\u3000\u3000 Huizhou Desay Sv Automotive Co.Ltd(002920) (002920)
Event: the company released the performance forecast for 2021. It is expected to realize a net profit attributable to the parent company of RMB 800-850 million in 2021, with a year-on-year increase of 54.40% - 64.05%; It is expected to realize a net profit of RMB 785-835 million, a year-on-year increase of 69.88% - 80.70%. Performance exceeded expectations.
The three businesses grew steadily, and the performance of 21q4 reached a new high, with double growth year-on-year and month on month: the company continued to invest in key areas of intelligence, steadily improved the performance of the three businesses of intelligent cockpit, intelligent driving and Internet connection services, and successively implemented and mass produced new projects and products. The performance of Q4 reached a new high in 2021. It is estimated that the net profit attributable to the parent company in 21q4 will be 309-359 million yuan, with a year-on-year increase of 54.5% - 79.5% and a month-on-month increase of 153.3% - 194.3%; 21q4 deduct non net profit of 306-356 million yuan, with a year-on-year increase of 30.7% - 52.1% and a month-on-month increase of 159.3% - 201.7%.
The improvement of chip shortage ushered in the performance inflection point: the quarterly growth rate of the company slowed down quarter by quarter in 2021 due to the shortage of chips and the rise in the price of raw materials. However, as the negative factors gradually faded, the company ushered in the inflection point in the main business performance Q4. The growth rate of the company's net profit attributable to the parent company from 2021q1 to Q4 was 312.1% / - 18.9% / 37.1% / 54.5% - 79.5% respectively, and the growth rate of deducting non net profit was 416.1% / 113.1% / - 1.4% / 30.7% - 52.1% respectively.
Following NVIDIA, the company joined hands with Qualcomm to build an intelligent cockpit system and further consolidate its future leading edge: on January 4, the company and Qualcomm technologies announced that the two sides would jointly build Huizhou Desay Sv Automotive Co.Ltd(002920) the fourth generation intelligent cockpit system based on the fourth generation Xiaolong cockpit platform. 002920 {the fourth generation of intelligent engine and intelligent computing system. As an important part of Xiaolong digital chassis technology, the 4th generation Xiaolong cockpit platform meets the needs of intelligent vehicles in terms of computing, performance and functional security through strong performance and flexible software configuration. In terms of intelligent business, the company actively cooperates with giants in the field of intelligent networking to improve product competitiveness and consolidate its leading advantage in the field of intelligence.
Investment suggestion: we predict that the net profit attributable to the parent company from 2021 to 2023 will be 830 million yuan, 1.27 billion yuan and 1.58 billion yuan respectively, and the return on net assets will be 15.7%, 19.7% and 20.0% respectively. Maintain the investment rating of "buy-b".
Risk tip: the car sales volume is lower than expected; Customer expansion is less than expected; The impact of chip shortage; Impact of upstream raw material price rise.
