\u3000\u3 China Vanke Co.Ltd(000002) 050 Zhejiang Sanhua Intelligent Controls Co.Ltd(002050) )
The performance was slightly lower than expected. In 2021, the operating revenue was 16.021 billion yuan, a year-on-year increase of 32.3%, the net profit attributable to the parent company was 1.684 billion yuan, a year-on-year increase of 15.2%, and the net profit after deduction was 1.487 billion yuan, a year-on-year increase of 17.1%; In the fourth quarter, the operating revenue was RMB 4.301 billion, with a year-on-year increase of 22.3% and a month on month increase of 6.3%. The net profit attributable to the parent company was RMB 391 million, with a year-on-year increase of 5.7% and a month on month decrease of 16.7%. The net profit after deduction was RMB 321 million, with a year-on-year increase of 2.4% and a month on month decrease of 28.1%. The lower growth rate of net profit than revenue was due to the rise in the price of raw materials and freight. In 2021, the company plans to pay a dividend of 0.15 yuan per share to shareholders.
The gross profit margin decreased and the expense rate improved. In 2021, the gross profit margin was 25.7%, with a year-on-year decrease of 4.1 percentage points, due to the impact of changes in accounting standards, with a year-on-year decrease of 2.1 percentage points according to the new standards; The gross profit margin in the fourth quarter was 21.6%, a year-on-year decrease of 10.9 percentage points and a month on month decrease of 5.8 percentage points, which was affected by the change of accounting standards. During the whole year, the expense rate was 13.5%, a year-on-year decrease of 3.1 percentage points, of which the sales expense rate was 2.8%, a year-on-year decrease of 2.2 percentage points, a year-on-year decrease of 0.2 percentage points according to the new standards, the management expense rate was 5.5%, a year-on-year decrease of 0.8 percentage points, which was due to the faster growth of revenue than the growth of management expenses, the R & D expense rate was 4.7%, a year-on-year increase of 0.4 percentage points, which was caused by the increase of employee salary, materials and power costs and mold manufacturing expenses, and the financial expense, Interest income increased by 5.0 percentage points year-on-year. The annual net cash flow from operating activities was 1.556 billion yuan, a year-on-year decrease of 25.5%.
The large volume of new energy heat management products will promote the growth of automobile zero business income and profit proportion. The revenue of auto zero business was 4.802 billion yuan, a year-on-year increase of 94.5%, accounting for 30.0% of the operating revenue, a year-on-year increase of 9.6 percentage points, and the net profit was 580 million yuan, a year-on-year increase of 74.8%. In the auto zero business, the revenue of supporting new energy vehicles accounted for 83.4%, an increase of 22.4 percentage points year-on-year. The company develops from new energy thermal management parts to components and subsystems, constantly breaks through customers such as Mercedes Benz, BMW, Byd Company Limited(002594) , Geely and Weilai, and comprehensively cooperates with Chinese new forces, traditional automobile enterprises and joint venture automobile enterprises; At the same time, the construction of Mexico plant and Shaoxing plant will be promoted in an orderly manner. By the end of 2021, all the projects raised with funds will be accepted and put into operation. The development trend of new energy is determined. The implementation of the project is expected to promote the increase of automobile zero business income and profit proportion.
The profit of refrigeration and air conditioning business is under pressure, which brings development opportunities in commercial and other fields. The business revenue of refrigeration and air conditioning electrical parts was 11.218 billion yuan, a year-on-year increase of 16.4%, accounting for 70.0% of the operating revenue, and the net profit was 1.1 billion yuan, a year-on-year decrease of 5.6%. The company has actively grasped the development opportunities of relevant products and expanded the new field of kitchen electric parts. Yaweike's business has achieved profitability by relying on the acceleration of dishwasher business and the transformation of supply chain; After the relocation of the plant in Sanhua, Vietnam, it was recognized by major customers in the United States. In the commercial field, the construction of the plant in Daming city was accelerated, and the new plant laid a solid foundation for growth; The company issued convertible bonds for the transformation projects in the field of refrigeration and air conditioning, which is expected to optimize the business structure.
Slightly adjust the income and gross profit margin, and predict that the EPS will be 0.5% from 2022 to 202459, 0.70 and 0.80 yuan (0.64 and 0.77 yuan in the previous 22-23 years). The comparable company is a new energy and household appliance company. The average PE valuation of the comparable company in 22 years is 31 times, and the target price is 18.29 yuan, maintaining the buy rating.
Risk tips
The supporting capacity of heat management of new energy vehicles and refrigeration of household appliances was lower than expected, and the business of microchannel and yaweko was lower than expected, affecting the profit growth; The rise of raw materials exceeds expectations and the risk of exchange rate fluctuations.
