\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
In 2021, the company’s revenue increased by 76% year-on-year, and the net profit attributable to the parent company increased by 62% year-on-year
On April 14, the company released its annual report for 2021. In 2021, the company achieved a revenue of 11.463 billion yuan (year-on-year + 76.0%) and a net profit attributable to the parent company of 1.017 billion yuan (year-on-year + 61.9%). Among them, Q4 achieved a revenue of 3.64 billion yuan (year-on-year + 66.01%) and a net profit attributable to the parent of 264 million yuan (year-on-year + 9.62%) in 2021. The low growth rate of net profit attributable to the parent was mainly due to Q4’s provision of about 46 million goodwill impairment losses and 30 million credit impairment losses. In 2021, the company’s gross profit margin was 19.88%, down 2.81 PCTs year-on-year from 2020, mainly due to the rise in the price of raw materials and the increase in the proportion of thermal management system and chassis products with relatively low gross profit margin. Considering the impact of the epidemic in China, we lowered the company’s profit forecast for 2022 / 2023 and added a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 14.4 (- 1.8) / 2.08 (- 0.8) / 2.89 billion yuan respectively, EPS will be 131 (- 0.16) / 1.89 (- 0.07) / 2.62 yuan / share, corresponding to the current PE of 37.4/26.0/18.7 times. The rapid and large-scale growth of the company’s chassis system and thermal management system will bring high performance, Maintain the company’s “buy” rating.
Tesla, the core customer, has a large volume, driving the rapid growth of the company’s revenue
The rapid growth of the company’s revenue in 2021 is mainly due to the high sales volume of Tesla, the main customer, which drives the rapid volume of the company’s thermal management system, chassis system and interior parts. The thermal management system business is the company’s incremental business in 2021, with a revenue of 1.285 billion yuan in 2021, accounting for 11.21% of the company’s overall revenue; The chassis lightweight business achieved a revenue of 2.624 billion yuan in 2021 (year-on-year + 97.2%), accounting for 22.89% of the company’s overall revenue; In 2021, the revenue of interior parts reached 3.578 billion yuan (year-on-year + 60.89%), accounting for 31.22% of the company’s overall revenue.
The product line continues to expand and is committed to building a platform enterprise
The company’s product matrix is constantly enriched, and is committed to building a platform enterprise. The supporting amount of single car can reach 30000 yuan. In 2021, the company’s IBS is stepping up to complete the final test work. The aluminum subframe has won orders from ideal vehicles and other vehicle enterprises, the heat pump assembly has won orders from FAW related models, and the integrated rear compartment has entered the stage of mass production. At the same time, relying on the mechanical, electronic control, software capabilities and chassis adjustment capabilities formed in the research and development process of the company’s online controlled brake IBS, the air suspension system has been quickly deployed. With the joint efforts of various products, the company’s performance is expected to reach a higher level.
Risk tip: the sales volume of the automobile industry is lower than expected; Production capacity construction is less than expected; The price rise of raw materials exceeded expectations
