\u3000\u3 Shengda Resources Co.Ltd(000603) 298 Hangcha Group Co.Ltd(603298) )
Event: the company released its annual report for 2021. In 2021, the company achieved a revenue of 14.49 billion yuan, a year-on-year increase of 26.53%, and a net profit attributable to the parent company of 908 million yuan, a year-on-year increase of 8.42%. It paid 4 yuan for every 10 shares, and the performance basically met the expectations.
The adjustment of accounting policies and the rise of raw material prices have led to a short-term decline in gross profit margin. In 2021, the gross profit margin of the company was 15.51%, a year-on-year decrease of 4.84pct. In addition to the impact of raw material prices, the decline in the company's gross profit margin was mainly caused by the inclusion of transportation expenses in costs in the fourth quarter. In addition, the company's cash flow from operating activities in 2021 was 15.88 million yuan, which decreased significantly compared with 914 million yuan in 2020, mainly due to the increase in inventory and cash payment in 2021.
The sales volume of the industry has exceeded the million mark, the demand has increased steadily, and the overseas sales performance is brilliant. In 2021, the sales volume of industrial vehicles in China exceeded the one million mark, reaching 1099400 units, with a year-on-year increase of 37.38%. Among them, the Chinese market reached 783600 units, with a year-on-year increase of 26.68%, and the export was 315800 units, with a year-on-year increase of 73.82%. In 2021, the company achieved sales volume of 248000 forklifts and other forklifts, with a stable market share in the forefront. With the increase of market demand and the steady development of the industry, the industrial vehicle industry shows a trend of increasing and accelerating the concentration of market share. As a leading enterprise of industrial vehicles, the company is expected to fully benefit. In addition, in 2021, the company achieved overseas revenue of 2.96 billion, a year-on-year increase of 69.9%. At present, the company has a complete marketing service network. In 2021, the company set up new sales subsidiaries in Brazil, Australia and other countries, forming linkage with five overseas subsidiaries in the United States, Germany, Thailand, Canada and the Netherlands. The global layout is further accelerated and there is a broad space for development in the future.
Lithium forklift, hydrogen fuel cell forklift, intelligent logistics, etc. The company focuses on the R & D of green energy-saving industrial vehicles, intelligent industrial vehicles, intelligent logistics and other products. In 2021, the industry sold 332600 lithium forklifts, accounting for 42.3% of electric forklifts, an increase of 9.89 PCT over 2020. In 2021, relying on its advanced layout and R & D capability in the field of new energy, the company achieved a year-on-year increase of more than 2 times for domestic and export class I and class II lithium electric vehicles, and the market share of lithium electric products continued to lead the industry. In terms of hydrogen fuel cell products, the first batch of 100 hydrogen fuel forklifts in China was delivered in March 2021, and another 100 orders were signed in December to be applied in batch in petrochemical, port and other industries, opening a new chapter in the development of hydrogen fuel cell forklifts in China. In terms of intelligent logistics sector, the company has successively developed a variety of products and put them into the market. In 2021, the revenue of the sector increased by nearly 50% year-on-year, and the new projects increased by more than 1.5 times year-on-year.
Focus on intelligent manufacturing and digital transformation to help enterprises continuously improve their management and control capabilities. In recent years, the company has been market-oriented, increased investment in technological transformation, optimized production line planning, continuously improved vehicle production scheduling rules, and scientifically coordinated and balanced the division of labor and cooperation among branches and assembly lines. In 2021, the company's overall production increased by 20% year-on-year, and the maximum daily output of complete vehicles reached 1200 units, of which the growth of balance weight electric forklift and special vehicles was the most obvious. At present, the company's annual production capacity has reached 350000 units, another record high.
Investment suggestion: it is estimated that the company will realize an operating income of 16.558/18.69/21.742 billion yuan and a net profit attributable to the parent company of 1.02/11.61/1.322 billion yuan in 22-24 years, corresponding to 12 / 10 / 9 times of PE. Considering the layout of the company in the field of new energy and intelligent logistics and the continuous improvement of profitability, the "recommended" rating is maintained.
Risk tips: international trade policy risk, raw material price rise risk, macroeconomic fluctuation risk
