\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 933 Ikd Co.Ltd(600933) )
Key points of announcement: the company released the annual report of 2021, and achieved a revenue of 3.206 billion yuan, a year-on-year increase of + 23.75%, and a net profit attributable to the parent company of 310 million yuan, a year-on-year increase of – 27.24%. Among them, Q4 in 2021 achieved a revenue of 854 million yuan, a year-on-year increase of + 0.76%, a month on month increase of + 9.40%, a net profit attributable to the parent company of 31 million yuan, a year-on-year increase of – 82.07%, a month on month increase of – 61.56%, and a deduction of non attributable net profit of 15 million yuan, a year-on-year increase of – 90.28% and a month on month increase of – 78.29%.
The upgrading of revenue structure promoted year-on-year high growth, and many factors such as raw materials / freight / chips / exchange rate led to a decline in profits. The company’s overseas revenue accounted for 64.4%. In 2021, the global automobile sales volume was 80.07 million, a year-on-year increase of + 3%, and the Chinese automobile sales volume was 26.25 million, a year-on-year increase of + 4%. The growth of the company’s revenue far exceeded the growth of vehicle sales outside China. Thanks to the change of the company’s product positioning of “new energy + intelligent driving”, the sales revenue of new energy vehicle products in the whole year increased by about 180% year-on-year, and the proportion of new energy electronic control / electric drive system in the revenue exceeded 7%. In 2021, the Shanghai aluminum index increased by 60.7% at the highest, and finally increased by 32.5% for the whole year. Due to the influence of many factors such as chip shortage + sharp rise in shipping freight, the gross profit margin of the company’s main business for the whole year was 24.44%, down 4.78pct. In 2021, the exchange rate of euro and US dollar against RMB continued to decline. In 2021, the company lost 100 million yuan in exchange, including 47 million yuan in the fourth quarter, resulting in a year-on-year net profit attributable to the parent company of – 27.24%.
Enhance the market share of existing products, grasp the trend of electric intelligent industry, continue to expand production capacity and meet the release of orders. 1) Rely on high-quality customer resources to improve the market share of existing products. The company closely follows the development pace of the global automobile market, enhances the competitiveness of obtaining existing customers and existing market share, and improves the market share of various small and medium-sized products. 2) Grasp the industrial trend of Electric Intelligence in the automotive industry and speed up the market layout in the field of new energy. The company makes every effort to obtain new energy, intellectualization and new product projects of body structural parts, and strengthens the product development of three electricity system and automobile structural parts of new energy vehicles. In the whole year of 2021, the new energy vehicle project, thermal management system project and intelligent driving vision system project obtained by the company are expected to account for about 70% of the new sales revenue within the service life; 3) The capacity of many places continues to expand to meet the release of subsequent orders. By March 2022, Liuzhou production base has basically completed delivery; The Intelligent Manufacturing Technology Industrial Park project and Mexico North America production base are under construction as planned, and the company is expected to be put into use in the second half of 2022; The company’s intelligent manufacturing project of three electricity system parts and automobile structural parts of new energy vehicles in Ma’anshan has begun to be designed and planned, and sufficient capacity reserves have been fully prepared for the release of subsequent orders.
Profit forecast and investment rating: in view of the impact of the epidemic, the global chip supply shortage, bulk material prices and logistics costs may continue to rise. We adjusted the company’s revenue forecast from RMB 4.070/5.002 billion to RMB 4.041/4.945 billion in 20222023, and RMB 6.042 billion in 2024, respectively 26.1% / + 22.4% / + 22.2% year-on-year. The net profit attributable to the parent company from RMB 669 / 894 million to RMB 447 / 551 million in 20222023, and RMB 678 million in 2024, with the same score of + 44.3% / + 22.3% / + 23.0%, corresponding EPS of RMB 0.52/0.64/0.79 and PE of 26.30/21.33/17.35 times, maintaining the “buy” rating.
Risk tip: aluminum alloy price fluctuation risk; Risk of freight rate rise; Continuous risk of chip shortage in downstream automotive industry
