\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
The company released the annual report of 2021, and its performance achieved high-quality and rapid growth
The company released its annual report for 2021. In 2021, the annual revenue reached 9.569 billion yuan, a year-on-year increase of 40.75%; The net profit was 833 million yuan, a year-on-year increase of 60.75%; The non net profit deducted was 821 million yuan, a year-on-year increase of 77.71%; The net interest rate in 2021 was 8.70%, with a year-on-year increase of 1.08pct. Under the background of single digit growth of global and Chinese automobile sales superimposed by chip shortage and epidemic disturbance, the company grasps the wave of intelligent vehicles, realizes rapid and high-quality growth of performance, and continues to be optimistic about the future development of the company. Based on the annual report, we adjusted the company's performance expectations. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.233 (+ 0.79) / 18.18 (+ 3.76) / 2.393 billion yuan respectively, the corresponding EPS will be 2.22 (+ 0.14) / 3.27 (+ 0.67) / 4.31 yuan / share respectively, and the PE corresponding to the current stock price will be 45.2/30.7/23.3 times respectively, maintaining the "buy" rating.
Intelligent cockpit and autopilot grew at a high speed, and their profitability was further improved
Intelligent cockpit and intelligent driving business are launched at the same time, and the profitability is continuously improved. In 2021, the cabin business realized a revenue of 7.893 billion yuan, a year-on-year increase of 33.52%; The gross profit margin was 24.45%, with a year-on-year increase of 0.43pct. The company integrates the high growth of cockpit products and cockpit domain controller business, and continuously iterates products. It cooperates with Qualcomm to build the fourth generation cockpit system based on its latest chip platform. The revenue of intelligent driving business was 1.387 billion yuan, a year-on-year increase of 94.78%; The gross profit margin was 20.78%, with a year-on-year increase of 9.94pct. Among them, the sales volume of sensors is growing, and the types are constantly enriched. With the high-low matching of domain controllers, the annual sales of look around and parking products exceed one million. The lightweight intelligent driving platform products are mature and begin to be introduced to the market, while the high computing power product ipu03 has been supplied in batches with Xiaopeng P7 and P5. The gross profit margin of the two businesses increased the overall gross profit margin of the company by 1.22pct to 24.60%.
With the increase of 10 billion orders, the local leader of automotive electronics rises in the wind
The company has become a well deserved local leader in the intelligent cockpit and intelligent driving sector at the core of intelligent vehicles. In 2021, the company received more than 12 billion yuan of orders, with a year-on-year growth rate of more than 80%, of which the intelligent driving business received more than 4 billion yuan of orders. In terms of automatic driving domain controller, ipu04 with NVIDIA Orin series chips and ipu02 with Texas Instruments tda4 chips have received many fixed points, which will become a new driving force to promote the growth of the company's performance. In addition, the company has also arranged research and development in the field of cross domain integrated domain controller and intelligent body domain control platform. Facing the smart car market in the new era, the company is making great strides forward and riding the wind.
Risk warning: the downstream market demand is less than expected, and external factors disturb the supply chain.
