\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
The results in the first quarter were in line with expectations. In the first quarter, the revenue was 3.142 billion yuan, a year-on-year increase of 53.9%; The net profit attributable to the parent company was 318 million yuan, a year-on-year increase of 39.2%; Net profit deducted from non parent company was 308 million yuan, with a year-on-year increase of 38.0%. In the first quarter, the sales volume of the company's intelligent cockpit, intelligent driving and other related products increased year-on-year, driving the rapid growth of the company's revenue and profit year-on-year.
The gross profit rate was slightly under pressure, and the expense rate and cash flow improved. The gross profit margin in the first quarter was 24.0%, down 1.1 percentage points year-on-year. During the first quarter, the expense rate decreased by 0.7 percentage points year-on-year, of which the sales expense rate decreased by 1.0 percentage points year-on-year, the R & D expense rate increased by 0.8 percentage points year-on-year, and the financial expense rate decreased by 0.5 percentage points year-on-year, mainly due to the increase of exchange income. In the first quarter, the net cash flow from operating activities was 46 million yuan, a year-on-year increase of 124.4%, mainly due to the increase in loans received due to the increase in sales during the reporting period.
Smart cockpit business orders and fixed-point development went smoothly. The intelligent cockpit business of the company has developed well, and has obtained a number of orders and fixed points. The information and entertainment system has obtained orders from customers such as FAW Volkswagen, SAIC Volkswagen, Chery, great wall, Geely and GAC. The display module and system have broken through white point customers such as Xiaopeng and Dongfeng, and the liquid crystal instrument has obtained fixed points for customer projects such as Byd Company Limited(002594) , great wall, Geely and GAC. In the field of cockpit domain controller and multi screen integrated cockpit products, the company's second-generation cockpit domain controller has achieved mass production, and the third-generation cockpit products have been designated by great wall, Chery, ai'an, ideal and other customers; The company has formed a strategic cooperation with Qualcomm to jointly develop the fourth generation cockpit products based on Xiaolong's fourth generation cockpit platform, which can provide users with immersive interactive experience and multimodal integration experience, and is expected to obtain more fixed-point projects.
With the rapid development of intelligent driving and Internet service business, the new generation of automatic driving domain controller is expected to become an important growth point. The company's intelligent driving and Internet service business has developed rapidly. The intelligent driving camera has been designated by many vehicle enterprises. The 77GHz millimeter wave radar has been mass produced on a number of mainstream models in China. The development and investment layout of the new generation ak2 ultrasonic radar have been completed, and 5g and v2x products have achieved the first mass production and supply of joint venture brands in China; In terms of domain controller, the first generation of autopilot domain controller platform has achieved large-scale mass production on Xiaopeng P5 and P7. The new generation of autopilot domain controller is equipped with NVIDIA Orin chip, which can realize redundant design and upgrade high-level autopilot in the future. It has won a number of independent brand customers and new power points, and is expected to become an important growth point of intelligent driving business. In the field of Internet service, the company's vehicle level OTA, blue whale OS terminal software, intelligent access, cockpit security housekeeper, network security, information security and other products have successfully won orders from FAW Volkswagen, Chang'an Ford, GAC Toyota, SAIC GM Wuling and other customers.
Profit forecast and investment suggestions
It is predicted that the EPS from 2022 to 2024 will be 2.11, 2.82 and 3.61 yuan. Based on the 22-year PE valuation, the comparable company is the company related to automotive electronics and parts. The average PE valuation in 2022 will be 58 times, the target price will be 122.38 yuan, and the buy rating will be maintained.
Risk tips
The supporting quantity of on-board entertainment system, on-board information system and driving information system is lower than expected, the business income of Internet of vehicles, LCD and ADAS is lower than expected, and the demand of passenger car industry is lower than expected.
