\u3000\u3 Shengda Resources Co.Ltd(000603) 786 Keboda Technology Co.Ltd(603786) )
Keboda Technology Co.Ltd(603786) released the annual report of 2021 and the quarterly report of Q1 in 2022: in 2021, the company achieved an operating revenue of 2.807 billion yuan, a year-on-year increase of – 3.68%; The net profit attributable to shareholders of listed companies was 389 million yuan, a year-on-year increase of – 24.44%; The net profit attributable to the shareholders of the listed company after deducting non profits was 339 million yuan, a year-on-year increase of – 26.73%. In Q1 2022, the company achieved an operating revenue of 736 million yuan, a year-on-year increase of – 2.76%; The net profit attributable to shareholders of listed companies was 92 million yuan, a year-on-year increase of – 24.67%; The net profit attributable to the shareholders of the listed company after deducting non profits was 85 million yuan, a year-on-year increase of – 23.28%.
Key investment points:
Profitability is under short-term pressure. In Q4 of 2021, the company’s revenue was 762 million yuan, with a year-on-year increase of – 18.28% and a month on month increase of + 29.92%; The net profit attributable to the parent company was 117 million yuan, with a year-on-year increase of – 39.78% and a month on month increase of + 180.49%; The gross profit margin was 33.81%, year-on-year -3.30pct, month on month + 0.95pct. In the whole year, the gross profit margin of the company was 34.56%, with a year-on-year increase of -1.83pct; The net interest rate was 13.86%, with a year-on-year increase of -3.81pct, mainly due to the increase in costs caused by the rise in the price of raw materials, the depreciation of the euro and new product R & D investment. Expense side: the R & D expense rate is 10.83%, year-on-year + 2.58pct; The management fee rate was 5.81%, with a year-on-year increase of + 0.83pct; The financial expense rate was 0.41%, with a year-on-year increase of + 0.81pct.
New products are gradually converted to production, and the early investment enters the income period. The company continues to increase investment in new products, and the situation that the sales proportion of light control series products is too high is changing. In 2021, the sales of new products began to show a good growth momentum, and new products such as intelligent actuator, cabin intelligent light source, USB and national VI emission system of commercial vehicles were gradually switched to production and sales; The chassis controller project of the strategic product is gradually increased. Based on the original chassis controller DCC, the product is extended to ASC and other products related to chassis domain control technology for the first time, and has successively won the fixed-point projects of Byd Company Limited(002594) , Geely, Xiaopeng and a Chinese new force head main engine factory. The total sales of the above new products in the whole year was 415 million yuan, a year-on-year increase of + 36.5%, and the early investment began to enter the income period. In 2022, the company plans to convert nearly 55 new products related to light control, chassis controller, intelligent actuator, USB and national VI emission of commercial vehicles, and its customers include Byd Company Limited(002594) , Weilai, Xiaopeng, Nissan, FAW Volkswagen, etc. Including: 23 light control projects; 5 chassis controller projects; 9 intelligent actuator projects; 10 USB projects; There are 8 national six emission related projects for commercial vehicles.
Accelerate the introduction of new energy customers, and the value of a single vehicle is up to 1300 yuan. The company has basically completed the market layout of new energy vehicle head enterprises outside China, covering different new energy models of customers such as Volkswagen Group MEB and PPE platform, Byd Company Limited(002594) , Geely, great wall, Chang’an, Dongfeng, Weilai, Xiaopeng, Chinese express and some influential new car making forces outside China. In 2021, the company obtained 22 designated new energy vehicle projects, with a year-on-year increase of about 50%. The sales of new energy vehicle products was 158 million yuan, with a year-on-year increase of + 135.82%. At present, the maximum supporting value of single vehicle has exceeded 1300 yuan.
Profit forecast and investment rating companies have actively laid out new products and gradually changed production. The initial investment has begun to enter the income period. At the same time, the introduction of new energy customers has accelerated, the supporting value of single vehicle has increased steadily, and the medium and long-term performance growth can be expected. It is estimated that the company will achieve operating revenue of RMB 3.39 billion, RMB 4.04 billion and RMB 4.86 billion from 2022 to 2024, with a year-on-year growth rate of 21%, 19% and 20%; The net profit attributable to the parent company was 540 million yuan, 710 million yuan and 870 million yuan, with a year-on-year growth rate of 39%, 31% and 24%; EPS is 1.35, 1.76 and 2.18 yuan, corresponding to PE is 31, 24 and 19, the valuation is reasonable, and the “buy” rating is given for the first coverage.
The risk indicates that the recovery of the epidemic situation is lower than expected; The price of raw materials and freight continue to rise; The demand growth of new energy vehicles is lower than expected; The expansion of new products fell short of expectations; The development progress of automobile intellectualization is less than expected; Customer expansion was less than expected.
