\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
Core conclusion
Event: the company released its 2021 annual report on April 14: the annual operating revenue was 9.569 billion yuan, a year-on-year increase of 40.75%; The net profit attributable to the parent company was 833 million yuan, a year-on-year increase of 60.75%. In the fourth quarter alone, the revenue was 3.267 billion yuan, a year-on-year increase of 30.61%; The net profit attributable to the parent company was 342 million yuan, with a year-on-year increase of 70.93%. Both Q4 operating revenue and net profit attributable to the parent company hit a record high in a single quarter.
The revenue and profitability of the smart cockpit and smart driving business segments increased simultaneously. In terms of revenue, relying on the large-scale volume of information and entertainment system, display module, LCD instrument and ipu03 domain controller, the revenue of intelligent cockpit business increased by 33.52% and that of intelligent driving business increased by 94.78% year-on-year. In terms of profitability, the gross profit margin of the product was 24.60%, with a year-on-year increase of 1.21pct. With the easing of chip shortage and rising raw material prices, we expect the company's profitability to continue to rise. Focus on the extreme business and grasp the "integration" trend of intelligent cockpit. The company and Qualcomm will be based on the 4th generation Xiaolong ® The cockpit platform will jointly build the fourth generation of intelligent cockpit system to realize intelligent and scene multi-modal integration experience.
Smart driving business highlights, enabling smart travel reform. The company's autonomous driving domain controller IPU 04 based on NVIDIA Orin chip has been successfully offline in September 2021, and has launched strategic cooperation with ideal vehicles. Under the situation that the big computing power general chip solution represented by NVIDIA has become the consensus of the host manufacturer's intelligent driving platform technology route, Huizhou Desay Sv Automotive Co.Ltd(002920) as Tier1, China's first to reach cooperation with NVIDIA, has deep R & D experience in Xavier and Orin generation computing platforms.
Investment suggestion: in the short term, the company has obtained new project orders with annual sales of more than 12 billion yuan in 21 years, with a year-on-year increase of more than 80%, breaking a record high and waiting to be fulfilled; In the medium and long term, the company's products will continue to maintain high-speed growth with the improvement of intelligent penetration rate of precise card position, intelligent driving, intelligent cockpit and intelligent Internet track. We expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 1.134/14.59/1.991 billion respectively, maintaining the "buy" rating.
Risk warning: the development of automatic driving is not as expected; Car sales are less than expected; Chip shortages continue.
