\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
The performance is in line with expectations. In 2021, the annual revenue was 11.463 billion yuan, a year-on-year increase of 76.0%, the net profit attributable to the parent was 1.017 billion yuan, a year-on-year increase of 61.9%, and the net profit not attributable to the parent was 971 million yuan, a year-on-year increase of 68.9%; In the fourth quarter, the revenue was 3.640 billion yuan, an increase of 66.0% year-on-year and 25.2% month on month; The net profit attributable to the parent company was 264 million yuan, with a year-on-year increase of 9.6% and a month on month decrease of 10.1%; Net profit deducted from non parent company was 240 million yuan, with a year-on-year increase of 11.2% and a month on month decrease of 16.2%. The profit growth rate in the fourth quarter is not as fast as that of revenue. It is expected that it is mainly due to the increase of the company’s asset impairment loss and credit impairment loss, superimposed with the impact of the provision for goodwill impairment. In the fourth quarter, the asset impairment loss was 56 million yuan, a year-on-year increase of 173.9%, and the credit impairment loss was 31 million yuan, a year-on-year increase of 102.4%; In 2021, the provision for impairment of goodwill was 45 million yuan. In 2021, the company plans to pay a dividend of 0.278 yuan per share to shareholders.
The cost affects the gross profit margin, and the expense rate is significantly improved. In the fourth quarter of 2021, the gross profit margin was 17.5%, with a year-on-year increase of 1.5 percentage points and a month on month decrease of 3.6 percentage points; The annual gross profit margin was 19.9%, with a year-on-year decrease of 2.8 percentage points. The decline in gross profit margin is expected to be mainly due to the rise in raw material prices and labor. During the whole year of 2021, the expense rate decreased by 3.0 percentage points year-on-year, of which the sales expense rate decreased by 0.5 percentage points year-on-year, the management expense rate decreased by 1.0 percentage points year-on-year, the R & D expense rate decreased by 1.1 percentage points year-on-year, and the financial expense rate decreased by 0.4 percentage points year-on-year. The net cash flow from operating activities in 2021 was 1.187 billion yuan, an increase of 5.6% year-on-year.
Actively expand the product matrix and promote tier0 Level 5 cooperation mode to improve the value of single vehicle. At present, the company has eight product series, including shock absorption, interior and exterior decoration, chassis, lightweight body and thermal management. The supporting value of single vehicle is about 30000 yuan. In 2021, the company successfully developed the air suspension system. The supporting value of single vehicle is 5 Tcl Technology Group Corporation(000100) 00 yuan, and the market space is broad; The development of new products such as rotary screen driver and electric regulating pipe column has been completed, the heat pump assembly system has obtained the order of FAW Group, and the aluminum subframe has obtained the ideal automobile order. Relying on the advantages of rich product lines, the company actively promotes tier0 Level 5 cooperation mode to increase the amount of single vehicle supporting. At present, the company has carried out comprehensive cooperation in the field of new energy with Chinese and foreign automobile enterprises such as customer a, rivian, lucid, Ford, GM, Huawei Jinkang, Gaohe, Weilai, Xiaopeng and ideal.
The proportion of sales revenue and revenue of key customers continued to grow. According to the company’s announcement, the company provided shock absorbers, chassis systems, interior functional parts, thermal management systems and other products for the largest customer A. from January to September 2021, the revenue of customer a accounted for 41.5%. From January to February 2022, the company realized a sales revenue of 1.188 billion yuan to customer a, a year-on-year increase of 126.4%, and the revenue of customer a further increased to about 47.0%. Customer a delivered more than 936000 vehicles globally in 2021, and the sales volume is expected to increase by more than 50% in 2022. The sales growth of customer a is expected to drive the company’s performance to continue to improve.
Slightly adjust the income and gross profit margin. It is predicted that the EPS from 2022 to 2024 will be 1.57 yuan, 2.09 yuan and 2.71 yuan respectively (the original 22-23 years was 1.58 yuan and 2.14 yuan). According to the 22-year PE valuation, the average 22-year PE valuation of comparable parts related companies will be 38 times, the 22-year 38 times valuation will be given, and the target price will be 59.66 yuan to maintain the purchase rating.
Risk tips
NVH orders were lower than expected, car sales were lower than expected, the supporting quantity of lightweight chassis products was lower than expected, and the decline of product price was higher than expected.
