\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 81 Zhuhai Enpower Electric Co.Ltd(300681) )
Main points:
Event:
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a revenue of 980 million yuan, a year-on-year increase of 132%, and a net profit attributable to the parent company of 47 million yuan, a year-on-year increase of 256%. In 2022q1, the revenue was 350 million yuan and the net profit attributable to the parent company was 18 million yuan.
The volume of new projects is gradually increased, and the gross profit margin in 2022q1 is under pressure.
In 2021q4, the company’s revenue was 520 million yuan, a year-on-year increase of 196%, mainly due to the mass production of the company’s new assembly projects. The main reason for the month on month decline of revenue in 2022q1 is that it is expected to recover in 2022q2 due to the influence of Spring Festival and epidemic factors in the current period. In 2021, the gross profit margin of the company was 20.7%, of which the gross profit margin of new energy vehicles was 11%, which was still at a low level, mainly because the scale of electric drive assembly products was still in the climbing stage. The gross profit margin in 2022q1 was 16.2%, down 4 percentage points month on month, mainly due to the sharp rise in the price of raw materials and the relative lag in the price conversion progress of the company. It is expected that the gross profit margin level in 2022q2 is expected to recover. On the cost side, the company’s R & D expenses remain high, with 9.42% and 9.23% in 2021 and 2022q1 respectively. With the increase of the company’s revenue scale in a single quarter, the rates of administrative expenses and sales expenses decreased to varying degrees.
There are plenty of fixed-point projects, and the future growth can be expected.
In terms of products, the company’s third-generation integrated core products have been recognized by downstream customers since mass production. At the same time, the company is expected to complete the flat wire motor platform development and automatic production process development of integrated core version 2.0 by the end of the year, which is expected to further improve the product competitiveness and lower the cost. In terms of customers, the company has gradually upgraded its customer structure from A00 to a / b models, and Geely, Chang’an, Xiaopeng, Weima and other customers have successively determined orders. At the same time, in 2022, the company will further promote the development and implementation of key customers, covering mainstream manufacturers at home and abroad, such as independent brands, joint venture brands and new forces of car making, so as to lay the foundation for the rapid growth of subsequent companies in the future.
Investment advice
It is estimated that the company’s EPS from 2022 to 2024 will be 1.65/4.05/6.59 yuan respectively. Maintain the “buy” rating.
Risk tips
The development of new energy vehicles is less than expected; The popularization of new technologies is less than expected.
