\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Core view
2022q1 performance continued to grow at a high level. The company disclosed that in the first quarter report of 2022, the revenue of 2022q1 was 3.745 billion yuan, a year-on-year increase of 54.34%; The net profit attributable to the parent company was 386 million yuan (the previous performance forecast was 346386 million yuan), a year-on-year increase of 56.84%; The deduction of non return to parent was 377 million yuan, a year-on-year increase of 57.08%. The profitability has improved significantly. The gross profit margin in 2022q1 was 20.77%, with a year-on-year increase of -1.16pct and a month on month increase of + 3.22pct; The net interest rate was 10.67%, with a year-on-year increase of + 0.43pct and a month on month increase of + 3.62pct. The expenses were properly controlled. In 2022q1, the sales / management / R & D / financial expense rates were 1.36% / 2.46% / 4.06% / 0.06% respectively, with a year-on-year increase of -0.21pct / – 0.45pct / – 0.51pct / + 0.01pct respectively.
Accurately locate modular suppliers of multi category tracks. Guided by the platform company, the company still has room to expand its product line. At present, the supporting amount of 8 series of products is about 30000 yuan (i.e. vehicle NVH shock absorption, interior and exterior decoration, body lightweight, intelligent cabin components, thermal management, chassis, air suspension and intelligent driving system). Among them: (1) the shock absorber / interior functional parts business grew steadily with the large volume of supporting customers. The revenue accounted for 29% / 31% in 2021 and 31% / 61% year-on-year in 2021. (2) The chassis system business has a rapid volume, accounting for 23% of the revenue in 2021, with a year-on-year increase of 97% in 2021. The aluminum subframe has obtained a new ideal automobile order. The company plans to expand the production of the automobile lightweight chassis system project. It is expected that after it is fully completed in 2025, it will realize the annual output of 4.8 million sets of lightweight chassis system module products (1.6 million sets of lightweight subframe, 1.6 million sets of lightweight suspension system and 1.6 million sets of lightweight alloy steering knuckle). (3) Thermal management products are the newly expanded category in 2021, with a revenue of 1.285 billion yuan in 2021, accounting for 11%. The heat pump assembly has obtained the order of FAW related models, and the heat pump sub parts are progressing smoothly. (4) The revenue of automotive electronics business accounted for 1.6% in 2021. At present, the electric regulating pipe column and IBS project are progressing smoothly. (5) Air suspension was laid out. The first air suspension plant of the company was inaugurated in November 2021, with an annual capacity of 2million pieces. It is planned to be put into operation in June 2022.
Continue to expand customers and accelerate production capacity layout. Future performance can be expected: 1) bind Tesla supply system (lightweight structural parts, interior and exterior decoration and thermal management). 2) We have accelerated the layout of production capacity and completed the construction of about 1500 mu of land in Xiangtan base, phase II and phase III bases of Ningbo Hangzhou Bay New Area and production base in Yinzhou District, Ningbo. 3) Take tier0 Level 5 cooperation mode to promote cooperation with rivian, lucid, Ford, GM, FCA, Huawei, Jinkang, Gaohe, Xiaomi, ideal and other auto enterprises, as well as science and technology enterprises.
Risk tip: the recovery of the industry is less than expected, and the R & D of new products and customer expansion are less than expected.
Investment suggestion: Tesla localizes the core target and maintains the continuous growth performance of the “overweight” rating company, benefiting from the decrease of marginal cost caused by capacity release and the large number of customers of core auto enterprises. Considering that the medium and long-term scale effect continues to appear, maintain the previous profit forecast: the net profit attributable to the parent company in 2022, 2023 and 2024 is expected to be RMB 1.653/2.011/2.630 billion respectively, corresponding to EPS of RMB 1.50/1.82/2.39 and PE of 32 times in 2022, maintaining the “overweight” rating
