\u3000\u3 China Vanke Co.Ltd(000002) 284 Zhejiang Asia-Pacific Mechanical & Electronic Co.Ltd(002284) )
In 2021, the total revenue was + 24.3% year-on-year, and the revenue of electric braking accounted for 13.2%
On April 19, the company released its annual report for 2021. In 2021, the total revenue of the company was 3.63 billion yuan, a year-on-year increase of + 24.3%, and the net profit attributable to the parent company was 43.9 million yuan, a year-on-year increase of + 168.4%. Among them, the revenue of automotive electronic control system was 480 million yuan, a year-on-year increase of + 43%, accounting for 13.2% of the overall revenue from 11.5% in 2020. In 2021, the net profit attributable to the parent company in Q1-Q4 in a single quarter was 1500 / 1574 / 152 / 1164 million yuan, the gross profit margin in Q1-Q4 in a single quarter was 14.7% / 14.7% / 13.5% / 11.6%, and the net profit margin in a single quarter was 1.8% / 1.9% / 0.2% / 1.2%. Considering that the company’s electric braking business is expected to speed up, we raised the expected profit forecast for 20222023 and added the profit forecast for 2024. It is expected that the net profit attributable to the parent company in 20222024 will be RMB 117 (+ 0.07) / 205 (+ 0.5) / 321 million respectively, EPS will be RMB 0.16 (+ 0.01) / 0.28 (+ 0.07) / 0.44/share, and the current share price corresponding to PE in 20222024 will be 44.3/25.4/16.2 times respectively, maintaining the “overweight” rating.
The revenue of basic braking business returned to positive growth, and the gross profit margin increased by 1.3pcts year-on-year
In 2021, the total sales volume of the company’s basic braking system was 22.79 million, a year-on-year increase of + 12.8%, the basic braking revenue was 2.88 billion yuan, a year-on-year increase of + 21.5%, and the gross profit margin of the basic braking business increased by 1.3pcts to 12.7% year-on-year. The basic braking business is the basic business of the company. In 2021, the sales growth of downstream customers of the company, such as Great Wall Motor Company Limited(601633) , Chongqing Changan Automobile Company Limited(000625) and other vehicle enterprises, led to the recovery of positive growth in the revenue of the company’s basic braking business and the improvement of capacity utilization. In addition, the company won the fixed point of Chang’an Mazda basic braking project for the first time in 2021, and the joint venture customers made further breakthroughs.
Electric control braking has gained many fixed points, and the research and development of new products has been steadily promoted
The company has accumulated a lot of experience in the use and verification of chips. In the face of the core shortage crisis, the company tries to mitigate the impact through domestic chip substitution and other schemes, and has made great progress in customer expansion. In 2021, the company’s electric braking business won several project fixed points, such as great wall ESC / ABS / EPB, Dongfeng passenger car ESC / EPB, zero running EPB, FAW red flag EPB, etc. At the same time, the development of new products of the company’s line control is progressing steadily. The developed non decoupling electronic power assisted braking system ebb and one box line control braking (iehb) are planned to be matched on no less than 6 models in 2022, and mass production will begin after the winter standard in 2023.
Risk tip: the demand for automobiles at home and abroad is less than expected, the price of raw materials fluctuates sharply, the development of new projects is less than expected, and the sales volume of downstream customers is less than expected.
