\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
The company released the annual report of 2021: the company's revenue / net profit attributable to the parent company in 2021 was 9.57 billion / 830 million, with a year-on-year increase of + 40.7% / + 60.7% respectively. Among them, the revenue of 4q21 was 3.27 billion, the same / month on month ratio was + 30.6% / + 47.1%, the net profit attributable to the parent company was 340 million, and the same / month on month ratio was + 70.9% / + 180.6%.
1. Revenue side: intelligent driving business nearly doubled. In 2021, the revenue of the company's intelligent cockpit / intelligent driving business was 7.89 billion / 1.39 billion respectively, with a year-on-year increase of + 33.5% / + 94.8% respectively. It is expected that the company's multi screen, cockpit domain controller, look around and parking system and other products will continue to increase in volume. At the end of 2021, the company's inventory was 2.04 billion (year-on-year + 84.8%) and contract liabilities were 280 million (month on month + 114.3%). The release of the company's revenue was flexible.
2. Profit side: high value new products and scale effect drive the increase of gross profit margin. 1) Gross profit margin. The gross profit margin of 2021 / 4q21 was 24.6% / 24.8% respectively, with a year-on-year increase of + 1.2pct / + 0.7pct respectively. In terms of splitting, the gross profit margin of intelligent cockpit / intelligent driving business in 2021 was 24.5% / 20.8% respectively, with a year-on-year increase of + 0.4pct / + 9.9pct respectively. We expect that the proportion of high-value products such as multi screen integration will increase to boost the gross profit margin of intelligent cockpit field, and the scale effect will boost the gross profit margin of intelligent driving business; 2) Cost rate. 2021 / 4q21 company's three fee expense ratio is - 0.3pct / - 0.3pct year-on-year, and the R & D expense ratio is - 0.1pct / + 2.1pct year-on-year respectively; 3) Profit margin. The net interest rate of 2021 / 4q21 was 8.7% / 10.5%, with a year-on-year increase of + 1.1pct / + 2.5pct respectively. In 2021, the company's net profit margin was boosted by the gross profit margin. In addition to the gross profit margin and expense rate, the net profit margin of 4q21 is expected to be positively affected by bad debt loss / income from changes in fair value by about 1.5pct/1.0pct respectively.
The annual sales amount of new orders hit a record high, and intelligent driving has made full efforts. 1) The number of new orders reached a record high. In 2021, the company obtained orders for core platform projects of many mainstream main engine manufacturers, such as Volkswagen, Toyota, great wall, Geely and new forces. The annual sales of new orders exceeded 12 billion yuan (including 4 billion intelligent driving products), with a year-on-year increase of more than 80%, breaking a record high; 2) Intelligent cockpit + intelligent driving + Internet service. In terms of cockpit, the company reached a strategic cooperation with Qualcomm in 2021. The two sides will jointly build the fourth generation intelligent cockpit system based on the fourth generation Xiaolong cockpit platform; In terms of intelligent driving, the company's sensor layout covers ultrasonic radar, camera, millimeter wave radar, T-box and other products. The new generation of high-power automatic driving domain controller platform based on NVIDIA Orin chip has been designated by many projects; In terms of Internet service, in 2021, the company launched a new generation of intelligent cockpit interactive operating system blue whale 4.0, which has been installed on the new model of hechuang automobile.
Investment suggestion: we expect the company to achieve operating revenue of 12.09 billion yuan, 15.05 billion yuan and 19.02 billion yuan in 2022, 2023 and 2024, corresponding to net profit attributable to parent company of 1.1 billion yuan, 1.4 billion yuan and 1.83 billion yuan. Calculated at today's closing price, PE is 50.8 times, 39.8 times and 30.4 times, maintaining the "buy" rating.
Risk tip: the mitigation degree of chip shortage is lower than expected, the rise of raw material cost is higher than expected, and the recovery of automobile market demand is lower than expected
