\u3000\u3 China Vanke Co.Ltd(000002) 405 Navinfo Co.Ltd(002405) )
Event:
The company issued the performance forecast for the first quarter of 2022 and the annual performance express of 2021 on March 30, and the announcement on signing the strategic cooperation framework agreement with Honeywell on April 5.
Comments:
In 2021, the total operating revenue increased by 42.48% year-on-year, and the annual performance turned losses into profits. In 2021, the company achieved a total operating revenue of 3.06 billion yuan, a year-on-year increase of 42.48%; The net profit attributable to the parent company was 122 million yuan, a year-on-year increase of 139.26%. In terms of business, the company's smart cloud business revenue increased significantly thanks to the growth of sales of key models of major OEM customers and the accelerated implementation of location big data government enterprise cooperation projects; For mass production, the company actively promotes the product transformation of intelligent driving business, and has the product matrix and service capability of Tier-1, an integrated software and hardware solution for automatic driving that can be oriented to the whole scene, and the commercial mass production cooperation is increasing; The intelligent cockpit series products and solutions integrating front mounted software and hardware have been continuously recognized and affirmed by the customers of the depot; The shipment volume and revenue contribution of vehicle specification MCU increased more than ten times year-on-year in 2020, and the shipment volume of other chip products increased steadily.
22q1 has a good performance. It is expected to realize a net profit attributable to the parent company of 103782134917 million yuan. In the first quarter of 2022, the company is expected to realize a net profit attributable to the parent company of 103782134917 million yuan, with a year-on-year increase of 122.97% - 129.86%; It is expected to realize a net profit of 1 Asymchem Laboratories (Tianjin) Co.Ltd(002821) 30367 million yuan, a year-on-year increase of 122.21% - 128.88%. In the industry environment in which the sales volume of passenger cars was affected by the epidemic and the performance was sluggish, the company's Zhiyun business revenue increased significantly; At the same time, in terms of smart core business, facing the great changes in the global chip industry, the company continued to optimize supply chain management, accelerated the expansion of the customer scale of vehicle specification MCU product line, and its shipment volume and revenue contribution increased significantly year-on-year. Following the announcement of BMW, Daimler and other orders in 2021, the company made great achievements in major car factories and new forces in 2022, and its map, compliance, automatic driving and other businesses entered China's head independent brands.
The signing of the strategic cooperation framework agreement with Honeywell will help accelerate the industrial application. Recently, the company and Honeywell sensor control (China) Co., Ltd. signed the strategic cooperation framework agreement. The two sides will deepen business cooperation and build a strategic partnership in the directions of automotive electronic chips, automatic driving, new energy and intelligent networking. Founded in 2007, Honeywell sensor control (China) Co., Ltd. is subordinate to the sensing IOT division of Honeywell group, a global top 500 enterprise. It is committed to the R & D, design and production of sensitive components, sensors and related testing instruments and equipment, new electromechanical components and related parts. The signing of this strategic cooperation framework agreement will help both parties give full play to their respective advantages, with a view to effectively promoting the business development and strategic layout of both parties in the near and long term.
Profit forecast and investment suggestions
The company firmly promotes the "smart car brain" strategy and has broad growth space in the future under the background of great changes in the automotive industry. It is predicted that the operating revenue from 2021 to 2023 will be RMB 3.060, 3.791 and 4.592 billion, the net profit attributable to the parent company will be RMB 122, 332 and 513 million, the EPS will be RMB 0.05, 0.14 and 0.22/share, and the PE will be 277.13, 101.29 and 65.70 times. The company has made great efforts to layout the era of intelligent driving, with more R & D investment, which has a great impact on the net profit. Therefore, the PS valuation method is more appropriate. In the past five years, the company's PS has mainly operated between 8-20 times. Referring to the recent changes in market valuation level, the company's target PS in 2022 has been reduced to 13 times, and the corresponding target price is 20.76 yuan. Maintain the "buy" rating.
Risk tips
Covid-19 recurrent pneumonia; Global chip supply is tight; The progress of new product research and development is less than expected; The implementation progress of automatic driving function L3 and above is less than expected: the industry competition is intensified, etc.
