\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Events
The company released the first quarter report of 2022. 22q1 company is expected to achieve a revenue of 3.75 billion yuan, yoy is 54.3%, and the net profit attributable to the parent company is 390 million yuan, yoy + 56.8%. Deduction of net profit not attributable to parent company: RMB 380 million, yoy57.5% 1%。
Key investment points
Revenue side: key customers + multiple product lines, Q1 revenue growth is high, slightly higher than the upper limit of the forecast
The company achieved a revenue of 3.75 billion yuan in 22q1, with a year-on-year increase of 54.3%, slightly higher than the performance forecast of 3.63 ~ 3.73 billion yuan. The high growth of revenue is mainly ① product platform strategy and tier0 The level 5 marketing strategy has been promoted smoothly, and all businesses have achieved rapid development; ② Major new energy customers continued to sell in large quantities. Tesla Shanghai 22q1 sold 182000 vehicles, a year-on-year increase of + 163%. According to the operating data from January to February previously disclosed by the company, the revenue in March was about 1.22 billion yuan, with a year-on-year increase of about 41%. The growth rate of revenue in March narrowed slightly. It is expected to be affected by the shutdown of T customer for six days due to the epidemic in Shanghai in March.
Profit side: gross profit margin improved month on month, with prominent scale effect
The gross profit margin of 22q1 company is 20.77%, with a month on month ratio of -1.16 / + 3.22pct respectively, reflecting the smooth price adjustment of the company as a platform supplier and prominent scale effect. During 22q1, the rate was 7.9%, down 1.2/0.6pct on a month on month basis, thanks to the dilution of costs due to the scale effect. The net profit attributable to the parent company of 22q1 was 390 million yuan, which was at the upper limit of performance forecast, with a year-on-year increase of 56.8%. In the first quarter, under the pressure of the cost side and the disturbance of the epidemic, the profitability of the company remained strong.
The product platform strategy has been continuously promoted, tier0 5. The sales model is highly accepted in the new energy market and supports the sustained high growth in the future
We will continue to promote the platform strategy and fully embrace the track of new energy vehicles. The company prospectively arranges the new energy vehicle track, continues to expand the product line and forms a platform enterprise. It has eight product lines: vehicle NVH damping system, interior and exterior decoration, body lightweight, intelligent cabin parts, thermal management, chassis parts, air suspension system and intelligent driving system. The supporting amount of single vehicle is about 30000 yuan, and the product line still has the potential to expand.
New energy customers outside China continue to develop. Overseas, the company has carried out comprehensive cooperation with t customers, rivian, lucid, Ford, GM, FCA and other auto enterprises in the field of new energy vehicles; In China, the company has made rapid progress in cooperation with new forces such as Huawei, Jinkang, Gaohe, Xiaomi and ideal. In 2022, t customers will further increase their volume. At the same time, the mass production of new projects such as rivian and Huawei will continue to increase significantly to the company.
Profit forecast and valuation
The company grasps the trend of new energy and deepens the product platform strategy and tier0 5 marketing mode: new energy customers and categories are driven by two wheels, and the performance is expected to continue to grow rapidly. The net profit attributable to the parent company is expected to be RMB 1.52/2.19/2.94 billion from 2022 to 2024, with a year-on-year increase of 49.8% / 43.8% / 34.3%, corresponding to pe36.5% 7 / 25.5 / 19.0x, maintaining the “buy” rating.
Risk tips
The epidemic recovery was less than expected, the sales volume of new energy vehicles was less than expected, and the price of raw materials fluctuated.
