\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
Key investment points
Key points of announcement: the company released the performance report for the first quarter of 2022, which is in line with our expectations. In Q1 of 2022, the company achieved a revenue of 3.745 billion yuan, a year-on-year increase of + 54.3%, a net profit attributable to the parent company of 386 million yuan, a year-on-year increase of + 56.8%, a month on month increase of + 46.2%, and a deduction of non attributable net profit of 377 million yuan, a year-on-year increase of + 57.1%, a month on month increase of + 57.2%. In March 2022, the company achieved a revenue of about 1.22 billion yuan and a net profit attributable to the parent company of about 140 million yuan, with a net profit margin attributable to the parent company of 11.2%.
The large volume of core customers promoted the year-on-year high growth of Q1 revenue, and the recovery of gross profit margin + the decline of expense rate promoted the same / month on month growth of performance. In Q1 2022, the company’s core t customers in China achieved an output of 179000 vehicles, with a year-on-year increase of + 125.7% and a month on month increase of – 0.2%. 310000 vehicles were delivered globally, with a year-on-year increase of + 67.7% and a month on month increase of + 0.45%. In 2022, the gross profit margin of Q1 company was 20.77%, with a chain comparison of + 3.22pct. In 2021, Q4 Shanghai aluminum index fell by 17.9% month on month, and the final decline was 9.5%. The company has a certain production cycle from the purchase of raw materials to the delivery of products, and there is a certain lag in the impact of raw material prices. Superimposed on the price rise compensation of downstream customers, it gradually put in place to jointly promote the month on month growth of the company’s gross profit margin. During the first quarter, the company’s expense rate was 7.94%, down 0.59pct month on month. Specifically, the sales expense ratio decreased by 0.24pct, the management expense ratio increased by 0.32pct, the R & D expense ratio increased by 0.04pct, and the financial expense ratio decreased by 0.71pct.
Continue to promote tier0 5 strategy, focusing on promoting new business and completing capacity layout. By the end of 2021, the company has completed the development of new products such as air suspension, electric regulating pipe column and integrated die casting. It has eight series of products, with a supporting value of about 30000 yuan for single vehicle, and continues to explore tier0 The level 5 cooperation mode has successively won key orders for ideal vehicles (aluminum subframe), FAW (heat pump assembly) and other key orders, and has carried out comprehensive cooperation with a number of innovative vehicle enterprises and traditional vehicle enterprises at home and abroad in the field of new energy vehicles. In 2022, the company plans to focus on the promotion of automotive electronics business, strive to achieve a significant increase in business, and complete the construction of phase IV, phase V, phase VI, phase VII of Qianwan new area and Chongqing factory with a total land of about 1500 mu. With the continuous improvement of the production capacity of T customers outside China and the gradual increase of new customers such as Ford, rivian and AITO, as well as products such as automotive electronics, air suspension and integrated die casting, it is expected that the company’s revenue and profit will continue to maintain rapid growth and further release its performance in the future.
Profit forecast and investment rating: we maintain the company’s revenue forecast from 2022 to 2024, which are RMB 17.018/22.643/30.379 billion respectively, with a year-on-year increase of + 48.5% / + 33.1% / + 34.2% respectively; From 2022 to 2024, the net profit attributable to the parent company was RMB 1.695/2.362/3.359 billion respectively, with a year-on-year increase of + 66.6% / + 39.4% / + 42.2% respectively. The corresponding EPS is 1.54/2.14/3.05 yuan and the corresponding PE is 31.60/22.67/15.94 times, maintaining the “buy” rating.
Risk warning: the price rise of raw materials exceeds expectations; Chip supply shortage exceeded expectations, and the penetration growth of new energy vehicles was lower than expected.
