\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
Core view
In the first quarter, the net profit attributable to the parent company increased by 39% year-on-year, with high performance growth. The company achieved a revenue of 3.14 billion yuan in 2022q1, a year-on-year increase of 53.9%; The net profit attributable to the parent company was 320 million yuan, a year-on-year increase of 39.2%. In 2021, the company achieved a revenue of 9.57 billion yuan, a year-on-year increase of 40.8%, and the net profit attributable to the parent company was 830 million yuan, a year-on-year increase of 60.8%. Among them, 2021q4 achieved a revenue of 3.267 billion yuan, a year-on-year increase of 30.6%, and the net profit attributable to the parent company was 342 million yuan, a year-on-year increase of 70.9%. The reasons for the high performance growth include: the steady improvement of the performance of the three major businesses of intelligent cockpit, intelligent driving and Internet service, the successive landing and mass production of new projects and products, and the year-on-year growth of operating revenue; At the same time, the company continues to promote lean operation, cost optimization and R & D efficiency improvement.
Against the background of rising raw materials, the gross profit margin outperformed the industry on a year-on-year basis, and the gross profit margin of intelligent driving business increased significantly under the scale of mass production. In 2021, the gross profit margin of the company was 24.6%, with a year-on-year increase of 1.2pct, and the net profit margin was 8.7%, with a year-on-year increase of 1.1pct. Among them, the gross profit margins of intelligent cockpit and intelligent driving were 24.5% and 20.8% respectively, with a year-on-year increase of 0.4pct and 9.9pct respectively. In 2022q1, the gross profit margin was 24.0%, a year-on-year decrease of 1.1pct, and the net profit margin was 10.03%, a year-on-year decrease of 1.2pct.
Incremental models and products contributed to the growth of core performance. Incremental models and products contributed to the performance growth of 22q1. Incremental models include great wall / Toyota / Geely / Great Wall / Byd Company Limited(002594) / Xinli Xiaopeng ideal, etc., and incremental products include ipu01-03 / dual screen / LCD instrument, etc. The sales volume of Xiaopeng P5 and P7 supported by the company and ipu03 continued to rise, with sales volume of 60600 / 7600 vehicles respectively in 2021, of which P7 was + 296% year-on-year; 2022q1 achieved sales of 105 / 19400 vehicles respectively, of which P7 was + 144% year-on-year. The company has sufficient new orders and has successively entered the stage of mass production. The revenue is expected to maintain a steady growth rate in the next two years.
New customers continue to develop, new products are produced in an orderly manner, and sharing and cooperation promote win-win results. In terms of customer dimension, the company's customer structure is optimized year by year, and the core customer group includes mainstream foreign capital, domestic capital and new forces of head car making. In 2021, new project orders with annual sales of more than 12 billion yuan (including intelligent driving business of more than 4 billion yuan) were obtained, 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 controller increased rapidly. In terms of product dimension and intelligent cockpit, in 2021, the company's second-generation cockpit domain controller has been mass produced on a large scale, and the third-generation cockpit products have been designated by many independent brand projects such as great wall, GAC AIAN, Chery and ideal automobile; In terms of intelligent driving, the company's first generation of high-power automatic driving domain controller platform has taken the lead in mass production and supply on Xiaopeng P7 and P5. The new generation of high-power automatic driving domain controller platform is built based on NVIDIA Orin series chips, and has won many fixed-point projects; In terms of intelligent Internet connection, the company realized the commercialization of vehicle level OTA, blue whale OS terminal software and other Internet connection products, and obtained orders from customers such as FAW Volkswagen, Chang'an Ford, GAC Toyota and SAIC GM Wuling.
Risk tip: the uncertainty of the epidemic situation and the shortage of upstream chips pose risks to the downstream production scheduling of the industry.
Investment suggestion: raise the profit forecast to "buy" rating. Q1 showed high performance growth and raised the profit forecast. It is estimated that the profit in 22 / 23 / 24 will be 1.33/18.3/2.46 billion (the original estimate in 22 / 23 is 1.19/1.57 billion), and the corresponding PE will be 45 / 33 / 24x, which will be raised to the "buy" rating.
