\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Core view
The company released its 2021 annual report: the annual revenue was RMB 11.463 billion, a year-on-year increase of + 76.05%, the net profit attributable to the parent was RMB 1.017 billion, a year-on-year increase of + 61.93%, and the net profit not attributable to the parent was RMB 971 million, a year-on-year increase of + 68.89%. Among them, Q4 achieved a revenue of RMB 3.640 billion, a year-on-year increase of + 66.01%, a net profit attributable to the parent of RMB 264 million, a year-on-year increase of + 9.62%, and a deduction of non attributable net profit of RMB 240 million, a year-on-year increase of + 11.25%.
The decline in short-term gross profit margin was caused by the rise in the price of raw materials and the increase in capital expenditure
The company’s annual gross profit margin was 19.88%, year-on-year -2.81pct, and the company’s 21q4 gross profit margin was 17.55%, year-on-year + 1.46pct, month on month -3.57pct. The year-on-year decline in the company’s gross profit margin is mainly due to the obvious rise in the costs of raw materials and labor, as well as the sharp increase in capital expenditure and the sharp increase in the proportion of depreciation and amortization caused by the rapid expansion of the company’s production capacity. Subsequently, with the growth of mass production and sales of products, the R & D cost, capital expenditure and other costs will be diluted, driving the gross profit margin to pick up.
The effect of fee control is obvious and the profit of the company is thickened
The annual sales expense ratio of the company was 1.37%, with a year-on-year increase of -0.53pct, mainly because the transportation expenses and storage expenses were included in the cost in the new accounting standards. The management expense ratio was 2.58%, with a year-on-year rate of -1.00pct, the R & D expense was 4.38%, with a year-on-year rate of -1.07pct, and the financial expense was 0.31%, with a year-on-year rate of -0.37pct.
Platform strategy + tier0 The level-5 marketing strategy was promoted smoothly, and the annual performance was high and the growth could be expected
The company prospectively arranges new energy vehicle tracks, continues to expand product lines and forms a platform enterprise. At present, it has eight series of products, namely vehicle NVH damping system, interior and exterior decoration system, body lightweight, intelligent cabin components, thermal management system, chassis system, air suspension system and intelligent driving system. The supporting amount of single vehicle is about 30000 yuan, and the company’s product line still has room to expand. In terms of product research and development, the air suspension system project developed by the company has a large market space, with a single vehicle supporting 5 Tcl Technology Group Corporation(000100) 00 yuan. The company has also completed the development of new products such as rotary screen driver and electric regulating pipe column, which will be gradually introduced to the market. The aluminum subframe of the company has obtained the ideal automobile order, the heat pump assembly has obtained the order of FAW related models, and the heat pump sub parts, the company’s electric regulating pipe column and IBS project have been promoted smoothly.
Investment suggestions:
We expect that the company’s EPS from 2022 to 2024 will be 1.38 yuan, 1.85 yuan and 2.39 yuan respectively, and the corresponding PE will be 35.5 times, 26.4 times and 20.5 times respectively, maintaining the “buy” rating.
Risk warning: the price rise of raw materials is higher than expected; Orders from downstream customers were less than expected.
