\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
Event:
The company issued the 2021 annual report after the closing on April 14, 2022.
Comments:
The operating revenue increased by 40.75% year-on-year, and the orders for new projects increased rapidly
In 2021, the company achieved an operating revenue of 9.569 billion yuan, a year-on-year increase of 40.75%. In terms of products, the revenue of intelligent cockpit was 7.893 billion yuan, a year-on-year increase of 33.52%; Intelligent driving achieved a revenue of 1.387 billion yuan, a year-on-year increase of 94.78%; The revenue from online services and other services was 289 million yuan, a year-on-year increase of 65.10%. In 2021, the company broke through lutes (luxury brand), PSA stellantis and other new customers, and obtained orders for core platform projects of many mainstream auto enterprises, such as FAW Volkswagen, SAIC Volkswagen, GAC Toyota, FAW Toyota, Great Wall Motor Company Limited(601633) , Geely Automobile, GAC passenger car, Byd Company Limited(002594) automobile, Chery Automobile, Saic Motor Corporation Limited(600104) , FAW Hongqi, Chongqing Changan Automobile Company Limited(000625) , ideal automobile and Xiaopeng automobile, New project orders with annual sales of more than 12 billion yuan were obtained throughout the year, with a year-on-year increase of more than 80%, breaking a record high. The orders of intelligent driving products, large screen cockpit products and intelligent cockpit domain controllers increased rapidly.
The net profit attributable to the parent company increased by 60.75% year-on-year, and the gross profit margin and net profit margin increased year-on-year
In 2021, the company realized a net profit attributable to the parent company of 833 million yuan, with a year-on-year increase of 60.75%; The net profit deducted from non parent company was 821 million yuan, with a year-on-year increase of 77.71%; The gross profit margin was 24.60%, with a year-on-year increase of 1.21pct; The net interest rate was 8.69%, a year-on-year increase of 1.07pct. In terms of expenses, the rates of sales, management and R & D expenses of the company are 2.42%, 2.80% and 10.21% respectively. In 2021, the company invested 962 million yuan in R & D, with 2257 R & D personnel, accounting for 42.25%; New R & D branches in Shenzhen and Guangzhou, and Weimar base in Germany; In 2021, the new green intelligent factory Huinan Industrial Park will be officially put into use.
The intelligent driving business has taken the lead, and the new generation domain controller has won many fixed-point projects
In 2021, the company’s intelligent driving business received new project orders with annual sales of more than 4 billion yuan. In terms of sensors, the annual cumulative shipment of camera products is more than 10 million, and the intelligent driving camera has been designated by multiple vehicle manufacturers; 77GHz millimeter wave radar has been mass produced on a number of mainstream models in China; Completed the development and design of the new generation ak2 ultrasonic radar, and carried out the investment layout related to key components and manufacturing; 5g and v2x products have achieved mass production and supply for the first time in China in the joint venture brand customer project. In terms of intelligent driving domain controller, the annual sales volume of the company’s look around and parking system products exceeds one million sets; The new generation of lightweight intelligent driving platform has been designated by many mainstream independent brands and joint venture car factories; The first generation of high computing power automatic driving domain controller platform took the lead in mass production and supply of P7 and P5 models of Xiaopeng automobile; The new generation of high computing power autopilot domain controller has obtained many project fixed points.
Profit forecast and investment suggestions
The company is one of the leading mobile travel technology companies in the world. It is committed to becoming a leader in travel reform in the future. Under the background of great changes in the automotive industry, the company has broad space for sustainable growth. It is predicted that the operating revenue of the company from 2022 to 2024 will be RMB 12.302, 15.376 and 18.846 billion, the net profit attributable to the parent company will be RMB 1.140, 1.515 and 1.931 billion, the EPS will be RMB 205, 2.73 and 3.48/share, and the corresponding PE will be 48.92, 36.79 and 28.88 times. In the past three years, the company’s PE has mainly operated between 35-135 times. Considering the high prosperity of the track and the recent market valuation adjustment, the company’s target PE in 2022 has been slightly adjusted to 75 times, and the corresponding target price is 153.75 yuan. Maintain the “overweight” rating.
Risk tips
Covid-19 recurrent pneumonia; Macroeconomic environment and industry risks; Human resource risk; Technology R & D risk; Market competition intensifies.
