\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Event: Ningbo Tuopu Group Co.Ltd(601689) released the annual report of 2021, and realized an operating revenue of 11.463 billion yuan in 2021, with a year-on-year increase of 76.05%; The net profit attributable to the parent company was 1.017 billion yuan, a year-on-year increase of 61.93%; The net profit attributable to the parent company after deduction was 971 million yuan, a year-on-year increase of 68.89%.
Comments:
The annual performance increased significantly, and the growth rate of net profit attributable to the parent company in 2021q4 was lower than that of revenue. In 2021, the company realized an operating revenue of 11.463 billion yuan, a year-on-year increase of 76.05%; The net profit attributable to the parent company was 1.017 billion yuan, with a year-on-year increase of 61.93%. The company’s performance increased rapidly, mainly due to the rapid growth of new energy vehicle business. In 2021, the gross profit margin and net profit margin were 19.88% and 8.88% respectively, with a year-on-year decrease of 2.81 PCT and 0.8 PCT respectively. The decrease in gross profit margin was caused by the rise in the price of raw materials. In a single quarter, 2021q4 achieved a revenue of 3.64 billion yuan, an increase of 66.01% year-on-year and 25.24% month on month; The net profit attributable to the parent company was 264 million yuan, with a year-on-year increase of 9.62% and a month on month decrease of 10.11%. The growth rate of net profit attributable to the parent company was lower than that of revenue. On the one hand, the sales expense increased significantly in 2021q4, and the sales expense ratio increased by 5.28pct year-on-year. On the other hand, an impairment provision of 47 million yuan was made for the goodwill formed by Zhejiang Tuowei and Sichuan Maigao. The gross profit margin of 2021q4 was 17.55%, with a year-on-year increase of 1.46pct and a month on month decrease of 3.58pct; The net interest rate was 7.05%, down 3.94 PCT year-on-year and 3.19 PCT month on month.
Rich product lines, tiger0 The level 5 platform business model significantly increased the amount of single vehicle supporting. The company attaches importance to R & D investment, prospectively seizes the market opportunities of the new energy vehicle industry, and continues to expand relevant product lines such as intelligent electric vehicles and lightweight chassis. The product line covers a wide range of products and has eight series of products. Relying on the capabilities of system R & D and modular supply, tier0.0 is innovated and implemented The 5-level platform business model can provide customers with one-stop, system level and modular products and services, which is scarce in the field of auto parts in the world. This business model has many supporting products for single cars, and the supporting amount has increased significantly, which has been recognized by many new power customers, and there is a large space for subsequent business growth.
Lightweight chassis, air suspension system and other businesses are developing rapidly. The company launched the issuance of convertible bonds and plans to raise 2.5 billion yuan. It will invest in the construction of two automobile lightweight chassis system projects, with a total annual output of 4.8 million sets of lightweight chassis systems. The lightweight chassis business is expected to develop rapidly. In addition, the company quickly developed the air suspension system project, with a single vehicle supporting 5 Tcl Technology Group Corporation(000100) 00 yuan, which has a large market growth space.
Investment advice: maintain a prudent recommendation rating. It is estimated that the EPS in 2022 and 2023 will be 1.52 yuan and 2.10 yuan respectively, and the corresponding PE will be 32 times and 23 times respectively, maintaining the cautious recommendation rating.
Risk warning. Risk that the production and sales of new energy vehicles are lower than expected; Risk of sharp rise in raw material prices; Risk that the sales volume of key customers is lower than expected; Increased market competition and risks.
