\u3000\u3 Shengda Resources Co.Ltd(000603) 982 Nanjing Chervon Auto Precision Technology Co.Ltd(603982) )
Nanjing Chervon Auto Precision Technology Co.Ltd(603982) released the performance express: in 2021, the revenue was + 16.53% year-on-year, and the net profit attributable to the parent company was + 0.81% year-on-year
In 2021, the company achieved a revenue of RMB 1.615 billion, a year-on-year increase of + 16.53%, and the net profit attributable to the parent company was RMB 122 million, a year-on-year increase of + 0.81%; The company’s single quarter revenue in 2021q4 was 426 million yuan, a year-on-year increase of – 10.5% and a month on month increase of + 11.1%; The net profit attributable to the parent company was 11 million yuan, with a year-on-year increase of – 80.8% and a month on month increase of – 65.6%. The company’s 2021h2 performance is under pressure due to factors such as rising raw material prices and rising international shipping charges. We lowered the company’s 20212022 and raised the revenue forecast for 2023. It is estimated that the company’s revenue from 20212023 will be RMB 1.615/23.08/33.49 (the original value is RMB 1.805/23.24/30.06) billion. Considering the large increase in raw materials, we lowered the company’s net profit attributable to the parent company from 20212023 to RMB 122 / 1.78/2.86 (the original value is RMB 172 / 2.43 / 3.51) million, EPS is 0.61/0.88/1.42 yuan / share, corresponding to the current PE price of 40.0/27.5/17.1 times. The company has abundant orders and takes the lead in the layout of integrated die casting. We believe that the short-term performance fluctuation does not change the long-term upward trend of the company and maintain the “buy” rating.
The rapid growth of transmission and new energy auto parts business, raw materials and other factors put pressure on the company’s performance
According to the company’s 2021 annual performance express, benefiting from the advance layout in the field of new energy auto parts and the improvement of the market penetration of transmission parts business, the company’s new energy auto parts business achieved an operating revenue of 324 million yuan in 2021, a year-on-year increase of + 43.25%; The company’s transmission parts business achieved an operating revenue of 565 million yuan, a year-on-year increase of + 36.09%. The two core businesses drove the steady growth of the company’s operating revenue. According to the National Bureau of statistics, the price of aluminum ingots in China increased significantly in the second half of 2021. Due to the lag of the company’s price adjustment mechanism, the company’s performance was under pressure in the second half of 2021 due to the superposition of factors such as the rise of international shipping charges and the appreciation of RMB.
Integrated die-casting breeds new opportunities. The company takes the lead, and large die-casting machines have been set down one after another
According to the records of the company’s investors’ Q & A, the company’s 5000t die-casting machine has been put into use, which is mainly used for the “five in one” product transmission shell component business of honeycomb. The 6000t and 8000t die-casting machines are expected to arrive at the factory in June and August 2022. The integrated die-casting field of the company is relatively early, leading the pace among Chinese die-casting manufacturers, and is expected to usher in greater development opportunities.
Risk tips: the sales volume of new energy vehicles is lower than expected, the progress of production capacity construction is lower than expected, and the epidemic situation is repeated
