\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Events
The company issued the announcement of 2021 performance express and the announcement of business data from January to February of 22 years. In 2021, the revenue was RMB 11.44 billion, yoy + 75.7%, and the net profit attributable to the parent company was RMB 1.045 billion, yoy + 66.4%. Among them, Q4 income is 3.62 billion yuan, yoy + 64.9%, and the net profit attributable to the parent is 292 million yuan, yoy + 21.3%. From January to February 2022, the company achieved a total operating revenue of about 2.53 billion yuan, a year-on-year increase of about 60%, and a net profit attributable to the parent company of about 250 million yuan, a year-on-year increase of about 64%.
2021 will come to a successful conclusion and 2022 will be a good start
In 2021, the company’s revenue was 11.44 billion yuan, with a year-on-year increase of 75.7%, of which 21q4 revenue was 3.62 billion yuan, 64.9% / 24.4% month on month respectively. The revenue scale in a single quarter hit a record high. The month on month growth was good, thanks to the continuous volume of several important customers. The month on month growth of Tesla Shanghai / Geely / SAIC GM 21q4 wholesale sales was 33.7% / 39% / 34.4% respectively. In 2021, the net profit attributable to the parent company was 1.045 billion yuan, with a year-on-year increase of 66.4%, which was lower than the lower limit of 1.05 billion yuan to 1.15 billion yuan in the previous performance forecast. It was mainly affected by the impairment of goodwill, with an amount of about 47 million yuan, which met the expectation after restoration. Among them, the net profit attributable to the parent company in 21q4 was 292 million yuan, with a yoy of 21.3% / – 0.6% respectively, and the growth rate was weaker than that of income. There were two factors: ① the impact of goodwill impairment was 47 million yuan, the total profit of 21q4 company excluding goodwill impairment was 315 million yuan, and the profit margin before tax was 8.7% (7.4% before excluding), with a yoy of – 2.2pct / – 3.2pct respectively; ② Changes in business structure and cost side pressure put short-term pressure on profitability. In 2021, the industry was faced with core shortage and cost side pressure, and the company achieved significant growth, thanks to the company’s active grasp of new energy market opportunities, expanding intelligent electric product line and deepening cooperation with international leading new power customers.
From January to February 2022, the company is expected to achieve a revenue of 2.53 billion yuan, a year-on-year increase of about 60%, and the net profit attributable to the parent company is about 250 million yuan, a year-on-year increase of about 64%. The operating data and quality are better than expected. It is expected that the performance of 22q1 will exceed 21q4, and the profitability will pick up at the same time.
A high-quality platform parts company that fully embraces new energy, and its products and customers continue to make efforts
In terms of new energy customers, deepen tier0 5 mode, the new projects of Huawei and rivian will be launched in 2022; On the basis of the original Geely and GM, the company has conducted in-depth cooperation with Tesla, velai, Byd Company Limited(002594) and other customers, successively obtained orders from Ford and rivian (ASP has reached 11000 yuan), and began to cooperate with Chongqing Jinkang in key vehicle models, lightweight chassis systems and other products, and Huawei in thermal management system related products. In December, the company plans to invest 1.5 billion yuan in Shaba District of Chongqing, With a land area of 500 mu, 180 Mu will be used in phase I to expand the lightweight chassis system and interior sound insulation part system. The automotive electronics and thermal management system will be arranged in phase II, which is expected to provide localized supporting new production capacity for Xiaokang and Huawei. The mass production of rivian, Huawei and other new projects will continue to contribute significant increment to the company in 2022, and the mass production of rivian, Huawei and other new projects will continue to contribute significant increment to the company in 2022.
In terms of product layout, based on the further extension of the five product lines of the original NVH damping system, vehicle acoustic set, lightweight chassis system, thermal management system and intelligent driving system, and grasp the market demand to layout the air suspension business, the company’s first air suspension system factory has been completed, with an annual output of 2 million air suspensions and supporting 500000 vehicles, It also has the comprehensive supporting ability of independent design, independent research and development and independent manufacturing of air suspension. It will be officially put into operation in June 2022, further opening the ceiling of the company’s growth.
Profit forecast and valuation
As the leader of NVH in China, the company grasps the trend of new energy and deepens tier0 5 mode, expand new energy products, improve ASP, and actively expand production capacity by issuing convertible bonds. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1045 / 1621 / 2189 million, with a year-on-year increase of 66.4% / 55.1% / 35.1%, corresponding to pe55.5% 4 / 35.7 / 26.4x, maintaining the “buy” rating.
Risk tips
Car sales fell short of expectations, new energy vehicle sales fell short of expectations, and raw material prices continued to rise.
