\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Event: the company released the annual report of 2021, and achieved an operating revenue of 75.7 billion during the reporting period, a year-on-year increase of + 19.82%; The net profit attributable to shareholders of listed companies was 7.335 billion, a year-on-year increase of + 22.95%. Q4 achieved a revenue of 20.1 billion, a year-on-year increase of + 0.77% and a month on month increase of - 3.72%; The net profit attributable to the parent company was 2.05 billion, with a year-on-year increase of + 112.81% and a month on month increase of + 116.58%.
GAC motor + ea'an promoted the increase of revenue in two rounds. During the reporting period, the company achieved a consolidated operating revenue of 75.7 billion, an increase of 19.82% over the same period last year, mainly due to the continuous enrichment of the group's own brand products and the growth of sales volume. In particular, aiony series launched three new products, aionsplus and aionvplus. The annual cumulative sales volume reached 120200 vehicles, with a significant year-on-year increase of 101.8%. GAC motor series launched new or modified models such as shadow leopard, gs4plus, second-generation gs8 and m6pro, with a total annual sales of 32.42w vehicles, a year-on-year increase of + 10.35%. Two rounds of force jointly promote the increase of revenue.
The company's annual gross profit margin was 8.61%, with a year-on-year increase of + 1.49pct. After the group overcame the shortage of chips, the rise of raw material prices and other comprehensive factors, the gross profit margin could still achieve positive growth, mainly due to the change of product structure and the utilization rate of new energy capacity of more than 100%. Among them, the sales volume of high value-added model M8 increased significantly by 95% year-on-year in 2021, resulting in an increase in profitability.
Guangfeng guangben fulfilled its promise as scheduled, and its profitability was further strengthened. In 2021, the net investment income was 11.8 billion, a year-on-year increase of + 19%. Among them, GAC Toyota brought an investment income of 5.7 billion in the current period, a year-on-year increase of + 18.75%; GAC Honda 4.3 billion, a year-on-year increase of + 16.2%. Affected by the lack of core, the annual sales growth of Guangfeng was only 8.23%, and that of guangben was - 3.17%; It shows that the profitability of the joint venture has been further improved. As the new year of Shuangtian products in 2022, coupled with chip mitigation, we believe that the revenue brought by Shuangtian will be increased at a high speed.
In 2022, four arrows are fired at once, and independent and joint ventures are expected to break through against the trend. In the first two months of 2022, the Guangzhou Automobile Group Co.Ltd(601238) overall sales volume increased by 18%, far exceeding the industry average, and the four profit-making units continued to make efforts. Guangfeng has ushered in a strong product cycle. Hanlanda, fenglanda and Sena support new production capacity and sprint the annual sales target of one million; Guangben civic sister models sold nearly 10000 vehicles in the first month of listing, and will soon usher in the annual sales target of one million; As a leader in new energy, ea'an has an annual production capacity of 20W vehicles and is expected to continue to develop this year; GAC motor's year-on-year sales volume in the first two months was + 25.45%, which also achieved rapid growth. In addition, the company transferred part of its production capacity to third parties to improve its capacity utilization. The independent gross profit margin is expected to continue to increase this year. The group launched four arrows at once and broke out against the trend in 2022.
Investment suggestion: we expect the net profit attributable to the parent company in 2022 / 2023 to be 11 billion yuan / 13.5 billion yuan respectively, corresponding to pe1.0 billion yuan in 2022 6 times, giving a "buy" rating.
Risk tip: the sales volume of the passenger car industry is lower than expected, the terminal discount rate is greater than expected, and the price of raw materials continues to deteriorate.
