\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
The company released the performance express of 2021, and achieved a total operating revenue of 11.44 billion yuan in the whole year, with a year-on-year increase of 75.7%; The net profit attributable to the parent company was 1.05 billion yuan, a year-on-year increase of 66.4%; Earnings per share was 0.95 yuan, and the performance was in line with expectations. In addition, the company preliminarily calculated that from January to February 2022, the revenue was 2.53 billion yuan, with a year-on-year increase of about 60%, and the net profit attributable to the parent was 250 million yuan, with a year-on-year increase of about 64%, slightly exceeding the expectation. Electrification and intelligence are the development trend of the automotive industry. The company has improved its product layout and is expected to continue to benefit. The company continues to explore new customers, and global capacity expansion contributes to performance growth. We expect the company’s earnings per share from 2021 to 2023 to be 0.95 yuan, 1.63 yuan and 2.15 yuan respectively, maintaining the buy rating.
Key points supporting rating
The performance from January to February 2022 slightly exceeded expectations and is expected to grow at a high speed throughout the year. In 2021, the company achieved a total operating revenue of 11.44 billion yuan (+ 75.7%); The net profit attributable to the parent company was 1.05 billion yuan (+ 66.4%); Earnings per share is 0.95 yuan. Considering the provision for goodwill impairment formed by the acquisition of Zhejiang Jiali and Sichuan fudona of 47 million yuan, it is consistent with the previous notice, and the performance is in line with expectations. The high growth of the company’s performance in 2021 is mainly due to the forward-looking layout of products and production capacity and the high growth of sales volume of Tesla and other customers. According to the preliminary calculation, the company realized a revenue of 2.53 billion yuan from January to February 2022, with a year-on-year increase of about 60%; The net profit attributable to the parent company was 250 million yuan, with a year-on-year increase of about 64%, slightly exceeding expectations. Despite the adverse factors such as the rise in the price of raw materials, the company’s revenue and profit performance at the beginning of the year is excellent, and it is expected to continue high growth throughout the year.
Platform tier0 5. The prospect of suppliers is promising. The company implements the platform development strategy. In addition to the original damping system and acoustic package, the company actively expands new product lines such as lightweight chassis, thermal management and intelligent driving, which is in line with the new energy and intelligent development trend of the automobile industry. The value of single vehicle is expected to exceed 20000 yuan, and the market space is greatly expanded. In terms of customer development, the company promotes tier0 The business model has been a great success. The sales of supporting Tesla and other products have increased rapidly. Japanese customers such as Toyota and Honda are progressing smoothly. In addition, they have obtained new customers such as rivian and Huawei. The company’s products and customers continue to expand, and the development prospect can be expected.
The rapid expansion of production capacity has contributed to high performance growth. The company plans to issue convertible bonds of no more than 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, which has been accepted by the CSRC. According to the feasibility report, the project is expected to achieve revenue of 1.03 billion yuan and 2.28 billion yuan, net profit of 130 million yuan and 290 million yuan respectively. Lightweight is conducive to improving the endurance and acceleration performance of new energy vehicles, which is an inevitable trend in the automotive industry. The company has a comprehensive layout in the field of lightweight chassis, and capacity expansion is expected to promote high performance growth. In addition, the company’s factories in Mexico, Poland and Germany are also in the process of orderly planning and promotion. The global capacity expansion is expected to promote the continuous growth of performance.
Valuation
Considering that the company’s products and customer expansion slightly exceeded expectations, we adjusted the performance forecast. It is expected that the company’s earnings per share in 20212023 will be 0.95 yuan, 1.63 yuan and 2.15 yuan respectively, maintaining the buy rating.
Main risks of rating
1) car sales decline; 2) New business expansion is less than expected; 3) The price of raw materials has risen.
