\u3000\u3 Shengda Resources Co.Ltd(000603) 809 Chengdu Haoneng Technology Co.Ltd(603809) )
Event 1: the company released its annual report for 2021 on March 28: in 2021, the company achieved a revenue of 1.444 billion yuan, a year-on-year increase of 23.35%, a net profit attributable to the parent company of 200 million yuan, a year-on-year increase of 12.90%, and a net profit deducted from non attributable to the parent company of 172 million yuan, a year-on-year increase of 8.87%.
Event 2: the company announced on March 12: from January to February 2022, the company achieved an operating revenue of about 273 million yuan, a year-on-year increase of about 10.39%; The net profit attributable to shareholders of listed companies was about 60 million yuan, with a year-on-year increase of about 17.57%.
The annual performance of 2021 grew steadily, and the first two months of 2022 made a good start. In 2021, the company achieved a revenue of 1.444 billion yuan, a year-on-year increase of 23.35%, a net profit attributable to the parent of 200 million yuan, a year-on-year increase of 12.90%, and a net profit deducted from non attributable to the parent of 172 million yuan, a year-on-year increase of 8.87%. In the fourth quarter alone, the company achieved a revenue of 379 million yuan, a year-on-year increase of 0.52%, a month on month increase of 13.34%, and a net profit attributable to the parent company of 24 million yuan, a year-on-year decrease of 37.40% and a month on month decrease of 48.03%, mainly due to the amortization of equity incentive expenses of 33.544 million yuan during the reporting period. If this influencing factor is excluded, the net profit attributable to the parent company in 2021q4 is 58 million yuan, a year-on-year increase of 0.99% and a month on month increase of 24.37%. On the whole, the company’s performance grew steadily, with balanced delivery in four quarters. In 2022, on the premise of 2021q1 high base, the company continued to maintain a steady growth rate from January to February 2022.
During the period, the expense rate increased slightly and the operating condition remained good. The company’s 2021 three expenses accounted for 12% (year-on-year + 2.51pct), of which the sales expense rate, management expense rate and financial expense rate were 1.70% (year-on-year -0.22pct), 8.33% (year-on-year + 1.09pct) and 1.98% (year-on-year + 1.64pct) respectively. At the same time, the R & D expense was 80 million yuan, a year-on-year increase of 42.85% and the R & D expense rate was 5.57% (year-on-year + 0.76pct). The increase in the company’s expense rate during the period is due to the increase in management costs caused by the company’s active layout of aerospace, differential and heavy truck AMT business, and the company’s increased R & D investment to enhance its core competitiveness in the high-end aerospace field. In terms of profitability, the company’s gross profit margin in 2021 was 35.26%, an increase of 0.15pct year-on-year. The company’s profitability increased steadily, and the net profit margin attributable to the parent company was 13.82%, a decrease of 1.28pct year-on-year, mainly due to the increase of expenses during the reporting period. After the business of the company’s new layout matures, the expense rate is expected to gradually decrease during the period, and the profitability of the company is expected to be further improved.
Aerospace production capacity is gradually released, and performance is expected to usher in high growth. In 2021, the company’s aviation parts business realized a revenue of 138 million yuan, a year-on-year increase of 288.32%, and the gross profit margin was 55.93%, a year-on-year decrease of 3.81 PCT, mainly due to products. The subsidiary haoyiqiang (consolidated statement) achieved an operating revenue of 139 million yuan and a net profit of 43 million yuan, with a net profit margin of 30.76%, an increase of 1.33 PCT over last year. It shows that the scale effect of the company is prominent, the management efficiency is improved, and the net profit margin is still improved on the premise of the decline of gross profit margin. At present, the company’s aerospace business is dominated by haoyiqiang, a wholly-owned subsidiary (holding hengyisheng), Haoneng aerospace, a holding subsidiary, and aerospace Shenkun, a participating subsidiary. Haoyiqiang has mature manufacturing experience in the field of aviation manufacturing. From 2019 to 2021, haoyiqiang won the honor of “excellent supplier” of Chengfei civil aircraft for three consecutive years, and also won the honor of “excellent supplier” of Chengfei civil aircraft in 2021. Its business covers aviation sheet metal processing and precision machining of aviation parts. During the reporting period, the new aircraft outfield processing and modification service completed the first task. During the reporting period, the newly established Haoneng aerospace is engaged in aerospace high-end special valves, pipelines and connectors, which are applied to aerospace liquid rocket engines, orbit attitude control engines, liquid rocket booster delivery systems and other fields. Aerospace Shenkun, a joint-stock company, is a designated commercial aerospace manufacturing supporting enterprise of Sichuan Aerospace Industry Group Co., Ltd. ( Aerospace Hi-Tech Holding Group Co.Ltd(000901) seventh Institute). At present, haoyiqiang’s two-phase aviation parts capacity expansion project is under way. Haoneng aerospace is also expected to gradually form capacity in the second quarter of 2022, and the company’s aerospace business is expected to usher in high growth.
Actively build new product lines, and the automobile business grew against the trend. In 2021, the company’s auto parts business achieved a revenue of 1.282 billion yuan, a year-on-year increase of 14.85%, a gross profit margin of 32.24%, a year-on-year increase of 0.21pct. By product, the synchronizer assembly achieved a revenue of 830 million yuan (year-on-year + 6.97%), a gross profit margin of 30.91% (year-on-year -2.32pct), a combined revenue of 284 million yuan (year-on-year + 17.47%), and a gross profit margin of 36.18% (+ 5.39pct), Other products (differential and other new products) achieved a revenue of 169 million yuan (year-on-year + 70.14%), with a gross profit margin of 32.14 (+ 6.42pct). The synchronizer and combined gear business of the company is mainly aimed at the field of traditional passenger vehicles and commercial vehicles. The passenger vehicle business of the company increased by 20.35% year-on-year, and the commercial vehicle business still achieved positive growth in the environment of sharp year-on-year decline in China’s production and sales, which fully shows that the traditional synchronizer and combined gear products of the company are highly competitive. The differential products of the company are mainly used for new energy vehicles. During the reporting period, the company has carried out a number of cooperation with Volkswagen, Geely, great wall, Dongfeng and other customers in differential parts and assembly products for new energy vehicles, and some products have been mass produced. In addition, the company continues to invest around the industrial chain of differential assembly, and plans to gradually form the casting and machining capacity of differential housing in 2022, so as to build differential products into one of the main businesses with comprehensive competitiveness integrating shell casting, machining, half tooth forging, machining, heat treatment and assembly, and is expected to form an annual production capacity of 5 million differential sets in 2025.
Investment suggestion: considering that the current “core shortage” of Chinese cars has not been completely alleviated, and the price rise of upstream raw materials has led to the weakness of automobile consumption, we have lowered the company’s profit forecast. We expect the company’s revenue to be 1.86022952637 billion yuan in 20222024 (original value 19.48/24.35 in 20222023), the net profit attributable to the parent company to be 340460/562 million yuan (original value 4.01/4.99 in 20222023), and the corresponding EPS to be 1.12 yuan, 1.52 yuan 1.86 yuan, corresponding PE is 14.4x, 10.6x and 8.7x respectively. The company continues to deepen the dual main business layout of “automobile + aerospace”, which is expected to achieve leapfrog development and maintain the “buy” rating.
Risk prompt event: military orders are less than expected; Product delivery is not as expected; The profit forecast is lower than expected.
