\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Event: the company released its annual report for 2021: it achieved a revenue of 11.46 billion yuan, a year-on-year increase of 76.0%; The net profit attributable to the parent company was 1.02 billion yuan, a year-on-year increase of 61.9%.
Comments:
Revenue growth was brilliant, and the business sectors went hand in hand. (1) Benefiting from the rapid growth of new energy vehicle tracks, the company has grasped the development trend of the industry, prospectively arranged new energy vehicle tracks, continued to expand its product line, and the company’s revenue has increased rapidly in 21 years. In 21 years, the company achieved a revenue of 11.46 billion yuan, a year-on-year increase of + 76.1%; Among them, the revenue of 21q4 was 3.64 billion yuan, a year-on-year increase of + 66.0% and a month on month increase of + 25.3%. (2) From the perspective of business segment, all businesses of the company achieved year-on-year growth in 21 years. ① The revenue of interior decoration business was 3.58 billion yuan, accounting for 31.2%, with a year-on-year increase of + 60.9%; ② The revenue of rubber damping business was 3.35 billion yuan, accounting for 29.2%, with a year-on-year increase of + 30.7%; ③ The revenue of lightweight business was 2.62 billion yuan, accounting for 22.9%, with a year-on-year increase of + 97.1%; ④ The thermal management business achieved a revenue of 1.29 billion yuan, accounting for 11.2%, which is a 21-year incremental business; ⑤ The revenue of automotive electronics business was 183 million yuan, accounting for 1.59%, with a year-on-year increase of + 2.2%.
The rise of raw materials and freight prices squeezed the profitability of the company in the short term. The gross profit margin of the company in 21 years was 19.9%, with a year-on-year increase of -2.8pct; 21q4 gross profit margin was 17.6%, year-on-year + 1.5pct, month on month -3.6pct. The company realized a net profit attributable to the parent company of 1.02 billion yuan, a year-on-year increase of + 61.9%; The non net profit deducted was 971 million yuan, a year-on-year increase of + 68.9%. Among them, the net profit attributable to the parent company in Q4 in 2021 was 264 million yuan, a year-on-year increase of + 9.6% and a month on month increase of – 10.2%; The net profit deducted from non parent company was 240 million yuan, with a year-on-year increase of + 11.3% and a month on month increase of – 16.1%.
With the superposition of scale effect, cost reduction and efficiency increase, the company’s gross profit margin is expected to increase. (1) Facing the rising costs of raw materials and labor, the company controls costs through large-scale procurement, technological innovation, strict implementation of budget management and other measures. (2) Due to the large number of projects under research and the introduction of a large number of technical talents, the R & D expenses increased rapidly. Due to the large number of new factories, the management fee, manufacturing fee and other expenses are high during the production ramp up and trial production. In addition, due to the demand of the company’s capacity expansion, the capital expenditure increased significantly, and the depreciation and amortization ratio increased significantly. In the future, with the growth of mass production and sales of products, various costs such as R & D costs and capital expenditure will be diluted to maintain a reasonable gross profit margin.
Position tier0 5. The medium and long-term growth space of the company is opened. The company built a new tier0 Level 5 business model to increase the supporting amount of single vehicle; And continuously improve the existing product line, and constantly develop new products to expand the product line. In 2021, the company developed the air suspension system project, with a single vehicle supporting 5 Tcl Technology Group Corporation(000100) 00 yuan, which has a large market space; In addition, the company has also completed the development of new products such as rotary screen driver and electric regulating pipe column, which will be gradually introduced to the market; The aluminum subframe of the company has obtained the ideal automobile order, the heat pump assembly has obtained the order of FAW related models, and the electric regulating pipe column and IBS project of the company have been promoted smoothly. With the continuous maturity and improvement of the company’s automotive electronics business, the company will focus on promoting automotive electronics business this year.
Investment suggestion: with excellent product cost performance and business expansion ability, the company has deeply bound GM, Tesla and other high-quality customers; It has carried out comprehensive cooperation with American innovative car companies rivian and lucid, and made rapid progress in cooperation with China’s Huawei, Xiaomi and ideal. At present, the company is diversifying tier0 5 supplier development. Considering the rise of short-term raw materials and other costs and the capital expenditure caused by the rapid expansion of the company, the net profit attributable to the parent company in 22 and 23 years was reduced from RMB 1.67 and 2.27 billion to RMB 1.35 and 1.9 billion; The corresponding PE is 41 and 29 times respectively, maintaining the “buy” rating.
Risk tip: the prosperity of the industry is declining, the price of raw materials continues to rise, and the landing of new projects and new production capacity is less than expected.
