\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
Event: on the evening of April 14, 2022, the company released its annual report for 2021, realizing revenue of 9.569 billion yuan (YoY 40.8%), net profit attributable to parent company of 833 million yuan (YoY 60.8%), net profit attributable to parent company of 821 million yuan (YoY 77.7%) and net operating cash of 843 million yuan (YoY 91.9%). In line with market expectations.
In 2021, revenue and new orders reached a record high, and mainstream customers broke through one after another. In 2021, the company broke through lutes, psastellantis and other new customers, and obtained orders for core platform projects of many mainstream auto enterprises, such as FAW Volkswagen, SAIC Volkswagen, GAC Toyota, FAW Toyota, Great Wall Motor Company Limited(601633) , Geely Automobile, GAC passenger car, Byd Company Limited(002594) automobile, Chery Automobile, Saic Motor Corporation Limited(600104) , FAW Hongqi, Chongqing Changan Automobile Company Limited(000625) , ideal automobile and Xiaopeng automobile, New project orders (yoy80%) with annual sales of more than 12 billion yuan were obtained throughout the year. Intelligent cockpit business (revenue of 7.893 billion, yoy 33.5%), with sufficient orders for traditional advantageous products,
The cockpit domain controller can quickly load. The company's infotainment system, display module and system, LCD instrument are well developed, and the order reserve is sufficient. The business volume of the company's multi screen integrated cockpit products and cockpit domain controllers has increased rapidly. The second-generation cockpit domain controllers have been mass produced on a large scale. The third-generation cockpit products have been designated by many mainstream customers such as great wall, GAC AIAN, Chery and ideal. At the same time, the company has reached a strategic cooperation with Qualcomm to jointly build the fourth-generation intelligent cockpit system.
Intelligent driving business (revenue of 1.387 billion, yoy 94.8%), with rapid scale, and mass production of new products is expected to bring more large-scale business growth. In 2021, the company's sales of intelligent driving business increased by 94.8% year-on-year, and intelligent driving products received new project orders with annual sales of more than 4 billion yuan. The annual sales volume of look around and parking system products exceeds one million sets. The first generation of high computing power automatic driving domain controller platform takes the lead in large-scale supply of Xiaopeng P7 and P5 models; The new generation of high computing power automatic driving domain controller platform based on NVIDIA Orin chip has been designated by many projects, and the subsequent large-scale mass production will provide another pillar for the rapid growth of intelligent driving business.
The online service business (revenue 289 million, yoy65.1%) realized the commercialization of online service products and obtained multi customer orders. At present, the company has realized the commercialization of online service products such as vehicle level OTA, network security, blue whale OS terminal software, intelligent access, cockpit security housekeeper and information security, and obtained orders from FAW Volkswagen, Changan Ford, GAC Toyota, SAIC GM Wuling and other customers. The company launched a new generation of intelligent cockpit interactive operating system blue whale 4.0, which has been carried on the new model of hechuang automobile.
Maintain the "buy" rating. The epidemic situation, lack of core and other short-term factors do not change the long-term development rhythm of the industry. The huge growth space of automobile intelligence is rapidly landing. The company is deeply engaged in NVIDIA ecology, the business scale is growing rapidly, the new generation products are closely landing, and the medium and long-term layout is carried out in an orderly manner. We expect the net profit attributable to the parent company from 2022 to 2024 to be 1.114 billion yuan, 1.526 billion yuan and 1.959 billion yuan respectively. Maintain the "buy" rating.
The penetration rate of intelligent vehicles is lower than expected; Economic downturn; Supply chain management risk; There is a risk of errors in key assumptions.
