\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Core view
Event: the company issued the announcement of pre increase of performance in the first quarter of 2022.
The results in the first quarter are in line with market expectations. According to the company’s announcement, the company achieved a revenue of 3.630-3.730 billion yuan in the first quarter, with a year-on-year increase of 49.6% – 53.7%; The net profit attributable to the parent company was 346386 million yuan, with a year-on-year increase of 40.6% – 56.9%;
The net profit deducted from non parent company was 340380 million yuan, with a year-on-year increase of 41.8% – 58.4%. It is expected that in the first quarter, the company will smoothly promote the platform strategy and tier 0.5 marketing strategy, maintain strong growth in lightweight chassis, thermal management and other businesses for intelligent electric vehicles, and develop well in steering, braking and air suspension businesses related to chassis by wire, driving the rapid growth of the company’s revenue and net profit in the first quarter.
The company has rich product lines and continues to expand its product matrix. In the field of lightweight chassis, the company has mastered the relevant high-strength steel and six light alloy forming processes, achieved full coverage of the product line, and has a strong competitive advantage. The lightweight chassis has obtained mass production orders from a customer, rivian, Weilai, Xiaopeng, Weima, Zero run, Byd Company Limited(002594) and other new energy vehicle enterprises, with abundant orders in hand. In the field of new energy thermal management, the company’s integrated heat pump assembly, electronic water valve, electronic water pump, electronic expansion valve and other products have begun mass production; The company’s intelligent braking system IBS, intelligent steering system EPS and other wire controlled chassis related products have been recognized by customers. The company has continued to expand its business on the basis of the existing integration of air suspension and related fields.
The sales revenue of key customers has increased rapidly and is expected to continue to benefit in 2022. Benefiting from the advantages of multiple product lines, the company actively promotes the platform strategy and tier0 The level 5 cooperation mode provides synchronous R & D and supply services of the whole product line for new energy vehicle customers, so as to realize the continuous increase of single vehicle supporting amount. According to the announcement of the company, the company has established a cooperative relationship with customer a, the largest customer, for more than 5 years, and provided a series of products such as lightweight chassis system, shock absorber, interior functional parts and thermal management system for customer a. According to the company’s announcement, from January to February 2022, the company achieved a sales revenue of 1.188 billion yuan to customer a, an increase of 126.4% over the same period in 2021, accounting for about 47% of the company’s total revenue from January to February. Customer a delivered more than 936000 vehicles globally in 2021, and the sales volume is expected to increase by more than 50% in 2022. It is expected that the company is expected to continue to benefit as the relevant models of customer a maintain hot sales and further improve production capacity
Profit forecast and investment suggestions
It is predicted that the EPS from 2021 to 2023 will be 0.95 yuan, 1.58 yuan and 2.14 yuan respectively. According to the 22-year PE valuation, the average 22-year PE valuation of comparable parts related companies will be 38 times, the 22-year 38 times valuation will be given, the target price will be 60.04 yuan, and the buy rating will be maintained.
Risk tips
NVH orders are lower than expected, car sales are lower than expected, the supporting quantity of lightweight chassis products is lower than expected, and the decline of product price is higher than expected
