\u3000\u3 Shengda Resources Co.Ltd(000603) 298 Hangcha Group Co.Ltd(603298) )
Events
On April 7, the company released its annual report for 2021.
Key investment points
The company's annual operating revenue increased by 27% year-on-year, and the net profit attributable to the parent company increased by 8% year-on-year
In 2021, the company realized a revenue of 14.49 billion yuan, a year-on-year increase of 27%; The net profit attributable to the parent company was 910 million yuan, a year-on-year increase of 8%; The non net profit deducted was 860 million yuan, a year-on-year increase of 10%, and the overall performance was in line with expectations. Benefiting from the upward investment boom in the manufacturing industry and the recovery of downstream demand in the forklift industry, the company's revenue achieved rapid growth in 2021; Affected by factors such as rising raw material prices and workers' wages, the growth rate of the company's net profit was lower than that of revenue. In Q4 of 2021, the company realized a revenue of 3.49 billion yuan, an increase of 7% year-on-year and a decrease of 4% month on month; The net profit attributable to the parent company was 170 million yuan, a year-on-year decrease of 19% and a month on month decrease of 27%.
Affected by the rising price of raw materials, profitability is under pressure and looks forward to stabilizing and recovering in the future
The gross profit margin of the company's main business in 2021 was 16.3%, a year-on-year decrease of 1.1pct; The net interest rate was 6.8%, a year-on-year decrease of 1.3pct. By Region: in 2021, the company's gross profit margin in China was 15.6%, a year-on-year decrease of 1.0pct; Overseas gross profit margin was 18.8%, a year-on-year decrease of 3.1pct. In the future, with the decline of raw material prices and the increase of the proportion of overseas businesses with high gross profit margin, the profitability of the company is expected to rebound. Cost side: the operating cost of the company in 2021 was 12.24 billion yuan, with a year-on-year increase of 29%, of which raw materials accounted for 93%, with a year-on-year increase of 29%; Wages accounted for 2%, with a year-on-year increase of 30%. Expense side: in 2021, the company's four expenses remained stable, of which the sales expense was 390 million yuan, with a year-on-year increase of 24%; The management fee was 330 million yuan, a year-on-year increase of 10%; The R & D expenses were 600 million yuan, a year-on-year increase of 12%, and the financial expenses were 11.01 million yuan, mainly due to the increase of interest expenses on convertible bonds.
The sales volume of forklift industry will maintain high growth, and new energy + overseas market will become the company's new growth pole
From January to February 2022, the sales volume of forklift trucks in the whole industry was 155000, with a year-on-year increase of 33%; Among them, in February this year, the sales volume of forklift reached 71000 units, a year-on-year increase of 71%, and the demand for forklift remained strong. In 2021, the sales volume of forklifts in the whole industry was 1.1 million, with a year-on-year increase of 37%; China's sales volume was 780000 units, a year-on-year increase of 27%; The export sales volume was 320000 units, with a year-on-year increase of 74%, and the export growth rate was much higher than that of China. In 2021, the total sales volume of lithium forklifts in the industry was 330000 units, with a year-on-year increase of 106% and a penetration rate of 42.3%, an increase of 9.9 PCT over 2020. The trend of electric forklift replacing internal combustion forklift is obvious.
New energy: under the trend of electrification in the industry, the company has actively transformed the growth momentum. Relying on the advanced layout and R & D and manufacturing capacity in the field of new energy, the export of class I and class II lithium electric vehicles has more than doubled year-on-year in 2021, and the market share of lithium battery products continues to lead the industry. In addition, batch supply of hydrogen fuel cell products has also been realized. Overseas expansion: the company plans to build new overseas companies in Australia and Brazil, improve the three-level international service network, and open the overseas market with the strong competitiveness of new energy products.
Profit forecast and valuation
It is estimated that the net profit of the company from 2022 to 2024 will be RMB 1.03/11.7/1.34 billion, with a year-on-year increase of 13% / 14% / 15%, corresponding to EPS of RMB 1.19/1.35/1.55 and current PE of 12 / 10 / 9 times, maintaining the "buy" rating.
Risk tips
Manufacturing investment is lower than expected; The price of raw materials fluctuates greatly; Deterioration of industry competition pattern
