\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 660 Fuyao Glass Industry Group Co.Ltd(600660) )
Event: the company released its 2021 annual report, and achieved an operating revenue of 23.6 billion during the reporting period, a year-on-year increase of + 18.57%; The net profit attributable to shareholders of listed companies was 3.1 billion, a year-on-year increase of + 20.97%; Operating cash flow was 5.678 billion, a year-on-year increase of + 7.56%. Q4 achieved a revenue of 6.45 billion, a year-on-year increase of + 5.22% and a month on month increase of + 14.98%. The net profit attributable to the parent company was - 3.35 billion, with a year-on-year ratio of - 3.75%.
1. Analysis of the company's annual performance: during the reporting period, the company achieved a consolidated operating revenue of 23.6 billion, an increase of 18.57% over the same period of last year; The total profit was 3.8 billion yuan, an increase of 22.81% over the same period of last year, and the net profit attributable to shareholders of listed companies was 3.1 billion yuan, an increase of 20.97% over the same period of last year. The gross profit margin for the whole year was 35.90%, with a year-on-year increase of - 3.61%. The core reason is that the relevant transportation costs were changed from the expenses originally included in the current period to operating costs in the reporting period. If the retroactive adjustment is made in 2020, the gross profit margin in the same period of the previous year is 36.50%, with a year-on-year increase of - 0.6pct, which is mainly due to the impact of the rise in the price of sea freight and soda ash, of which the price of sea freight increased by 231 million yuan year-on-year, affecting the decrease of 0.98 percentage point year-; The price of soda ash increased by 107 million yuan year-on-year, affecting the gross profit margin by 0.45 percentage points. During the reporting period, the net interest rate attributable to the parent company was 13.33%, with a year-on-year increase of + 0.27pct. Among them, the exchange loss in the reporting period was 528 million yuan and 422 million yuan in the same period last year. If the impact of exchange gains and losses is deducted, the total profit in the reporting period increased by 23.07% over the same period last year. In 2021, Fuyao's revenue was converted into RMB 3.896 billion and its net profit was 273 million. In 2020, Fuyao's total profit affected by the epidemic was US $8.9211 million (before tax), which shows that the operation of the United States has improved; However, considering that the operating profit of Fuyao in 2019 is as high as US $57.79 million (excluding compensation), it shows that Fuyao still has great room for improvement and recovery in the future.
2. Analysis of Q4's single quarter operation: Q4 achieved a revenue of 6.45 billion, a year-on-year increase of + 5.22% and a month on month increase of + 14.98%, which also set the highest single quarter revenue in the company's history. Q4 gross profit margin is 23.58%, mainly due to the adjustment of transportation expenses to operating costs under the change of accounting standards. Q4 realized a net profit attributable to the parent company of RMB 550 million, with a net interest rate of 8.53%, a year-on-year increase of -5.97 PCT and a month on month increase of -6.2 PCT, mainly due to the increase of financial expenses caused by exchange losses and the decrease of asset impairment and other income. However, it can be seen from the revenue that the market share of the company has steadily increased, and the proportion of high value-added products has increased. Among them, the proportion of high value-added products has increased by 3.31 percentage points compared with the same period of last year.
3. New changes in the industry and new opportunities for the company: at this stage, the automobile is no longer a simple means of transportation. The development of the new four modernizations of the automobile makes more and more new technologies integrated into the automobile glass. At the same time, it also provides new opportunities for the development of the automobile glass industry and promotes the development of automobile glass in the direction of "safety and comfort, energy conservation and environmental protection, beauty and fashion, intelligent integration", intelligent panoramic sky glass, dimmable glass The proportion of high value-added products such as head up display glass and ultra insulating glass has been increasing, the value of single car has increased significantly, and new changes in the industry have brought new opportunities and growth prospects to the company.
Investment strategy: automotive glass is a global leading enterprise. We expect the net profit attributable to the parent company to be 4.5 billion and 5.8 billion in 22 / 23, and give it a "buy" rating.
Risk tip: the sales volume of customers is lower than expected, and the cost of raw materials continues to rise due to international influence.
