\u3000\u30003 Mesnac Co.Ltd(002073) 00207)
Event: the company released the 21st Annual Report, with a revenue of 37.36 billion yuan in the 21st year, a year-on-year increase of + 25.8%; The net profit attributable to the parent company was 920 million yuan, a year-on-year increase of + 14.2%. 21q4's revenue was 11.78 billion yuan, a year-on-year increase of + 27.6% and a month on month increase of 18.9%; The net profit attributable to the parent company was 250 million yuan, with a year-on-year increase of - 25.3% and a month on month increase of + 372.2%. The performance is in line with expectations.
In 2021, the gross profit margin remained high, and the company continued to increase R & D investment. In the past 21 years, the gross profit margin of the company's sales was 14.7%, year-on-year -0.2pct, and the net profit margin was 2.3%, year-on-year -0.4pct. The decline in gross profit margin is mainly due to the rise in the price of raw materials and labor costs, and there is still room for rise in the future. In 2021, the company's expense ratio (excluding R & D expenses) for the three major periods totaled 6.2%, with a year-on-year increase of -0.2pct. In 21, the company's R & D expenses amounted to 2.33 billion yuan, a year-on-year increase of +28.8%, accounting for 6.2% of the operating revenue. Based on the development needs, the company actively increased R & D investment and carried out R & D on electric vehicle cell, BMS, energy storage system and new materials.
With the rapid development of power battery, the company continues to layout. According to the data of China automotive power battery industry innovation alliance, the loading volume of Sunwoda Electronic Co.Ltd(300207) power battery from January to march of 22 years was 0.81gwh, accounting for 1.58%, ranking ninth in China. The continuous prosperity of the industry drives the rapid development of the company, with high product demand and broad market. At the same time, in terms of market development, the company has successively obtained fixed-point letters for model projects of Dongfeng Liuqi Lingzhi cm5ev, Dongfeng E70, Geely PMA platform, SAIC zs12 platform and other auto enterprises. At present, the company has established cooperative relations with many well-known automobile manufacturers at home and abroad, and established synchronous joint development mechanism with customers on mainstream models in many markets. In the next 22 years, the company will build two new production bases in Zhuhai, Guangdong and Shifang, Sichuan on the basis of the eight production bases, expand the production and manufacturing capacity of the enterprise, optimize the manufacturing layout and enhance the overall competitive strength of the company.
Investment suggestion: it is estimated that the company will achieve a revenue of 46.973/56.423/64.261 billion yuan and a net profit attributable to the parent company of 1.686/24.87/3.077 billion yuan from 2022 to 2024, with a year-on-year increase of + 84.2% / 47.5% / 23.7%, maintaining the "buy" rating.
Risk warning: market competition risk; Risk of price rise of raw materials; Risk of product and technology update.
