\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Event: the company released its annual report for 2021: its revenue reached 75.68 billion yuan, a year-on-year increase of 19.8%; The net profit attributable to the parent company was 7.33 billion yuan, a year-on-year increase of 23.0%.
Comments:
The revenue grew steadily, and the annual sales growth beat the industry. The company achieved a revenue of 75.68 billion yuan in the whole year of 21 years, with a year-on-year increase of 19.8%. 21q4 achieved a revenue of 20.163 billion yuan, a year-on-year increase of 0.77% and a month on month decrease of 3.7%. Although disturbed by the recurrence of the epidemic, the supply of automobile chips, the rise of raw materials and other factors, the company achieved the annual automobile sales of 2.144 million units, with a year-on-year increase of 4.92%. The annual sales growth beat the general trend of the industry, and the market share in China increased to 8.16%. Among them, the annual cumulative sales volume of self owned brand GAC passenger cars was 324000, with a year-on-year increase of 10.3%; The cumulative annual sales volume of the independent new energy brand Aisan exceeded 120000 units, with a year-on-year increase of 101.80%. During the year, the independent brands launched aiony, aionsplus, GAC motor shadow leopard, GAC motor gs4plus and other new and modified models to enrich the product portfolio and boost sales.
The profit performance is bright, benefiting from the investment income of the joint venture brand. (1) The net profit attributable to the parent company in the whole year of 21 years was 7.33 billion yuan, a year-on-year increase of 23.0%, deducting 5.977 billion yuan of non net profit, a year-on-year increase of 24.33%. We believe that the main reasons for the large increase of the company's profit are: ① the sales volume of independent brands has increased significantly, the capacity utilization rate of independent brands (including ai'an) has increased from 42.18% to 54.59% in 21 years, with a year-on-year increase of 12.41 PCT, driving the gross profit margin of independent passenger vehicles to 4.07% and a year-on-year increase of 1.51 PCT; ② During the year, GAC Toyota launched Camry modified models, lingshang, new Highlander, Saina and other models, and GAC Honda launched haoying, Xingge, ea6 pure electric and other models. The product portfolio was continuously optimized. The investment income of the joint venture and joint venture reached 11.404 billion yuan in the whole year, with a year-on-year increase of 19.2%. (2) 21q4 realized a net profit attributable to the parent company of RMB 2.051 billion, a year-on-year increase of 112.81%, deducting non net profit of RMB 1.401 billion, a year-on-year increase of 216.08%. The substantial increase in 21q4 profit was mainly contributed by GAC Honda, GAC Toyota and other joint ventures. The investment income of the company's 21q4 associates and joint ventures reached 3.403 billion yuan, an increase of 57.0% year-on-year and 103.0% month on month.
Improve the product structure and achieve the sales growth target of 15%. The company plans to launch more than ten new and modified models during the year, including GAC motor emkoo, M8 replacement, shadow leopard HEV, GAC AIAN lxplus, yplus, GAC Honda Gerui hybrid, haoying replacement, new SUV, pure electric vehicle e: NP1, GAC Toyota fenglanda, visa, bz4x, etc., which will further enhance the company's comprehensive competitiveness and achieve the goal of year-on-year sales growth of 15%.
Steady progress has been made in the mixed reform of Ethiopia and Angola, helping the company accelerate the transformation of intelligent electric vehicles. Previously, ai'an has completed the reorganization and integration of relevant R & D personnel, intangible assets and fixed assets in the field of pure electric new energy vehicles, and has the ability to integrate the research, production and marketing of pure electric new energy vehicles. In February 2022, ea'an completed the phase II capacity expansion of 100000 vehicles / year, and now has a capacity of 200000 vehicles / year, entering a period of rapid development. On March 18, the company issued a progress announcement on the implementation of employee equity incentive and the simultaneous introduction of strategic investors, and continued to promote the process of mixed reform in Ethiopia and Angola.
Optimize the industrial chain and vertically arrange chips, power cells and other fields. (1) Strengthen the field of chip layout: in January, Guangzhou Qinglan Semiconductor Co., Ltd. was jointly established with Zhuzhou CRRC to establish the first independent IGBT investment project of new energy vehicles in South China, with a total capacity of Shanghai Pudong Development Bank Co.Ltd(600000) units / year; It also cooperates with key enterprises in the chip field such as Yuexin semiconductor and horizon to help the independent control of the supply chain and the upstream and downstream coordination of the industrial chain. (2) Build a self-developed battery production line: on March 10, gac-e'an battery trial production line was officially opened, with more than 600 R & D teams and more than 60 doctors. It has become the third independent brand automobile enterprise with a self-built battery production line, escorting the high sales in 2022.
Investment suggestion: GAC is expected to maintain a high growth trend in 2022. Independent research and development and production of batteries will help alleviate the tension of the supply chain. The continuous large-scale production of new models and the improvement of production capacity are expected to bring new impetus to performance growth. Considering the rapid growth of sales volume and the improvement of product structure, it will drive the loss reduction of independent brands; The joint venture brand is gradually alleviated by the epidemic and lack of core, and the listing of new models will improve the investment income of the company. Therefore, we raised the net profit attributable to the parent company from 9.4 billion yuan and 11.9 billion yuan to 11.7 billion yuan and 14 billion yuan respectively from 2022 to 2023, corresponding to 10 times and 8 times of PE respectively, maintaining the "buy" rating.
Risk tips: the recovery of the epidemic is not as expected, the prosperity of the automobile industry is down, the promotion and sales of new models are not as expected, and there is uncertainty about the approval of gac-e'an for listing
