\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 418 Anhui Jianghuai Automobile Group Corp.Ltd(600418) )
Key points of announcement: the company achieved an operating revenue of 40.214 billion yuan in 2021, a year-on-year increase of – 6.11%; The annual gross profit margin of sales was 8.16%, with a year-on-year increase of -1.14pct; The net profit attributable to the parent company was 200 million yuan, a year-on-year increase of + 40.24%. Among them, 2021q4 achieved an operating revenue of 9.513 billion yuan, a year-on-year increase of – 21.02% and a month on month increase of + 13.74%; The gross profit margin of quarterly sales was 6.20%, with a month on month ratio of -7.36pct / -1.49pct respectively; The quarterly net profit attributable to the parent company was 05 million yuan, a year-on-year increase of – 95.00%.
The sales volume of passenger cars performed well and the ability of cost control was improved. 1) Revenue: the company’s annual revenue was 40.214 billion yuan, a year-on-year increase of – 6.11%, mainly due to the decline in vehicle sales revenue. Among them, the sales revenue of complete vehicles was 33.880 billion yuan, with a year-on-year increase of – 9.31%, and the sales volume of passenger vehicles was good. The company sold 252500 passenger vehicles throughout the year, with a year-on-year increase of + 62.27%, and the single vehicle revenue was 34600 yuan, with a year-on-year increase of – 26.42%. In 2021, Sihao QX and sihaoyao were mainly launched to improve the brand effect of the company; 268000 commercial vehicles were sold, a year-on-year increase of – 8.28%, and the single vehicle revenue was 77900 yuan, a year-on-year increase of – 5.38%. The revenue of other businesses was 6.431 billion yuan, a year-on-year increase of + 15.87%. 2) Gross profit margin: the gross profit margin of the company’s annual sales was 8.16%, with a year-on-year increase of -1.14pct, mainly due to the impact of the increase in the price of raw materials and the decrease in capacity utilization. The company’s 2021 young card capacity utilization rate was 90.76%, with a year-on-year increase of -0.84pct; The capacity utilization rate of heavy truck factory was 45%, with a year-on-year increase of -22.38pct; The capacity utilization rate of passenger car factory was 69.55%, with a year-on-year increase of + 13.17pct. 3) Expense rate: the company’s annual expenses are well controlled. The annual expense rate of the company was 11.88%, with a year-on-year increase of -0.63pct, of which the sales expense rate / R & D expense rate / financial expense rate were -0.01pct / – 0.5pct / – 0.29pct respectively. 4) Net profit attributable to the parent company: the company realized a net profit attributable to the parent company of 200 million yuan, a year-on-year increase of + 40.24%. Other income in the reporting period was 1.953 billion yuan, a year-on-year increase of + 58.59%, mainly due to the increase in government subsidies received during the reporting period; During the reporting period, the income from asset disposal was 433 million yuan, a year-on-year increase of – 64.69%, mainly due to the large asset disposal income obtained from land collection and storage in 2020.
The company strengthens internal R & D, the main business trend is upward, and actively cooperates with foreign countries to open up long-term growth space. In terms of foreign cooperation, in 2021, the cooperation with Volkswagen was promoted in depth, the key projects of Volkswagen Anhui were carried out in an orderly manner, and the R & D center was officially put into use; In cooperation with Weilai, about 93000 vehicles were delivered throughout the year. At the same time, a joint venture jianglai was established in March to further deepen the cooperative relationship. In terms of internal research, the company’s commercial vehicle business sector is expected to benefit from the increased governance of the light truck industry and the rising demand for replacement. The company in the passenger vehicle sector has in-depth cooperation with Huawei to improve the intelligent level of the whole vehicle, and the brand has an obvious upward trend.
Profit forecast and investment rating: considering the adverse factors such as the rising cost of upstream raw materials, we lowered the performance forecast of Anhui Jianghuai Automobile Group Corp.Ltd(600418) 2022-2023 from 370 / 508 million yuan to 341 / 479 million yuan. The net profit attributable to the parent company in 2024 was 590 million yuan, corresponding to EPS of 0.16/0.22/0.27 yuan and PE of 72 / 51 / 42 times, maintaining the “buy” rating of Anhui Jianghuai Automobile Group Corp.Ltd(600418) .
Risk warning: the progress of epidemic control is lower than expected; Chip / battery and other key parts supply chain instability risk, etc
