\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
The company released the first quarter report of 2022, with high performance and higher growth than expected
The company released the first quarterly report of 2022. In Q1 of 2022, the revenue was 3.142 billion yuan, a year-on-year increase of 53.86%; The net profit attributable to the parent company was 318 million yuan, a year-on-year increase of 39.22%; The non net profit deducted was 308 million yuan, a year-on-year increase of 37.96%; At the same time, the operating cash flow became positive. Based on the high base of 2021q1, the company continued to maintain high performance growth, exceeding market expectations. The company has a comprehensive layout of automotive intelligence, with the superposition of industrial dividends and strong self competitiveness. The performance is expected to be realized gradually and continue the high-speed growth trend. We maintain that the net profit attributable to the parent company from 2022 to 2024 is expected to be 1.233/18.18/2.393 billion yuan respectively, the corresponding EPS is 2.22/3.27/4.31 yuan / share respectively, and the PE corresponding to the current stock price is 48.3/32.8/24.9 times respectively, maintaining the “buy” rating.
The supply chain is stable, the growth spans the cycle, and the scale effect continues to be reflected
According to the data of the passenger Federation, the wholesale sales volume of narrow passenger cars in China in Q1 2022 increased by 8.3% year-on-year, and the retail sales volume decreased by 4.5% year-on-year. On the one hand, the supply of chips has recovered, and manufacturers and channels continue to replenish inventory, which has brought positive changes to the industry. On the other hand, the price of battery raw materials / crude oil has risen. The repeated epidemic since March has also brought many uncertainties. Under the complex background, the company still continues its high growth, thanks to the high-quality track layout, good product competitiveness and supply chain management ability. The company actively prepared goods. The inventory at the end of Q1 in 2022 was 2.598 billion yuan, with a year-on-year increase of 112%. The anti risk ability was effectively improved. At the same time, it is located in Huizhou, and the impact of the epidemic is relatively limited. In addition, the scale effect of the company is also gradually reflected. In 2022, the sales expense rate of Q1 company decreased by 1.04pct to 1.77%. Under the condition of high growth of R & D expenses, the overall expense rate decreased by 0.66pct to 12.77%.
The direction of industrial development is more clear, and the leader is expected to gradually realize its performance
The large screen, multi screen and regionalization of the cockpit continue to be promoted. Taking the ideal of new forces as an example, compared with the triple screen + control screen of the previous generation, the latest ideal L9 is equipped with four 15.7-inch OLED screens and a safe driving interactive screen, which are further upgraded. The screen upgrade is accompanied by the continuous iteration of the chip platform, and the cockpit intelligent industry space is still broad. In terms of automatic driving, many auto enterprises such as ideal, Xiaopeng, SAIC Feifan, Chinese express and Geely lutes have announced their cooperation with NVIDIA. Among them, some models such as ideal and SAIC will be mass produced in 2022, and the supporting suppliers are expected to benefit significantly. The upgrading trend of industry intelligence is obvious. With the combination of Huizhou Desay Sv Automotive Co.Ltd(002920) and Huizhou Desay Sv Automotive Co.Ltd(002920) businesses, the performance is expected to accelerate in the future.
Risk tip: the impact of the epidemic on the supply chain and downstream exceeds expectations, and the price rise of new energy vehicles inhibits downstream demand.
