\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 633 Great Wall Motor Company Limited(601633) )
Event:
The company released its annual report for 2021, and achieved a revenue of 136.4 billion yuan in 2021, a year-on-year increase of 32%; The net profit attributable to the parent company was 6.73 billion yuan, a year-on-year increase of 25%.
The brand premium rises steadily, and the expenses dilute the current profit.
In 2021, the company sold 1.28 million new cars, with a year-on-year increase of 15%, and the value of single car was 106000 yuan, with a year-on-year increase of 14%, mainly benefiting from the increase in the proportion of high value-added products and the recovery of terminal discounts caused by core shortage. In the fourth quarter, the company realized a net profit attributable to the parent company of 1.84 billion yuan, a year-on-year decrease of 33%, which is mainly due to the improvement of employee salary, the accrual of Euler’s equity expenses and the accrual of equity incentive expenses. After deducting the impact of one-time expenses, the profit level of the company in the fourth quarter is expected to be the same as that in 2020. In 2021, the company’s gross profit margin was 16.1%, a year-on-year decrease of about 1.1 percentage points, which was mainly affected by the rise of raw materials, the rise of employee salaries and other factors.
The reserve of new cars is still abundant, and 2022 ushers in the peak of models.
According to the company’s equity incentive assessment objectives, the company’s sales target in 2022 is 1.9 million, of which Haval and pickup brands maintain stable growth, and wey, Euler and tank brands are expected to achieve rapid sales growth. In 2022, the company will launch a number of wey brand models, which will complement the company’s shortcomings in the fields of cars, MPV and so on. The tank brand is independent. The popular model tank 300 creates a new off-road ecology. The orders of tank 500 are strong, and the models of tank 400, 700 and 800 will be listed one after another. Euler’s brand product category has made a breakthrough upward. New products such as lightning cat, ballet cat and punk cat mainly hit the 15 Fawer Automotive Parts Limited Company(000030) 0000 market, making up for the company’s weakness in the medium and high-end market of pure electricity.
Investment advice
It is estimated that the company’s EPS from 2022 to 2024 will be 1.11/1.50/2.28 yuan respectively. Maintain the “buy” rating.
Risk tips
The launch progress of new vehicles is less than expected; New energy business development is less than expected and other risks.
