\u3000\u3 Shengda Resources Co.Ltd(000603) 596 Bethel Automotive Safety Systems Co.Ltd(603596) )
The company’s revenue grew steadily in 2021. Affected by factors such as raw materials, the growth rate of profit side was slightly lower than that of revenue side
On April 8, 2022, the company released its annual report for 2021. The company’s revenue in 2021 was 3.49 billion (year-on-year + 14.8%), the gross profit margin was 24.19% (year-on-year -2.24 PCTs), the R & D expense rate was 6.85% (year-on-year + 1.10 PCTs), and the net profit attributable to the parent company was 505 million yuan (year-on-year + 9.3%). The increase in the price of raw materials, the proportion of R & D investment and other factors caused the growth rate of the company’s profit end in 2021 to be slightly lower than that of the revenue end. The company’s Q4 single quarter revenue in 2021 was 1.16 billion yuan (year-on-year + 14.5%, month on month + 47.9%), a record high in single quarter revenue over the years, with a gross profit margin of 22.13% (year-on-year -2.79 PCTs) and a net profit attributable to the parent company of 136 million yuan (year-on-year -15.8%, month on month + 6.4%).
Considering the price rise of some raw materials at the beginning of 2022, we slightly lowered 2022 and raised the profit forecast for 2023, and increased the profit forecast for 2024. We expect the net profit attributable to the parent company in 2022 / 2023 / 2024 to be 7.17 (- 0.16) / 10.25 (+ 1.43) / 1.420 billion yuan, EPS to be 1.76 (- 0.03) / 2.51 (+ 0.35) / 3.48 yuan / share, corresponding to the current share price PE of 33.8/23.7/17.1 times. The company’s business expansion is smooth and maintains the “buy” rating.
The operating revenue of intelligent electronic control business has achieved rapid growth, and the expansion of new projects can be expected to grow smoothly
In 2021, the company’s intelligent electronic control business achieved rapid growth, with an annual operating revenue of 1.275 billion yuan, a year-on-year increase of + 65.4%; The sales volume of intelligent electronic control products was 1317000, a year-on-year increase of + 57.2%; The unit price of intelligent electronic control products increased to 968.1 yuan / piece, a year-on-year increase of + 5.2%. In 2021, the company added 160 fixed-point projects, including 83 EPB projects, 11 brake by wire projects, 9 ADAS projects, 2 electric tailgate projects and 17 lightweight projects; According to the customer planning dimension, the company expects that the total contribution revenue of new designated projects in 2021 will exceed 11 billion yuan in the life cycle, with an average annual contribution revenue of nearly 2.5 billion yuan.
It plans to acquire 45% equity of Zhejiang Wanda steering gear company, enter the automobile steering business and improve the layout of chassis business
The company plans to spend 200 million yuan to acquire 45% equity of Zhejiang Wanda steering machine company and include it in the financial statements, with a corresponding PS of 0.62x in 2020. Wanda steering machine is Tier1, which is specialized in the R & D and production of automobile steering system in China. Its main products are automobile steering gear, steering column, etc. its main customers include Volkswagen, Shangtong Wuling, Chery, Geely and other host factories Bethel Automotive Safety Systems Co.Ltd(603596) is committed to becoming a world-class supplier of automotive chassis system. If the acquisition is successfully completed, it will help the company accelerate the improvement of the multi-directional layout of ADAS sensing end + executive end (steering and braking).
Risk of sharp rise in the price of raw materials and chips
