\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
The company’s revenue in 2021 was 11.4 billion yuan, a year-on-year increase of + 75.7%
On March 14, Ningbo Tuopu Group Co.Ltd(601689) released the annual performance express of 2021, with a revenue of RMB 11.438 billion in 2021, a year-on-year increase of + 75.68%; The net profit attributable to the parent company was 1.045 billion yuan, a year-on-year increase of + 66.39%. Q4’s single quarter revenue was 3.615 billion yuan, a year-on-year increase of + 64.91% and a month on month increase of + 24.41%; The net profit attributable to the parent company in a single quarter was 292 million yuan, up + 21.26% year-on-year and – 0.57% month on month. The sales volume of Tesla Q4, the company’s core customer, increased by + 70.81% year-on-year and + 27.89% month on month, driving the rapid volume of the company’s chassis business and thermal management business. We raised the company’s profit forecast for 2022 / 2023. It is estimated that the net profit attributable to the parent company in 2022 / 2023 will be RMB 1.625 (+ 0.1) / 2.164 (+ 149) million respectively, EPS will be RMB 1.47/1.96 (+ 0.13) per share, corresponding to 35.6/26.7 times the current share price PE. Considering the high growth brought by the large volume of emerging businesses, the company maintains the “buy” rating of the company.
Orders for lightweight chassis are accelerated, and capacity expansion meets business needs
In December 2021, the company issued convertible bonds, which were accepted by the CSRC. It plans to raise 2.5 billion yuan to invest in the construction project of lightweight chassis system with an annual output of 1.5 million sets and the construction project of lightweight chassis system with an annual output of 3.3 million sets. At present, the company’s lightweight chassis system module products have successfully entered more than 10 main engine manufacturers, including well-known traditional vehicle enterprises at home and abroad and global mainstream new energy vehicle enterprises, forming a high-quality customer base and obtaining their mass production orders. The company continues to expand the production capacity of lightweight chassis to meet the rapidly growing order demand of downstream new energy customers.
The implementation of emerging businesses is accelerated, and the performance is expected to continue to release
Ningbo Tuopu Group Co.Ltd(601689) on the basis of the original NVH products, continue to layout new lightweight, intelligent and electric products, and develop into a multi module platform enterprise. At present, the company’s IBS products are stepping up the completion of testing; The thermal management system has realized the batch supply of the first generation products, and the R & D and verification of the second generation products are continuously advancing; With the company’s deep accumulation in the lightweight chassis system, the company’s integrated die-casting rear cabin has entered the stage of mass production; In addition, at the end of November 2021, the first and fifth factories of the company’s air suspension system were completed. Based on the accumulated capacity in the field of intelligent braking and electronic vacuum pump, the company has a comprehensive supporting capacity integrating design, R & D and manufacturing in terms of air suspension. With the joint efforts of emerging businesses, the company’s performance is expected to reach a higher level.
Risk warning: the demand for automobiles at home and abroad is less than expected; Production capacity construction is less than expected; The price rise of raw materials exceeded expectations.
