\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
Key points of announcement: the company issued the annual report for 2021, which was in line with our expectations. The annual revenue was 9.569 billion yuan, a year-on-year increase of + 40.8%, and the net profit attributable to the parent company was 833 million yuan, a year-on-year increase of + 60.8%; The net profit deducted from non parent company was 821 million yuan, a year-on-year increase of + 77.7%. Among them, Q4 in 2021 achieved a revenue of 3.267 billion yuan, a year-on-year increase of + 30.6%, a month on month increase of + 47.1%, and a net profit attributable to the parent company of 342 million yuan, a year-on-year increase of + 70.9%, a month on month increase of + 180.6%; The net profit deducted from non parent company was 341 million yuan, a year-on-year increase of + 45.9% and a month on month increase of + 188.0%.
All businesses achieved high growth simultaneously, and the gross profit margin of intelligent driving business continued to rise. In 2021, the revenue of intelligent cockpit business was RMB 7.89 billion, a year-on-year increase of + 33.5%, the revenue of intelligent driving business was RMB 1.39 billion, a year-on-year increase of + 94.8%, and the revenue of Internet service business was RMB 289 million, a year-on-year increase of + 65.1%. Among them, the gross profit margin of intelligent cockpit business is 24.45%, with a year-on-year increase of + 0.43pct, and the gross profit margin of intelligent driving business is 20.78%, with a year-on-year increase of 9.94pct. Among them, H2 achieved a gross profit margin of 21.99% in 2021, with a chain comparison of H1 + 2.94pct in 2021. The scale effect gradually appears, driving the year-on-year improvement of the gross profit margin.
The business volume of intelligent cockpit has increased rapidly, and the new generation of intelligent driving domain controller has obtained many fixed points. 1) Smart cockpit: the second-generation cockpit domain controller has been mass produced on a large scale. The third-generation products have been designated by many mainstream independent brand customers, and have cooperated with Qualcomm to build the fourth-generation cockpit system. The revenue scale of display module and system business maintained a growth rate of more than 100%, breaking through the white point customers such as Dongfeng Nissan and Xiaopeng automobile; 2) Intelligent driving: in 2021, we obtained the new project order of 4 billion yuan annually. The annual cumulative shipment of camera products is more than 10 million, and the sales of look around and parking systems are more than one million. Ipu03 domain controller has been mass produced and supplied on Xiaopeng P7 / P5 model, and the new generation domain controller ipu04 based on NVIDIA Orin chip has won many project fixed points.
New project orders have broken through a record high, and the new intelligent driving domain control is about to be put into mass production. In 2021, in addition to the traditional core customers, the company successively broke through new customers such as lutes and PSA, and obtained the core platform project orders of many mainstream automobile enterprises. The annual sales of new project orders exceeded 12 billion yuan in the whole year, with a year-on-year increase of more than 80%. Ipu04, a new generation of automatic driving domain controller product of the company, went offline for the first time in October 2021. Compared with ipu03, the value of single vehicle has been greatly improved. Mass production and loading will be carried out in 2022, which will further promote the rapid development of intelligent driving business.
Profit forecast and investment rating: Based on the fact that the order growth of new projects in intelligent cockpit and intelligent driving business exceeded our expectations, we raised the company’s revenue forecast for 20222023 from RMB 11.776/16.62 billion to RMB 12.518/17.597 billion, a year-on-year increase of + 30.82% / + 40.57%, and RMB 23.595 billion in 2024, a year-on-year increase of + 34.08%. Based on the increase of R & D expense rate and the rise of raw materials, we will reduce the net profit attributable to the parent company from 1.199/1.751 billion yuan to 1.158/1.703 billion yuan from 2022 to 2023, with a year-on-year increase of + 38.98% / 47.14%, and 2.431 billion yuan in 2024, with a year-on-year increase of + 42.75%. The corresponding EPS is 2.08/3.07/4.38 yuan and the corresponding PE is 48.16/32.73/22.93 times, maintaining the “buy” rating.
Risk warning: the global epidemic control is lower than expected; The duration of core shortage in the industry exceeded expectations.
