\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
Key investment points
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved 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, 2021q4 achieved a revenue of 3.267 billion yuan, 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%. In 2022q1, the company achieved a revenue of 3.14 billion yuan, a year-on-year increase of 53.9%; The net profit attributable to the parent company was 320 million yuan, a year-on-year increase of 39.2%; Net profit deducted from non parent company was 310 million yuan, with a year-on-year increase of 38.0%. The company's 2022q1 performance increased higher than expected.
Under the background of rising raw material prices, the company's performance was significantly better than that of Companies in the same industry, and the gross profit margin increased: the company's main business achieved large-scale mass production, and the company's gross profit margin increased by 1.2pct to 24.6% year-on-year in 2021; The net interest rate increased by 1.1pct to 7.8% year-on-year. Among them, the gross profit margin of intelligent cockpit and intelligent driving was 24.5% and 20.8% respectively, with a year-on-year increase of 0.4pct and 9.9pct respectively. The company's 2021 annual report disclosed that the annual new orders exceeded 12 billion yuan, an increase of 80% year-on-year. The increment of new orders will continue to promote the growth of the company's performance, and the gross profit margin is expected to be further improved.
Two major businesses are expected to continue to grow rapidly: intelligent cockpit business: the company's second-generation cockpit domain controller will achieve large-scale mass production in 2021, the third-generation products will be designated by mainstream customers, and a strategic cooperation will be reached with Qualcomm. The two sides will jointly build the fourth-generation intelligent cockpit system based on the fourth-generation Xiaolong cockpit platform; Intelligent driving business: in 2021, the company's new generation of lightweight intelligent driving platform realized mass production and supply of memory parking products, and the high-power automatic driving domain controller platform based on NVIDIA Orin chip has won many project fixed points; Internet service: the company launched a new generation of intelligent cockpit interactive operating system blue whale 4.0, which has been carried on the new model of hechuang automobile. The two main businesses of the company have abundant orders, and the online service business has made a new breakthrough, setting the tone for high growth in 2022.
Investment suggestion: we predict that the net profit attributable to the parent company from 2022 to 2024 will be 1.16 billion yuan, 1.66 billion yuan and 1.92 billion yuan respectively, and the return on net assets will be 19.7%, 23.0% and 21.6% respectively. Maintain the investment rating of "buy-b".
Risk tip: the car sales volume is lower than expected; Customer expansion is less than expected; The impact of chip shortage; The impact of rising prices of upstream raw materials.
