\u3000\u3 Shengda Resources Co.Ltd(000603) 596 Bethel Automotive Safety Systems Co.Ltd(603596) )
Core view
The performance is basically in line with expectations. In 2021, the annual revenue was 3.492 billion yuan, a year-on-year increase of 14.8%, the net profit attributable to the parent was 505 million yuan, a year-on-year increase of 9.3%, and the net profit not attributable to the parent was 431 million yuan, a year-on-year increase of 5.8%; In the fourth quarter, the revenue was 1.164 billion yuan, an increase of 14.5% year-on-year and 47.8% month on month; The net profit attributable to the parent company was 136 million yuan, a year-on-year decrease of 15.8% and a month on month increase of 6.4%; The net profit deducted from non parent company was 114 million yuan, a year-on-year decrease of 18.9% and a month on month increase of 15.4%. The growth rate of net profit is lower than that of revenue. It is expected to be affected by the rise of raw material prices. In 2021, the company plans to pay a dividend of 0.128 yuan per share to shareholders.
The gross profit margin is under pressure in the short term, and the expense rate increases slightly. In the fourth quarter of 2021, the gross profit margin was 22.1%, down 2.8 percentage points year-on-year and 2.4 percentage points month on month; The annual gross profit margin was 24.2%, with a year-on-year decrease of 2.2 percentage points. The year-on-year decrease in gross profit margin is expected to be mainly due to the rise in the price of raw materials. During the whole year of 2021, the expense rate increased by 0.8 percentage points year-on-year, including the R & D expense rate increased by 1.1 percentage points year-on-year and the management expense rate decreased by 0.3 percentage points year-on-year. The net cash flow from operating activities in 2021 was 433 million yuan, a year-on-year decrease of 25.9%, mainly due to the increase in payment for goods during the reporting period.
Actively explore the market of new products and have abundant orders on hand. In 2021, the company will strengthen market development, and light-weight, intelligent electronically controlled braking and intelligent driving products will achieve fixed-point projects. In 2021, the company added 160 new fixed-point projects, involving 90 new models, including 63 new energy vehicle projects and 40 new models. According to the prediction of customer planning dimension, the whole life cycle revenue of new fixed-point projects in 2021 will exceed 11 billion yuan, and the annual average contribution revenue will be nearly 2.5 billion yuan. Among the specific products, 83 fixed-point items were added for the electronic parking system EPB, 11 items for the brake by wire system wcbs, 9 items for ADAS, 2 items for the electric tailgate opening and closing system PLG and 17 items for lightweight. The company's new product projects have made good progress, which will help the company consolidate its competitive advantage in the Chinese market and lay a solid foundation for the company's long-term development.
It is proposed to acquire the equity of Wanda company and strengthen the layout of chassis field. According to the company's announcement, the company plans to invest 201 million yuan to acquire 45% equity of Zhejiang Wanda automobile steering machine Co., Ltd. (hereinafter referred to as "Wanda company"), and Wanda company will be included in the scope of the company's consolidated statements after the acquisition. Wanda is a first-class supplier specializing in the R & D and production of automotive steering system products. Its main products include steering gear and steering column series. On the one hand, after the acquisition, it will integrate the technical advantages of both sides, enrich the company's product line in the field of automotive chassis and form a synergy effect, so as to enhance the company's market competitive advantage; On the other hand, this investment cooperation will have good economic benefits and is expected to further enhance the profitability of the company.
Profit forecast and investment suggestions
Adjust the income and gross profit margin, and predict the eps1 from 2022 to 202454, 1.92, 2.38 yuan (the original 22-23 years of 1.66, 1.97 yuan), according to the 22-year PE valuation, with reference to the valuation of comparable companies, give a 22-year 40 times valuation, the corresponding target price is 61.6 yuan, and maintain the buy rating.
Risk tips
The supporting quantity of automobile electronic control braking is lower than expected, the supporting quantity of automobile lightweight products is lower than expected, and the uncertainty of overseas epidemic time affects the supporting quantity of downstream automobile enterprises.
