\u3000\u3 China Vanke Co.Ltd(000002) 850 Shenzhen Kedali Industry Co.Ltd(002850) )
Event: the company released the 21st Annual Report, with a revenue of 4.468 billion yuan in the 21st year, a year-on-year increase of + 125.06%; The net profit attributable to the parent company was 542 million yuan, a year-on-year increase of + 203.19%. The revenue of 21q4 company was 1.48 billion yuan, a year-on-year increase of + 93.66% and a month on month increase of + 24.95%; The net profit attributable to the parent company was 167 million yuan, a year-on-year increase of + 108.15% and a month on month increase of + 7.07%. The performance is in line with expectations.
The gross profit margin of the company decreased slightly, the expense rate decreased, and the R & D investment increased significantly. The gross profit margin of the company’s sales in 21 years was 26.25%, with a year-on-year increase of -1.91pct, mainly due to the rise of material costs and labor costs. The sales expense ratio of the company in the 21st year was 0.32%, with a year-on-year increase of -1.82pct; The financial expense ratio was 0.43%, with a year-on-year increase of -0.18pct; The management expense ratio (excluding R & D expenses) was 3.29%, with a year-on-year increase of -1.1pct. In 2021, the company’s expense ratio (excluding R & D expenses) for the three major periods totaled 4.04%, with a year-on-year increase of -3.1pct. The efficiency of enterprise management has been greatly improved. In 21 years, the company’s R & D expenses amounted to 275 million yuan, a year-on-year increase of + 107.86%, accounting for 6.16% of its operating revenue. The company has greatly increased the investment in R & D expenses, strengthened the transformation of achievements, and maintained the company’s competitive advantage in the power battery precision structural parts industry.
Strengthen the key customer strategy and continue to expand production capacity. The company insists on positioning in the high-end market and adopts the key customer strategy in key fields. It has established long-term and stable strategic cooperation relations with China’s leading manufacturers such as catl, China Innovation airlines, Eve Energy Co.Ltd(300014) , honeycomb energy and other well-known foreign customers such as LG, Panasonic, Tesla, northvolt and Samsung. At the same time, the company continues to allocate production capacity. At present, China’s production bases include Fujian, Sichuan, Huizhou, Jiangsu and Dalian, and takes the lead in putting production bases in overseas regions such as Germany, Sweden and Hungary to continuously expand production capacity and maintain steady growth of performance.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.174/17.842345 billion, with a year-on-year increase of + 116.7% / 52.0% / 31.5%, and the corresponding EPS will be RMB 5.04/7.66/10.07 respectively, maintaining the “buy” rating.
Risk tip: the sales volume of new energy vehicles is lower than expected, the price of structural parts is lower than expected, the downstream demand is lower than expected, and the capacity expansion and digestion are lower than expected.
