\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
Key investment points
Event: the company released its 2021 annual report, achieving a revenue of 9.57 billion yuan, a year-on-year increase of 40.8%, and a net profit attributable to the parent company of 830 million yuan, a year-on-year increase of 60.8%. Among them, Q4 achieved a revenue of 3.27 billion yuan in a single quarter, a year-on-year increase of 30.6%, and the net profit attributable to the parent company was 340 million yuan, a year-on-year increase of 70.9%.
The growth rate of intelligent driving is bright, and the orders of 12 billion new projects hit a new high. In 021, the company's intelligent cockpit business accounted for 82.5% (year-on-year + 33.5%), intelligent driving business accounted for 14.5% (year-on-year + 94.8%), and Internet service accounted for 3% (year-on-year + 65.1%). The company's new projects and products have been launched and mass produced successively, and the orders of intelligent driving products, large screen cockpit products and intelligent cockpit domain controller have increased rapidly. In 2021, the gross profit margin of the company reached 24.6%, with a year-on-year increase of 1.2pp, and the net profit margin was 8.7%, with a year-on-year increase of 1.1%. The company invested heavily in R & D to maintain its technical advantages. The annual R & D cost was 980 million yuan, a year-on-year increase of 39.4%, the R & D cost rate was 10.1%, the sales cost rate was 2.4%, and the management cost rate was 2.8%. In addition, the company further optimized its customer structure, achieved breakthroughs in new customers such as lutes (luxury brand) and PSA stellantis, obtained core platform project orders from many mainstream auto enterprises such as FAW Volkswagen, SAIC Volkswagen, GAC Toyota, ideal and Xiaopeng, and obtained new project orders with annual sales of more than 12 billion yuan, with a year-on-year increase of more than 80%, breaking a record high, Among them, intelligent driving products received new project orders with annual sales of more than 4 billion yuan.
Intelligent driving and intelligent cockpit continue to lead the market, and the prospect of Internet service is broad. In terms of intelligent driving domain controller, the company's look around and parking system products have been supplied in batches to many mainstream car enterprises in China, with an annual sales volume of more than one million sets. Among them, the new generation of lightweight intelligent driving platform has achieved mass production and supply of memory parking products at the end of 21, and the business increment in the future can be expected. Ipu04, the company's advanced automatic driving domain controller product that can realize L4 level functions based on NVIDIA Orin chip, has won multiple project fixed points including traditional independent brands and new car building forces. In terms of intelligent cockpit, the business volume of multi screen integrated cockpit products and cockpit domain controllers has increased rapidly. The second generation cockpit domain controllers have been mass produced on a large scale. The third generation products have been designated by many customers such as great wall, GAC, Chery and ideal. The fourth generation cockpit platform has reached strategic cooperation with Qualcomm Xiaolong. In addition, the business volume of display modules increased by more than 100%, breaking through white point customers such as Dongfeng Nissan and Xiaopeng. In terms of Internet service, the company has successively launched vehicle level OTA, network security and blue whale OS4 0 terminal software and other products have received orders from many customers, such as FAW Volkswagen, Chang'an Ford, GAC Toyota, SAIC GM Wuling and so on.
Profit forecast and investment suggestions. It is estimated that the company's EPS from 2022 to 2024 will be 2.02 yuan, 2.71 yuan and 3.51 yuan respectively. The net profit attributable to the parent company will maintain a compound growth rate of 32.8% in the next three years and maintain the "buy" rating.
Risk warning: the sales volume of downstream vehicles is lower than expected, resulting in the risk of weak demand for existing products; Risk of slow promotion of intelligent driving and 5g networking services; The development of new products is blocked, and the promotion is less than the expected risk.
