\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
The company issued the announcement of pre increase of performance in the first quarter of 2022: it is estimated that the operating revenue in the first quarter of 2022 will reach 3.630 billion yuan ~ 3.730 billion yuan, with a year-on-year increase of 50% ~ 54%; The net profit attributable to the parent company was 346 million yuan ~ 386 million yuan, with a year-on-year increase of 41% ~ 57%. The net profit deducted from non parent company was 340 million yuan to 380 million yuan, with a year-on-year increase of 42% ~ 58%.
22q1’s outstanding performance shows the leading position of the company. The company’s Q1 performance is brilliant. Under the condition of high base in the same period last year (the revenue of 21q1 and the net profit attributable to the parent company increased by 100.80% and 116.41% year-on-year) and the continuous rise of raw material prices, the company achieved high performance growth in 22q1, which verified the company’s leading position in the industry, benefiting from the strong growth of multiple businesses and the large number of downstream new energy customers. According to the performance forecast center, the company achieved a revenue of 3.68 billion yuan in the first quarter, with a year-on-year increase of 52%, and a net profit attributable to the parent company of 366 million yuan, with a year-on-year increase of 49%. The net interest rate in the first quarter was 9.95%, with a year-on-year decrease of 0.19 PCT, which we believe is mainly due to the high price of raw materials.
Platform strategy + tier0 The level 5 marketing strategy has been promoted smoothly, and the annual performance is high and the growth can be expected. The company actively promotes the “2 + 3” strategy. While maintaining the leading position in China in the two businesses of vehicle NVH damping system and vehicle acoustic package, the company prospectively arranges lightweight chassis system, thermal management system and intelligent driving system. The company promotes tier0 Level 5 business model has been successful. This model has many single car supporting products and high amount, which can greatly improve efficiency and reduce costs for customers. This model has been gradually recognized by intelligent electric vehicle enterprises. The company has established strategic cooperation relations with many car enterprises and obtained more orders. The value of the supporting bicycle in cooperation with rivian is up to 11000 yuan. The company began to cooperate with Chongqing Jinkang in key models, lightweight chassis system and other products, and with Huawei in thermal management system related products. All businesses of the company have achieved rapid development, with strong growth in lightweight chassis, thermal management and other businesses for intelligent electric vehicles. The steering system, braking system and air suspension businesses related to chassis by wire have also achieved good development, which will promote the company’s performance to continue to maintain rapid growth.
Investment suggestions:
We expect that the company’s EPS from 2021 to 2023 will be 0.95 yuan, 1.38 yuan and 1.85 yuan respectively, and the corresponding PE will be 59.9 times, 41.2 times and 30.6 times respectively. It will be covered for the first time and given a “buy” rating.
Risk warning: the price rise of raw materials is higher than expected; Downstream customer orders were less than expected.
