\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Event overview
The company issued the announcement on the pre increase of 2022q1 performance: it is expected to achieve a revenue of RMB 3.63-3.73 billion in 2022q1, with a year-on-year increase of 50% – 54%, a net profit attributable to the parent of RMB 346386 million, with a year-on-year increase of 41% – 57%, and deduct a net profit not attributable to the parent of RMB 340380 million, with a year-on-year increase of 42% – 58%.
Analysis and judgment:
Tier0.0 continued to increase performance 5. The quantity and price of supporting equipment rise together
In 2022q1, the company achieved a revenue of RMB 3.63-3.73 billion, a year-on-year increase of 50% – 54%, a month on month increase of 0.3% – 3.0%, a net profit attributable to the parent of RMB 350390 million, a year-on-year increase of 41% – 57%, a month on month increase of 1.8% – 13.5% (Note: 2021q4 net profit attributable to the parent is calculated by adding back 340 million yuan of goodwill impairment), and the corresponding net profit attributable to the parent is 9.5% – 10.3%. We judge that the high growth of the company’s performance mainly benefits from the significant increase contributed by Tesla and other new energy customers, If the profit growth rate is lower than the income growth rate, it may be affected by the rise in the price of raw materials.
The company actively embraces new energy, continuously expands the product line related to electric intelligence, actively expands the global intelligent electric customer base, and explores tier0 Level 5 supporting mode, showing a trend of simultaneous increase in volume and price, and the performance is expected to continue to grow at a high level.
Shuangwei Qiqu Jianzhi global auto parts top
Customer +: strategically bind Tesla and the new forces of car manufacturing to enter the global supply system. The company has followed the growth of GM and Geely. At present, Tesla is strategically bound to start a new round of growth. At the same time, it has entered the global supply systems such as Ford, FCA, Daimler, BMW, Volkswagen, Audi, Honda and Toyota. In line with the change of Electric Intelligence in the industry, the company actively cooperates with rivian, Weilai, Xiaopeng, ideal and other new forces of head car manufacturing to explore tier0 Level 5 cooperation mode to provide customers with synchronous R & D and supply services of the whole product line.
Product +: “2 + 4” industrial strategy to build a platform enterprise. While maintaining China’s leading position in the two traditional businesses of vehicle NVH damping system and vehicle acoustic package, we have prospectively arranged the three core businesses of intelligent driving system, thermal management system and lightweight chassis system, and added air suspension system. We expect that the total supporting value of single vehicle of the whole product line is expected to reach more than 20000 yuan. We will comprehensively arrange Electric Intelligence and become a platform company.
Investment advice
The company is the target of high performance elasticity of Tesla industrial chain and the most beneficial target of Geely industrial chain. With the industry-leading ability of customer expansion and product expansion, the company is expected to rise and become the leader of independent parts under the reform of electric intelligence. In view of the growth of the company’s performance repair and lightweight, intelligent driving system and thermal management system with key customers such as Tesla and Geely, the company maintains the profit forecast: it is expected that the revenue from 2021 to 2023 will be RMB 11.44/17.25/22.85 billion, the net profit attributable to the parent company will be RMB 1.05/18.2/2.45 billion, and the EPS will be RMB 0.05 billion 95 / 1.65/2.22 yuan, corresponding to pe61 / 35 / 26 times of the closing price of 54.9 yuan on March 28, 2022, maintaining the “buy” rating.
Risk tips
Tesla’s sales volume is lower than expected; Geely’s sales volume recovered less than expected; Increased competition; Rising raw material costs, etc.
