\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Events
The company released its annual report for 2021. In 21 years, the company achieved revenue of 11.46 billion yuan, yoy + 76.05%; The net profit attributable to the parent company was 1.02 billion yuan, yoy+61.93%. Among them, 21q4 achieved a revenue of 3.64 billion yuan in a single quarter, yoy + 66.01%; The net profit attributable to the parent company was 264 million yuan, yoy + 9.62%.
Key investment points
Revenue side: multi category + key customers, 21q4 revenue continued to grow at a high level
In the past 21 years, the company achieved revenue of 11.46 billion yuan, a year-on-year increase of + 76%. In terms of business, the revenue of interior functional parts was 3.58 billion yuan, a year-on-year increase of + 60.9%, the revenue of shock absorber was 3.35 billion yuan, a year-on-year increase of + 30.7%, the chassis business was 2.62 billion yuan, a year-on-year increase of + 97.2%, the thermal management revenue was 1.29 billion yuan, and the revenue of automotive electronics business was 180 million yuan, a year-on-year increase of + 2.2%. Among them, 21q4 achieved a revenue of 3.64 billion yuan, and yoy / QoQ were 66.01% / 25.2% respectively. The revenue scale in a single quarter hit a record high, with good month on month growth. Thanks to the continuous volume of several important customers, Tesla Shanghai / Geely / SAIC GM 21q4 wholesale sales grew by 33.7% / 39% / 34.4% month on month.
Profit side: Q4 is affected by the price rise of raw materials, the gross profit margin is under short-term pressure, and the impairment affects the profit
In the 21st year, the company’s gross profit margin was 19.9%, with a year-on-year increase of – 2.8pct. Among them, the gross profit margin of shock absorber / interior parts / chassis / automotive electronics was 23.8% / 17.3% / 17.7% / 26.3% respectively, with a year-on-year increase of – 2.7 / – 0.7 / + 2.4 / – 2.2pct respectively. The gross profit margin of thermal management of incremental business was 17.8%. The decline in the gross profit margin of shock absorber / interior parts / automotive electronics business was mainly impacted by the rise in the price of raw materials. The increase in the gross profit margin of chassis business was mainly due to the fact that the income was close to doubling and the economies of scale hedged the.
In the past 21 years, the company’s period expense ratio was 8.6%, with a year-on-year -3pct. Thanks to the economies of scale and the effectiveness of cost control, the sales / management / R & D / financial expense ratio decreased by 0.53/1.00/1.07/0.37pct respectively year-on-year. The net profit attributable to the parent company of 21q4 was 264 million yuan, a month on month increase of – 10%, which was weaker than the revenue growth, mainly due to the gross profit margin of -3.57pct and the impact of impairment (the impairment of goodwill + the increase of accounts receivable brought about the increase of credit asset impairment).
The product platform strategy has been continuously promoted, tier0 5. The sales model is highly accepted in the new energy market and supports the sustained high growth in the future
We will continue to promote the platform strategy and fully embrace the track of new energy vehicles. The company prospectively arranges the new energy vehicle track, continues to expand the product line and forms a platform enterprise. It has eight product lines: vehicle NVH damping system, interior and exterior decoration, body lightweight, intelligent cabin parts, thermal management, chassis parts, air suspension system and intelligent driving system. The supporting amount of single vehicle is about 30000 yuan, and the product line still has the potential to expand.
New energy customers outside China continue to develop. Overseas, the company has carried out comprehensive cooperation with t customers, rivian, lucid, Ford, GM, FCA and other auto enterprises in the field of new energy vehicles; In China, the company has made rapid progress in cooperation with new forces such as Huawei, Jinkang, Gaohe, Xiaomi and ideal. In 2022, t customers will further increase their volume. At the same time, the mass production of new projects such as rivian and Huawei will continue to increase significantly to the company.
Profit forecast and valuation
The company grasps the trend of new energy and deepens the product platform strategy and tier0 5 marketing mode: new energy customers and categories are driven by two wheels, and the performance is expected to continue to grow rapidly. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.52/2.19/2.94 billion, with a year-on-year increase of 49.8% / 43.8% / 34.3%, corresponding to pe38 / 26 / 20 times, maintaining the “buy” rating.
Risk tips
The epidemic situation is repeated, the sales volume of new energy vehicles is lower than expected, and the price of raw materials fluctuates.
