\u3000\u3 China Vanke Co.Ltd(000002) 126 Zhejiang Yinlun Machinery Co.Ltd(002126) )
Event:
The company released its annual report for 2021. In 2021, the company achieved a revenue of 7.8 billion yuan, a year-on-year increase of 24%; The net profit attributable to the parent company was 220 million yuan, down 31% year-on-year.
The profitability of the whole year was under pressure, and the new energy business developed rapidly.
In terms of customers, the company's commercial vehicle business achieved a revenue of about 5 billion yuan, with a year-on-year increase of 11%, better than the industry; The passenger car business achieved a revenue of about 2.2 billion yuan, a year-on-year increase of 65%, mainly benefiting from the large volume of new energy vehicle products. During the reporting period, the company's new energy vehicle related products achieved a revenue of 840 million yuan, which is expected to increase by 189% year-on-year. In 2021, the company's gross profit margin was 20.4%, a year-on-year decline of about 3.5 percentage points, mainly due to the shortage of chips in the automotive industry, the rise in the price of bulk materials, the rise in export freight, the national five year overdraft, the increase in new energy R & D expenses and other factors, the comprehensive cost increased, of which the Chinese business decreased by 2.1 percentage points and the overseas business decreased by 10.4 percentage points. The company expects to achieve a revenue of 8.8 billion yuan in 2022 and strive to reach 9.2 billion yuan, of which the revenue of new energy vehicles accounts for more than 25%. At the same time, the company will focus on internal improvement, reduce costs and control fees, and ensure that the annual net profit margin of sales increases by 1-2 percentage points year-on-year.
New energy vehicles are still the main driving force for the company's future development.
In the early stage, the company issued the equity incentive plan, in which the assessment target is that the revenue end (with a weight of 45%) will not be less than RMB 9 / 108 / 13 / 15 billion from 2022 to 2025, and the net profit attributable to the parent (with a weight of 55%) will not be less than RMB 4 / 5.4/7.8/1.05 billion from 2022 to 2025. At present, the company's new energy vehicle products have covered mainstream automobile manufacturers at home and abroad, such as Weilai, Xiaopeng, Byd Company Limited(002594) , great wall, GAC, Geely, Volvo and Porsche. With the continuous improvement of the penetration rate of new energy vehicles and the continuous expansion of the company's products in mainstream customers, the new energy vehicle business is expected to maintain sustained and rapid growth.
Investment advice
It is estimated that the company's EPS from 2022 to 2024 will be 0.51/0.74/1.00 yuan respectively. Maintain the "buy" rating.
Risk tips
The customer development of tail gas treatment business is less than expected; New energy business development is less than expected and other risks.
