\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 933 Ikd Co.Ltd(600933) )
The performance was slightly lower than expected. In 2021, the company’s operating revenue was 3.206 billion yuan, a year-on-year increase of 23.7%; The net profit attributable to the parent company was 310 million yuan, a year-on-year decrease of 27.2%, and the net profit not attributable to the parent company was 235 million yuan, a year-on-year decrease of 34.9%. In the fourth quarter, the operating revenue was 854 million yuan, an increase of 0.8% year-on-year and 9.4% month on month; The net profit attributable to the parent company was 31 million yuan, a year-on-year decrease of 82.1% and a month on month decrease of 61.6%. Deducting the net profit not attributable to the parent company was 15 million yuan, a year-on-year decrease of 90.3% and a month on month decrease of 78.3%. The decline in net profit was largely due to the rise in the price of raw materials, the rise in the price of shipping freight, the appreciation of RMB and other factors. In 2021, the company plans to pay a dividend of 0.2 yuan per share to shareholders.
Gross profit margin was under pressure and cash flow narrowed. The annual gross profit margin was 26.3%, down 4.0 percentage points year-on-year. The gross profit margin in the fourth quarter was 23.3%, down 2.6 percentage points year-on-year and 1.5 percentage points month on month. During 2021, the expense rate was 17.3%, with a year-on-year increase of 4.1 percentage points, of which the sales expense rate was 1.4%, which was flat year-on-year, the R & D expense rate was 5.8%, with a year-on-year increase of 0.8 percentage points, which was caused by the increase of new project R & D, the management expense rate was 7.5%, with a year-on-year decrease of 0.4 percentage points, the financial expense rate was 2.7%, with a year-on-year increase of 3.7 percentage points, and the exchange loss was increased due. In 2021, the net operating cash flow was 481 million yuan, a year-on-year decrease of 35.0%, which was due to the increase in payment for materials and freight.
There are abundant orders related to new energy vehicles, and actively expand production to ensure the release of orders. The company has adapted to the trend of electric development, extending from small parts to new core components and structural parts of new energy vehicle three electric system. Basically, the new energy vehicle three electric system, automatic driving system, thermal management system aluminum alloy die casting parts have been fully covered, and many new energy and high-end car enterprises orders have been obtained from Contemporary Amperex Technology Co.Limited(300750) , Wei Lai, zero running, ideal, Mercedes Benz, BMW and so on. In 2021, the revenue of the company’s new energy vehicle products increased significantly by about 180% year-on-year. The products of new energy vehicle thermal management system, electronic control system and electric drive system increased significantly, accounting for more than 7% of the revenue. In 2022, the expected amount of new energy vehicle products accounted for more than 80% of the new projects. The implementation of orders will promote the growth of performance. In terms of production capacity, Liuzhou production base has basically completed the delivery. The science and Technology Industrial Park project and Mexico North America production base are expected to be put into use in the second half of 2022. In the design and planning of Ma’anshan project, it is expected that the production capacity reserve of multiple production bases will be sufficient after delivery, which will effectively ensure the release of subsequent orders.
Slightly adjust the income, gross profit margin and expense rate. It is predicted that the earnings per share of the company in 20222024 will be 0.59, 0.74 and 0.92 yuan respectively (0.68 and 0.82 yuan in the original 22-23 years). It is estimated that the PE of the comparable company in 22 years is valued according to the PE of 22 years
The average valuation is 26 times, the target price is 15.34 yuan, and the buy rating is maintained. Risk statement
The supporting income of automobile aluminum alloy castings is lower than expected, the income of new energy vehicle products is lower than expected, and the production time of raised investment projects is lower than expected.
