\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 933 Ikd Co.Ltd(600933) )
Core view
The performance of revenue side is better than that of the industry, and the profit side is under short-term pressure. The company disclosed the annual report of 2021. In 2021, the company realized a revenue of 3.206 billion yuan, a year-on-year increase of + 23.75%, and the parent company owned 310 million yuan, a year-on-year increase of – 27.24%; The revenue of 2021q4 was 854 million yuan, a year-on-year increase of + 0.76% and a month on month increase of + 9.48%; The return to the parent company was 31 million yuan, with a year-on-year increase of – 82.07% and a month on month increase of – 61.73%. It is expected that the growth of the company’s revenue will mainly benefit from the continuous improvement of the market share of small and medium-sized parts and the substantial growth of new energy vehicle business. The profit side is mainly affected by external factors such as the continuous and substantial rise of raw material prices, the continuous and substantial rise of international shipping charges and the continuous appreciation of RMB.
Clarify the positioning of “new energy vehicles + intelligent driving”. In 2021, the company’s new energy vehicle project, thermal management system project and intelligent driving vision system project are expected to account for about 70% of the new sales revenue within the service life. With the gradual mass production of orders in hand, it is expected to make a positive contribution to the operation of the company.
Clear strategic objectives and comprehensive product coverage. The company expands its product territory around “small and medium-sized parts + new energy three electricity system + integrated die casting”. In recent years, small and medium-sized companies have steadily improved their business, including die-casting, braking and other businesses, accounting for the largest share in the market. The new energy vehicle business grew significantly, and the sales revenue in 2021 increased by 180% year-on-year. Among them, the products of new energy vehicle thermal management system, new energy vehicle electronic control system and electric drive system contribute more than 7% of the revenue; The battery system and vision system of new energy vehicles are growing rapidly. Integrated die casting is the new expansion direction of the company. The company will successively import 3500t, 6100t / 8400t and other large die casting machine equipment.
High quality customer resources and wide business coverage. The company’s business covers the developed regions of automobile industry in America, Europe and Asia, and its main customers are world-renowned large multinational auto parts suppliers and new energy main engine plants. Relying on the advantages of high-quality and stable customer resources, the company closely follows the development pace of the global automobile market, and continuously enhances the competitiveness of traditional businesses on the one hand; On the other hand, fully grasp the development trend of new energy, electrification and intelligence in the automotive industry, enhance the competitiveness in new fields, continuously improve the value of single vehicles, enrich product types and tap potential markets.
Investment suggestion: the leader of small and medium-sized aluminum die-casting parts will develop to new energy and intelligence, and maintain the “overweight” rating.
As the invisible leader of small and medium-sized parts such as aluminum die-casting steering, braking, power and wiper, the company not only improves the market share of traditional products, but also develops aluminum die-casting products to new energy and intelligence. Considering the company’s excellent R & D capability, mature production technology and efficient management experience, the operation of raised investment projects will help to further consolidate the company’s market position and enhance the company’s competitiveness in the field of new energy vehicles and vehicle lightweight. In addition, based on the short-term impact of core shortage and rising prices of raw materials, as well as the continuous emergence of medium and long-term scale effects, the profit forecast of the company is adjusted: the net profit attributable to the parent company in 2022 / 2023 is reduced to 614 / 788 million yuan (original 630 / 801 million yuan). The corresponding EPS in 2022 / 2023 is 0.71/0.91 yuan (formerly 0.73/0.93 yuan), and the corresponding PE in 2022 is 19 times, maintaining the “overweight” rating.
