\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Key points of announcement: the company issued the annual report for 2021, which was in line with our expectations. The annual revenue was RMB 11.463 billion, a year-on-year increase of + 76.1%, and the net profit attributable to the parent company was RMB 1.017 billion, a year-on-year increase of + 61.9%; The net profit deducted from non parent company was 971 million yuan, a year-on-year increase of + 68.9%. Among them, Q4 in 2021 achieved a revenue of 3.640 billion yuan, a year-on-year increase of + 66.0%, a month on month increase of + 25.2%, and a net profit attributable to the parent company of 264 million yuan, a year-on-year increase of + 9.6%, a month on month decrease of – 10.1%; The net profit deducted from non parent company was 240 million yuan, with a year-on-year increase of + 11.2% and a month on month increase of – 16.2%.
The large volume of core customers + new business expansion promoted the high growth of annual performance, and the gross profit margin decreased due to the rise of raw materials. The company’s core customer t customer delivered 936000 vehicles in 2021, a year-on-year increase of + 87.4%. In 2021, the company added new thermal management system business, with annual revenue of 1.28 billion yuan, accounting for 11.2% of the revenue, and the total sales volume was 513900 sets. Affected by the price rise of bulk raw materials, the gross profit margin of the whole year was 19.88%, which was -2.81 PCT year-on-year in 2020, of which the gross profit margin of Q4 was 17.55%, down 3.57 PCT month on month. In 2021, the gross profit margin of shock absorber / interior functional parts / chassis system / automotive electronics business was 23.8% / 17.3% / 17.7% / 26.3%, which was -2.66 / – 0.73 / + 2.41 / – 2.23 PCT year-on-year in 2020, and the gross profit margin of thermal management system was 17.8%.
The expense rate was effectively controlled, and the credit impairment and asset impairment increased year-on-year. In 2021, the company’s period expense was 991 million yuan, a year-on-year increase of + 31.04%, and the period expense rate was 8.64%, a year-on-year increase of -2.97 PCT compared with 2020. Among them, the sales / management / R & D / financial expense ratio decreased by 0.53/1.00/1.07/0.37pct respectively compared with the same period in 2020. The company’s credit impairment loss and asset impairment loss in 2021 were 76 / 69 million yuan respectively, with a year-on-year increase of + 286% / + 208% respectively, mainly due to the increase of business accounts receivable caused by the significant increase of revenue and the provision for impairment of goodwill brought by the acquisition of Zhejiang Jiali and Sichuan fudona in 2017 (47 million yuan).
Continue to promote tier0 5 strategy, focusing on promoting new business and completing capacity layout. By the end of 2021, the company has completed the development of new products such as air suspension and electric regulating pipe column. It has eight series of products, with a supporting value of about 30000 yuan for single vehicle, and continues to explore tier0 The level 5 cooperation mode has successively won key orders for ideal vehicles (aluminum subframe), FAW (heat pump assembly) and other key orders, and has carried out comprehensive cooperation with a number of innovative vehicle enterprises and traditional vehicle enterprises at home and abroad in the field of new energy vehicles. In 2022, the company plans to focus on the promotion of automotive electronics business, strive to achieve a significant increase in business, and complete the construction of phase IV, phase V, phase VI, phase VII of Qianwan new area and Chongqing factory with a total land of about 1500 mu.
Profit forecast and investment rating: in view of the company’s new customers and new projects are expected to gradually increase in volume. We maintain the company’s revenue forecast for 20222023, which is RMB 17.018/22.643 billion respectively, with a year-on-year increase of + 48.5% / + 33.1%, and RMB 30.379 billion in 2024, with a year-on-year increase of + 34.2%; From 2022 to 2023, the net profit attributable to the parent company was RMB 1.695/2.362 billion respectively, with a year-on-year increase of + 66.6% / + 39.4%, and that in 2024 was RMB 3.359 billion, with a year-on-year increase of + 42.2%. The corresponding EPS is 1.54/2.14/3.05 yuan and the corresponding PE is 31.86/22.86/16.08 times, maintaining the “buy” rating.
Risk warning: the price rise of raw materials exceeds expectations; The penetration rate of new energy vehicles increased less than expected.
