\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Event:
The company’s annual performance announcement and the annual performance announcement of 2021 3.8 billion to 2021 3.8 billion year-on-year; The net profit attributable to shareholders of listed companies was 1.045 billion yuan, a year-on-year increase of + 66.39%; The net profit attributable to the shareholders of the listed company after deducting non profits was 986 million yuan, a year-on-year increase of + 71.63%. 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 shareholders of the listed company was about 250 million yuan, a year-on-year increase of about + 64%.
Key investment points:
Q4 performance in 2021 is in line with expectations. In Q4 of 2021, the company’s revenue was 3.616 billion yuan, a year-on-year increase of + 64.9%, and the net profit attributable to the shareholders of the listed company was 292 million yuan, a year-on-year increase of + 21.3%. Considering the provision of goodwill impairment of 466509 million yuan for Zhejiang Jiali and Sichuan fudona acquired in 2017, the performance was in line with expectations.
As the core supplier of Tesla, the company made a good start in 2022. Tesla, the company’s key customer, delivered 936000 vehicles worldwide in 2021, a year-on-year increase of + 87%. From January to February 2022, Tesla sold 116360 vehicles domestically, a year-on-year increase of 244%. We expect Tesla to sell 1.7 million vehicles worldwide in 2022, including 800000 domestic Tesla vehicles. The company benefited from the high growth of sales volume of Tesla, a major customer, and made a good start. From January to February 2022, the company achieved a revenue of about 2.53 billion yuan, about + 60% year-on-year, and a net profit attributable to shareholders of listed companies of about 250 million yuan, about + 64% year-on-year.
The customer structure is excellent, and the income breaks through the ceiling of the traditional system. The company’s customers mainly include Tesla, Geely, GM, etc., and have grown rapidly in the supply system of Weilai, ideal and Xiaopeng. At the same time, it has also entered new forces such as rivian and lucid, of which the value of the supporting rivian bicycle is as high as 11000 yuan. We are optimistic that Tesla will become the largest customer and new forces will enter the domestic suppliers of Tesla industrial chain in the top five customers. This customer structure also drives suppliers to break through the income ceiling of the traditional supporting system.
Ningbo Tuopu Group Co.Ltd(601689) , the new power of parts. The company has a comprehensive layout of new businesses such as integrated die casting, wire controlled braking, air suspension, electrically adjustable steering wheel, electric door, sliding chassis and so on. Recently, the company mass produced 7200T integrated die-casting rear cabin in Hangzhou Bay manufacturing base, supporting Gaohe automobile, and became the first parts supplier to mass produce super large integrated aluminum alloy structural parts; The company’s air suspension is planned to be officially put into operation in June 2022. After the new plant is put into operation, it can achieve an annual output of 2 million air suspension to meet the supporting requirements of 500000 vehicles per year; The company’s latest generation of intelligent braking system ibs-pro is expected to be mass produced this year to meet the supporting needs of 500000 vehicles, which is also a more integrated one box brake by wire solution; The company has also laid out electrically adjustable steering wheel and electric door. At the same time, the company can also provide system level integrated skateboard chassis solutions from thermal management, intelligent braking, steering by wire, electric power steering and air suspension. We believe that Ningbo Tuopu Group Co.Ltd(601689) is a new force of parts and is expected to become an international supplier of auto parts in the era of intelligent electric.
Profit forecast and investment rating give the company a “buy” rating. We are optimistic about Tesla’s production and manufacturing revolution, which will promote Tesla’s wave in the next stage. Ningbo Tuopu Group Co.Ltd(601689) as Tesla’s core supplier, the company is expected to achieve main business revenue of RMB 11.4 billion, 17.3 billion and 22.1 billion from 2021 to 2023, with a year-on-year growth rate of 76%, 51% and 28%; The net profit attributable to the parent company was 1.05 billion yuan, 1.69 billion yuan and 2.19 billion yuan, with a year-on-year growth rate of 66%, 61% and 30%; The corresponding EPS is 0.99, 1.60 and 2.08 yuan.
Risk Tips 1) the price of raw materials continues to rise; 2) International shipping prices continued to rise; 3) The sales growth of new energy vehicles was lower than expected; 4) The company’s new customer expansion is less than expected; 5) The company’s new business development is less than expected.
