\u3000\u30 Fawer Automotive Parts Limited Company(000030) 21 Shenzhen Zhaowei Machinery&Electronic Co.Ltd(003021) )
Event: the company released its annual report for 21 years. In 21 years, the company achieved a total operating revenue of 1.14 billion yuan, a year-on-year increase of - 5%; The net profit attributable to the parent company was 148 million yuan, a year-on-year increase of - 40%. Among them, 21q4 company achieved a total operating revenue of 316 million yuan, a year-on-year increase of - 8% and a month on month increase of + 10%; The net profit attributable to the parent company was 17 million yuan, with a year-on-year increase of - 75% and a month on month increase of - 61%.
The company's profitability has declined. The gross profit margin and net profit margin of the company in 21 years were 30% / 13% respectively, with a year-on-year increase of - 4 / - 8pct. Affected by the rising price of raw materials and the persistence of the epidemic, the company's gross profit margin has declined; Superimposed on the company's active layout of sales network and new product research and development, the cost rate increased during the period, and the company's net profit margin decreased year-on-year.
The revenue of micro transmission decreased, and the non communication business grew steadily. In the past 21 years, the company's micro transmission and precision parts business achieved operating revenue of 739 / 342 million yuan respectively, with a year-on-year growth rate of - 10% / + 4%, and gross profit margin of 27% / 37% respectively, with a year-on-year growth rate of - 4 / - 8pct. In the 21st year, the company's revenue in the field of communication was - 44% year-on-year, and that in the field of non communication was + 25% year-on-year. Among them, the revenue in the fields of automotive electronics, smart home, Siasun Robot&Automation Co.Ltd(300024) , medical and personal care was + 20% / + 37% / + 17% year-on-year, and the revenue in the field of non communication business continued to grow.
Increase R & D investment and promote marketing reform. In 21 years, the R & D expense rate of the company was 12%, with a year-on-year increase of + 5pct. The company continued to strengthen technology research, innovation capacity-building and industry solution R & D. Through marketing reform in the past 21 years, the company's business model has changed from passive order receiving to active expansion, implemented the operation of "iron triangle" in the industry and "iron triangle" in the project, and accurately responded to customer needs.
Investment suggestion: it is estimated that the operating income of the company in the 22-24 years will be 1.330/16.16/2.028 billion yuan, a year-on-year increase of 16.6% / 21.6% / 25.5%, the net profit attributable to the parent company will be 173 / 208 / 255 million yuan, a year-on-year increase of 17.2% / 20.4% / 22.2%, and the corresponding EPS will be 1.01/1.21/1.48 yuan, maintaining the "buy" rating.
Risk warning: the industry competition intensifies the risk, the R & D and certification of new products are less than expected, and the price fluctuation risk of raw materials
