\u3000\u3 Shengda Resources Co.Ltd(000603) 298 Hangcha Group Co.Ltd(603298) )
Key investment points
In the first quarter, the revenue increased by 8% year-on-year, and the net profit attributable to the parent decreased by 14% year-on-year
In 2022q1, the company achieved a revenue of 3.6 billion yuan, an increase of 8% year-on-year and 3% month on month; The net profit attributable to the parent company was 190 million yuan, a year-on-year decrease of 14% and a month on month increase of 12%; The non net profit deducted was 190 million yuan, a year-on-year decrease of 15% and a month on month increase of 31%. In 2022q1, the company's revenue growth was in line with expectations and its quarterly profitability improved.
In 2022q1, the company achieved a gross profit margin of 15.3%, a year-on-year decrease of 3.4pct, Increased by 8.4pct. Month on month; The net interest rate was 5.5%, with a year-on-year decrease of 1.4pct, Decreased by 0.1pct, The company's raw material cost control effect is obvious, and the gross profit margin in a single quarter is significantly improved. In 2022q1, the company's cash flow from operating activities was 230 million yuan, a year-on-year decrease of 47% and a month on month increase of 12%. The large year-on-year decrease in cash flow from operating activities was mainly due to the increase in inventory and cash payment proportion of the company.
New energy + overseas market will become a new driving force for the company's growth, and a joint venture will be established to add weight to intelligent logistics
New energy: under the trend of electrification in the industry, the company actively converted the growth momentum and launched the XH series special high-voltage lithium battery vehicle (2-3.8t) under heavy working conditions, further expanded the new energy product type spectrum and solved the construction problems of lithium battery forklift under heavy working conditions. Relying on the advanced layout and R & D and manufacturing capacity in the field of new energy, the company's export of class I and class II lithium electric vehicles increased by more than twice year-on-year in 2021, and the market share of lithium battery products continued to lead the industry.
Overseas expansion: the company plans to build new sales subsidiaries in Australia and Brazil, form linkage with five overseas subsidiaries in the United States, Germany, Thailand, Canada and the Netherlands, and improve the three-level international service network. Relying on the strong competitiveness of new energy products in terms of cost performance, delivery time, specifications and varieties to open the overseas market, the company's export products increased by nearly 70% year-on-year in 2021. Intelligent logistics: relying on the profound technical accumulation of traditional forklift and intelligent forklift, the company plans to establish Hangcha okalam joint venture to increase the layout of intelligent logistics equipment. In 2021, the company's intelligent logistics business revenue increased by nearly 50% year-on-year, and the new projects increased by more than 1.5 times year-on-year.
The overall sales volume of forklift industry has maintained a good trend, and the company's new energy forklift leads the development of the industry
From January to February 2022, the sales volume of forklift trucks in the whole industry was 155000, with a year-on-year increase of 33%; Among them, in February this year, the sales volume of forklift reached 71000 units, a year-on-year increase of 71%, and the demand for forklift remained strong. In 2021, the sales volume of forklifts in the whole industry was 1.1 million, with a year-on-year increase of 37%; China's sales volume was 780000 units, a year-on-year increase of 27%; The export sales volume was 320000 units, with a year-on-year increase of 74%, and the export growth rate was much higher than that of China. In 2021, the total sales volume of lithium forklifts in the industry was 330000 units, with a year-on-year increase of 106% and a penetration rate of 42.3%, an increase of 9.9 PCT over 2020.
In 2021, the company achieved 248000 forklift sales, with a year-on-year increase of 20%; The sales volume of electric forklifts reached 109000 units, with a year-on-year increase of 55%. Among them, the sales volume of new energy forklifts exceeded 60000 units, with a year-on-year increase of more than 100%. The company's new energy forklift process led the development of the industry.
Profit forecast and valuation
It is estimated that the net profit of the company from 2022 to 2024 will be 1.03/11.7/1.34 billion yuan, with a year-on-year increase of 13% / 14% / 15%, corresponding to EPS of 1.19/1.35/1.55 yuan and current PE of 11 / 10 / 9 times, maintaining the "buy" rating.
Risk tips
Manufacturing investment is lower than expected; The price of raw materials fluctuates greatly; Deterioration of industry competition pattern
