\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 933 Ikd Co.Ltd(600933) )
Event:
The company released its annual report for 2021. In 2021, the company achieved a revenue of 3.2 billion yuan, a year-on-year increase of 24%; The net profit attributable to the parent company was 310 million yuan, a year-on-year decrease of 27%.
Rising costs, short-term performance under pressure.
In 2021q4, the company achieved a revenue of 850 million yuan, a year-on-year increase of 0.8%. Affected by the overseas epidemic and chip shortage, the company’s revenue side is under short-term pressure. In 2021, the company’s gross profit margin was 26.3%, a year-on-year decrease of 4 percentage points, which was mainly affected by a variety of external factors, such as the continuous sharp rise of raw material prices, the continuous sharp rise of international shipping charges, the continuous appreciation of RMB and so on. Among them, the gross profit margin of 2021q4 company was 23.3%, declining year-on-year and month on month. At the end of 2021, the company’s inventory was 770 million yuan, which continued to increase month on month. The company’s inventory was further expanded mainly due to factors such as the shortage of overseas epidemic chips.
Orders remained abundant and the transformation of electrification and intelligence was promoted.
The company has strengthened the development of new energy vehicle three electricity system, vehicle vision system, thermal management system and other products. In 2021, the annual revenue of new energy vehicle products increased by 180% year-on-year. The products of new energy vehicle thermal management system, new energy vehicle electronic control system and electric drive system increased significantly, accounting for more than 7% of the product revenue. It is expected that the new sales revenue of new energy vehicle projects, thermal management system projects and intelligent driving vision system projects obtained throughout the year will account for about 70%. At the same time, the company plans to invest in large tonnage die-casting machines to distribute large-scale die-casting products and integrated die-casting products, so as to comply with the development trend of new energy vehicles.
Investment advice
We expect that the company’s EPS from 2022 to 2024 will be 0.53 yuan, 0.74 yuan and 0.99 yuan respectively, maintaining the buy rating.
Risk tips
Risks such as lower than expected automobile demand, lower than expected progress of raised investment projects, exchange rate fluctuations, etc.
