sales volume is expected to increase by more than 50% in 2022. It is expected that the company is expected to continue to benefit as the relevant models of customer a continue to sell well and the production capacity is further released.
Profit forecast and investment suggestions
Slightly adjust the income, gross profit margin, expense rate, etc., and increase the profit for 22-23 years, mainly considering the improvement of the supporting income of new energy vehicles. It is predicted that the EPS from 2021 to 2023 will be 0.95, 1.58 and 2.14 yuan respectively (original 1.07, 1.50 and 1.90 yuan). According to the 22-year PE valuation, the 22-year PE average valuation of comparable parts related companies will be 38 times, the 22-year 38 times valuation will be given, and the target price will be 60.04 yuan to maintain the buy rating.
Risk tips
NVH orders are lower than expected, car sales are lower than expected, the supporting quantity of lightweight chassis products is lower than expected, and the product price is lower
