\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
Event: on April 17, 2022, the company released the first quarterly report of 2022. In 2022q1, the company achieved an operating revenue of 3.142 billion yuan, a year-on-year increase of 53.86%; The net profit attributable to the owners of the parent company was 318 million yuan, a year-on-year increase of 39.22%. The company's performance in the first quarter exceeded expectations.
The growth rate of the first quarterly report was higher than expected, with sufficient orders, which continued to confirm the prosperity of the automotive intelligent industry. The company's revenue in 2022q1 increased by 53.86% year-on-year, and the net profit attributable to the parent increased by 39.22% year-on-year, exceeding the market expectation. According to the information of the company's annual report in 2021, the company's current orders are sufficient. In 2021, the company broke through lutes (luxury brand), psastellantis and other new customers, and obtained 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 The core platform project orders of many mainstream automobile enterprises such as Xiaopeng automobile obtained new project orders with annual sales of more than 12 billion yuan, a year-on-year increase of more than 80%, breaking a record high. The orders of the company's intelligent driving products, large screen cockpit products and intelligent cockpit domain controller have increased rapidly. The higher than expected performance growth and sufficient orders once again confirm the high prosperity of the intelligent automobile industry.
The trend of automotive intelligent industry is clear. The company deeply cultivates NVIDIA ecology, and the high value IPU series domain controller accelerates the growth of the company. Automotive intelligence promotes the transformation of automotive electronic and electrical architecture from distributed to centralized. Domain controller is the key core of the current automotive intelligence industry. L4 level autopilot requires more than 400tops computing power. The SOC chip of autopilot with high computing power and low power consumption will become the core of domain controller. We predict that the market scale of China's ADAS domain controller is expected to exceed 70 billion yuan in 2025, and the CAGR will exceed 55%. The market prospect is optimistic. Tesla "Wei Xiaoli "The new forces represented by are accelerating the arrival of the wave of automotive intelligence. The company's in-depth cooperation with NVIDIA is expected to take the lead in benefiting from the industrial dividend of the rapid increase in the penetration of intelligent driving. The field of high-end intelligent driving domain controller based on NVIDIA chip is Huizhou Desay Sv Automotive Co.Ltd(002920) production time ahead of the world; at the same time, ipu04 domain controller has high computing power and price advantage. We believe that the penetration of L3 + intelligent driving will increase in the future Sheng will continue to promote the accelerated growth of the company.
Maintain the "buy" rating. The epidemic situation, lack of core and other short-term factors do not change the long-term development rhythm of the industry. The huge growth space of automobile intelligence is rapidly landing. The company is deeply engaged in NVIDIA ecology, the business scale is growing rapidly, the new generation products are closely landing, and the medium and long-term layout is carried out in an orderly manner. We expect the net profit attributable to the parent company from 2022 to 2024 to be 1.114 billion yuan, 1.526 billion yuan and 1.959 billion yuan respectively. Maintain the "buy" rating.
Risk tip: the penetration rate of automobile intelligence is lower than expected; Economic downturn; Supply chain management risk; There is a risk of errors in key assumptions.
