\u3000\u3 China Vanke Co.Ltd(000002) 920 Huizhou Desay Sv Automotive Co.Ltd(002920) )
Key investment points
Key points of announcement: the company released the first quarter report of 2022, and the performance exceeded our expectations. In Q1, the revenue was 3.14 billion yuan, up + 53.9% year-on-year and – 3.8% month on month; The net profit attributable to the parent company was 318 million yuan, a year-on-year increase of + 39.2% and a month on month increase of – 6.9%; The net profit deducted from non parent company was 308 million yuan, with a year-on-year increase of + 38.0%, a month on month increase of – 9.7%, and a gross profit margin of 23.96%, a year-on-year increase of -1.08 PCT and a month on month increase of -0.8 PCT.
The landing of new intelligent cockpit projects + intelligent driving business continued to increase in volume, boosting the company’s revenue growth year-on-year. In 2022, Geely Automobile / Great Wall Motor Company Limited(601633) / FAW Volkswagen (except Audi), the core customer of Q1’s intelligent cockpit products, achieved a total output of 833000 vehicles, with a year-on-year increase of – 6.0% and a month-on-month increase of – 18.5%. The p7 / P5 model of Xiaopeng automobile, the core customer of high-level automatic driving, achieved an output of 30600 vehicles, with a month-on-month increase of + 8.4% and a year-on-year increase of + 217.5%. Thanks to the continuous landing and large volume of the company’s cockpit and intelligent driving products, the revenue achieved year-on-year high growth.
The month on month decline in the cost rate promoted the growth of performance, and the inventory reserve was sufficient to cope with the large volume of new projects. In 2022, the expense rate of Q1 company was 12.77%, with a year-on-year ratio of -0.66pct and a month on month ratio of -2.20pct. Among them, the R & D expense ratio was -1.92pct month on month. In order to cope with the fluctuation of chip supply, the inventory value of the company continued to increase from Q3 in 2021, reaching 2.6 billion yuan in 2022q1, an increase of 1.5 billion yuan compared with H1 in 2021. Sufficient chip reserves to cope with the fluctuation of core shortage supply, calmly deal with the continuous landing and mass production of new projects.
New project orders have broken through a record high, and the new intelligent driving domain control is about to be put into mass production. In 2021, in addition to the traditional core customers, the company successively broke through new customers such as lutes and PSA, and obtained the core platform project orders of many mainstream automobile enterprises. The annual sales of new project orders exceeded 12 billion yuan in the whole year, with a year-on-year increase of more than 80%. Ipu04, a new generation of automatic driving domain controller product of the company, went offline for the first time in October 2021. Compared with ipu03, the value of single vehicle has been greatly improved. Mass production and loading will be carried out in 2022, which will further promote the rapid development of intelligent driving business.
Profit forecast and investment rating: we maintain the company’s revenue forecast. From 2022 to 2024, the company’s revenue will be 12.518/17.597/23.595 billion yuan respectively, with a year-on-year increase of + 30.82% / + 40.57% / + 34.08%. In view of the fact that the company’s orders for intelligent cockpit and intelligent driving exceed our expectations, we raised the company’s net profit forecast attributable to the parent company from 1.158/17.032431 billion yuan to 1.200/17.032431 billion yuan in 2022204, with a year-on-year increase of + 44.05% / 41.98% / + 42.71%. The corresponding EPS is 2.16/3.07/4.38 yuan and the corresponding PE is 49.65/34.97/24.50 times, maintaining the “buy” rating.
Risk warning: the global epidemic control is lower than expected; The duration of core shortage in the industry exceeded expectations.
