\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Core view:
The investment event company released the annual report of 2021. In 2021, the company achieved a revenue of 11.463 billion yuan, a year-on-year increase of + 76.1%; The net profit attributable to the parent company was 1.017 billion yuan, a year-on-year increase of + 61.9%; The net profit deducted from non return to parent was 971 million yuan, a year-on-year increase of + 68.9%; The basic EPS was 0.93 yuan / share, a year-on-year increase of + 55.0%; The net operating cash flow was RMB 1.187 billion, a year-on-year increase of + 5.6%.
Our analysis and judgment
(I) the product matrix continues to be enriched, downstream orders are in large quantities, and the company’s revenue increases.
In 2021, the company achieved a revenue of 11.463 billion yuan, a year-on-year increase of + 76.1%, and 21q4 achieved a revenue of 3.640 billion yuan, with a year-on-month increase of + 66.0% / + 25.2% respectively. The company’s downstream customer orders continued to increase, driving revenue growth. In 2021, the company completed the development of new products such as air suspension system, rotary screen driver and electric regulating pipe column, and plans to actively develop the automotive electronics business in 2022. The product matrix continues to be rich, which is expected to support the increase of single vehicle value. The company’s customer base at home and abroad continues to expand. The aluminum subframe has received ideal orders, and the heat pump assembly has received orders from FAW. The company has promoted all-round cooperation in the field of new energy vehicles with American innovative car companies rivian, lucid and Ford, laying a foundation for the improvement of the company’s industry position.
(II) the gross profit margin is temporarily under pressure due to the impact of material price rise, and the cost control ability is excellent.
In 2021, the net profit attributable to the parent company was RMB 1.017 billion, a year-on-year increase of 61.9%, and the net profit deducted from non attributable to the parent company was RMB 971 million, a year-on-year increase of 68.9%. Among them, the net profit attributable to the parent company of Q4 was 264 million yuan, with the same / month on month changes of + 9.6% / – 10.1% respectively. In 2021, the gross profit margin of sales was 19.9%, with a year-on-year rate of – 2.8pct, of which the gross profit margin of Q4 was 17.6%, with a month on month rate of – 5pct. The gross profit margin is under pressure. It is expected to be mainly affected by factors such as rising prices of materials and shortage of chips. In 2021, the company’s expense rate during the period was 8.6%, with a year-on-year rate of -3.0pct, of which the sales expense rate was 1.37%, with a year-on-year rate of -0.5pct, the management expense rate was 2.6%, with a year-on-year rate of -1.0pct, and the R & D expense rate was 4.4%, with a year-on-year rate of -1.1pct. The company will continue to promote cost control and the development strategy of digital chemical plant, and the effect of improving quality and reducing cost can be expected.
(III) the layout of production capacity is accelerated and the pace of international development is steady.
The company’s 7200T integrated die-casting rear cabin mass production supporting Gaohe automobile has landed offline faster than expected. It plans to raise 2.5 billion in convertible bonds to ensure the development of lightweight chassis business, and the subsequent revenue growth momentum can be expected. The company has orderly promoted the expansion of production capacity. The construction of phase IV to phase VII of Qianwan new area and about 1500 mu of land in Chongqing factory is planned to be completed in 2022. The construction of manufacturing plants and storage centers in the United States, Canada, Mexico, Brazil and other countries has been promoted. The polish factory has begun mass production and has a good momentum of international development.
Investment suggestions:
The company has rich product matrix, leading technology and R & D level of new energy supporting products, continuous promotion of new projects, new products and new production capacity, close cooperation with major vehicle enterprises at home and abroad, and strong driving force for subsequent income growth. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.584/20.50/2.594 billion respectively, the corresponding EPS will be RMB 1.44/1.86/2.35 per share, and the corresponding pe34x / 26x / 21x will be rated as “recommended”.
Risk tips:
1. The risk that the product sales and revenue do not meet the expectations; 2. Risk of rising raw material prices; 3. The risk that the promotion of production capacity is less than expected.
