\u3000\u3 China Vanke Co.Ltd(000002) 937 Ningbo Sunrise Elc Technology Co.Ltd(002937) )
The company's revenue in 2021q4 increased month on month, and the accounting standards adjusted to reduce Q4 gross profit margin and maintain the "buy" rating
The company achieved a revenue of 1.252 billion yuan in 2021, with a year-on-year increase of 20.32%; The net profit attributable to the parent company was 113 million yuan, a year-on-year decrease of 10.87%. In 2021q4, the company achieved a revenue of 350 million yuan in a single quarter, an increase of 10.49% month on month; The net profit attributable to the parent company was 24.48 million yuan, down 5.94% month on month. The gross profit margin of Q4 was 18.86%, down 5.67 PCT month on month, mainly due to the adjustment of accounting standards, and the annual freight was included in Q4 cost. We lowered the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 156 / 254 / 363 million yuan (the original value of 20222023 is 212 / 291 million yuan), the corresponding EPS will be 0.53/0.85/1.22 yuan, and the corresponding PE of the current stock price will be 29.9/18.4/12.9 times. Affected by the rise of raw materials, the profit side of the company is temporarily under pressure. The company's strategy focuses on automotive electronics, cooperates with overseas major customers to increase the number of products in the three electricity field of new energy vehicles, actively develops the Chinese market, has a promising growth, and maintains a "buy" rating for the company.
With the rapid growth of automotive electronics business, it is expected to develop large customers in China
The company vigorously expanded its products in the three electricity field of new energy vehicles, and achieved a sales revenue of 395 million yuan in automotive electronics and new energy vehicles, with a year-on-year increase of 59.95%. The proportion of automotive electronics in total revenue increased from 23.71% in 2020 to 31.52%, with a year-on-year increase of 7.81 PCT. Thanks to the technology and mass production capacity accumulated by synchronous research and development with Panasonic and other overseas major customers, the company has obtained the opportunity to cooperate with Shanxi Guoxin Energy Corporation Limited(600617) automobile head enterprises, and made a breakthrough in the three electric products project of new energy vehicles for head customers. In the future, it is expected to realize the high-speed development of Shanxi Guoxin Energy Corporation Limited(600617) automobile market with equal emphasis on customers both at home and abroad in the automotive electronics business sector.
The intelligent terminal business has developed a series of new security products, and overseas production capacity has been gradually implemented
The company's intelligent terminal business achieved a revenue of 534 million yuan in 2021, with a year-on-year increase of 9.92%. Focusing on the head customers, the company has newly expanded the series of intelligent security products and realized the mass production of new products. In order to quickly respond to the needs of key customers for intelligent terminals and precision structural parts of new energy vehicles, the company has implemented overseas capacity layout. Xingrui Vietnam factory achieved an annual sales revenue of 51.97 million yuan, a year-on-year increase of 188156%. The capacity of Indonesian factories has been gradually released. In 2021, the overall sales revenue was 79.69 million yuan, with a year-on-year increase of 87.91%. The company's overseas production capacity is still climbing, which is expected to provide support for the company to meet the full demand of intelligent terminal business.
Risk tip: capacity construction is less than expected; Repeated overseas outbreaks; The development of new energy vehicle market is less than expected.
