\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 660 Fuyao Glass Industry Group Co.Ltd(600660) )
Company announcement: the company realized an operating revenue of 6.548 billion yuan in 2022q1, with a month on month ratio of + 14.75% / + 1.51% respectively; The net profit attributable to the parent company was 871 million yuan, with a month on month ratio of + 1.86% / + 58.28% respectively; The net profit attributable to the parent company after deduction was 856 million yuan, with a month on month ratio of + 5.24% / + 95.69% respectively. 2022q1 performance slightly exceeded our expectations.
The performance of 2022q1 slightly exceeded our expectations, mainly due to the positive contribution of scale effect and product structure improvement to gross profit margin: 1) Q1 revenue performed better than China's passenger car industry as a whole on a month on month basis: in 2022q1, the passenger car industry achieved an output of 5.37 million vehicles, with a month on month basis of + 11.9% / + 19.2% respectively, and the supporting value of Fuyao bicycles increased steadily. 2) Q1 gross profit margin was 35.75%, with a month on month ratio of -1.51pct / + 12.18pct respectively, showing a good performance; The year-on-year decline was mainly caused by the appreciation of RMB, the price rise of soda ash and the rise of shipping costs. The absolute value of gross profit decreased by 50 / 70 / 53 million yuan respectively year-on-year. After adding back the above factors, the gross profit margin of Q1 was 38.39%, year-on-year + 1.13pct. The increase of scale effect combined with the increase of the proportion of supporting high-value products was obvious. 3) The overall cost rate remained basically stable. The ratio of sales / management / R & D / financial expenses in 2022q1 was 4.51% / 7.61% / 4.14% / 2.71% respectively, with a year-on-year increase of -0.24pct / - 0.47pct / + 0.00pct / + 0.71pct respectively, which remained basically stable as a whole. The increase in the ratio of financial expenses was mainly due to the exchange loss of 135 million yuan caused by the appreciation of RMB in 2022q1, with a year-on-year increase of + 91.82%. 4) After deducting exchange losses, the net profit attributable to the parent company was 990 million yuan, a month on month increase of + 12.17% / + 31.50%; After deducting the exchange loss / RMB appreciation / soda ash price rise / sea freight rise and other four factors, the net profit attributable to the parent company after deduction was 1.163 billion yuan, a year-on-year increase of + 31.76%, which was significantly better than the industry as a whole.
Benefit from the popularization of sky curtain + high value-added functions to improve the unit price of steam glass, increase the global share with cost advantage, and open up long-term growth space: 1) industry end: with the trend of automobile lightweight and intelligence, the penetration rate of sky curtain gradually increases, "beauty bonus" + weight reduction; The penetration rate of HUD front block, dimming, glass antenna, sound insulation and other high value-added functions continues to increase, and the value of automobile glass single vehicle is expected to increase by 100% - 150%, with great potential. 2) : with the advantages of production side and management side, Fuyao is expected to seize the share of competitive enterprises with cost-effective products and further improve the global market share. 3) Taking Germany fysam as the springboard, Fuyao entered the aluminum bright trim industry and expanded its business boundary. Further integrate automotive glass products, enhance large-scale advantages and open a new incremental space.
Profit forecast and investment rating: it is optimistic that Fuyao Glass Industry Group Co.Ltd(600660) will benefit from the industry dividend of the rising volume and price of single car accessories in the automotive glass industry, and it is expected to continue to grow in the single category gold track. We maintain Fuyao Glass Industry Group Co.Ltd(600660) 51 billion yuan from 2022 to 2024, corresponding to EPS of 1.22/1.55/1.94 yuan and PE of 26 / 21 / 16 times. Maintain the "buy" rating of Fuyao Glass Industry Group Co.Ltd(600660) .
Risk tip: the recovery progress of global chip shortage is lower than expected; Exchange rate fluctuations exceeded expectations.
