\u3000\u3000 Huizhou Desay Sv Automotive Co.Ltd(002920) (002920)
The company issued the performance forecast for 2021, and the high performance growth was in line with expectations
The company released the performance forecast for 2021. It is estimated that the net profit attributable to the parent company will be RMB 800-850 million in 2021, with a year-on-year increase of 54.40% – 64.05%;, The median was 825 million yuan, a year-on-year increase of 59.22%; The non net profit deducted is expected to be RMB 785-835 million, with a year-on-year increase of 69.88% – 80.70%, and the median is RMB 810 million, with a year-on-year increase of 75.29%. The company’s performance has grown rapidly under the tide of automotive intelligence, which is in line with expectations and continues to be optimistic. Based on the performance forecast, the company’s performance expectation for 2021 is adjusted to remain unchanged in 2022 and 2023. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 834 (- 0.43) / 1154 / 1442 million yuan respectively, the corresponding EPS will be 1.50/2.08/2.60 yuan / share respectively, and the PE corresponding to the current stock price will be 93.1/67.2/53.8 times respectively, maintaining the “buy” rating.
The auto market recovered significantly and the company’s performance accelerated
In the fourth quarter of 2021, the chip supply of the automotive industry gradually recovered. Despite the continuous disturbance of the epidemic, the automotive market still recovered significantly. The wholesale volume of passenger cars in China fell by 67.61% year-on-year in the third quarter of 2021, compared with that in the fourth quarter of 2021. In addition, the sales volume of new power auto enterprises continued to reach a new high. Xiaopeng delivered 41751 new cars in the fourth quarter of 2021, a year-on-year increase of 222%. In this context, relying on its excellent supply chain management ability and continuous investment in the field of intelligence, the company has continuously delivered new projects and new customers, and its performance has continued to grow. According to the median calculation, the net profit and net profit deducted by the company in the fourth quarter of 2021 were RMB 334 million and RMB 330 million respectively, with a year-on-year increase of 66.97% and 41.17%, a significant increase compared with the third quarter of 2021, an increase of 37.13% and a decrease of 1.40%.
Double blessings of intelligent cockpit and automatic driving, and the leader of intelligent vehicles enjoy industrial dividends
The company continues to benefit from the trend of large screen and multi screen in the field of intelligent cockpit, and its products and customers continue to upgrade. In January 2022, the company and Qualcomm announced that they would build the fourth generation intelligent cockpit system based on the new generation Xiaolong cockpit chip platform, supporting multi screen linkage, AR and other technologies. In the field of automatic driving, the company has fully arranged the automatic driving domain controller. Ipu03 developed based on NVIDIA Xavier chip is matched with Xiaopeng P7 / P5, and the sales volume is growing rapidly; Ipu04 products developed based on NVIDIA Orin x chip have been designated by many head customers such as ideal cars; Ipu02 based on Texas Instruments tda4 chip is expected to occupy the L2 + level automatic driving market; As the leader of China’s intelligent vehicles, the company is expected to enjoy the industrial dividend and achieve performance take-off.
Risk tip: the sales volume of downstream vehicles is lower than expected, and automatic driving products are facing fierce competition
