\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 689 Ningbo Tuopu Group Co.Ltd(601689) )
The performance in the first quarter was slightly better than expected. In the first quarter, the revenue was 3.745 billion yuan, a year-on-year increase of 54.3%; The net profit attributable to the parent company was 386 million yuan, a year-on-year increase of 56.8%; Net profit deducted from non parent company was 377 million yuan, with a year-on-year increase of 57.1%. According to the company’s announcement, the company’s revenue and net profit achieved rapid growth in the first quarter, which is expected to be the company’s product platform strategy and tier 0.5 in the first quarter 5. The line control, chassis and other related businesses maintained strong growth, and the line control, chassis and other new energy management systems continued to grow.
The gross profit margin decreased slightly on a year-on-year basis, improved month on month basis, and the expense rate and cash flow improved. The gross profit margin in the first quarter was 20.8%, a year-on-year decrease of 1.2 percentage points and a month on month increase of 3.2 percentage points. During the first quarter, the expense rate decreased by 1.2 percentage points year-on-year, of which the management expense rate decreased by 0.5 percentage points year-on-year, and the R & D expense rate decreased by 0.5 percentage points year-on-year. In the first quarter, the net cash flow from operating activities was 387 million yuan, a year-on-year increase of 147.2%, mainly due to the increase in loans received during the reporting period.
Continue to expand the product line, tier0 The level 5 cooperation mode has been recognized by customers. The company continues to expand its product line and form a platform enterprise. At present, it has eight business segments, including NVH shock absorption, interior and exterior decoration, chassis, body lightweight, thermal management and air suspension. In 2021, the development of the company’s air suspension system was completed, and the value of single vehicle is high, which has a broad market space in the era of automobile consumption upgrading; In addition, the company has also completed the development of new products such as electric regulating pipe column and rotary screen driver. Aluminum subframe, heat pump assembly system and other products have received orders, and the matching of heat pump sub parts is also advancing steadily. The company and strategic customers actively explore tier0 5-level cooperation mode, which has a large number of single vehicle supporting products and high supporting amount, can provide customers with better QSTP products and services, and has been highly recognized by strategic customers. At present, the company has cooperated with new forces car enterprises at home and abroad such as customer a, rivian, lucid, Weilai and Xiaopeng, and the cooperation with innovative car enterprises such as Huawei Jinkang, ideal, Gaohe and Xiaomi has made rapid progress.
It is expected that the significant increase in sales revenue of important customers will promote the rapid growth of the company’s performance in the first quarter, and the follow-up is expected to continue to benefit. According to the company’s announcement, the company has cooperated with the first major customer a for more than 5 years through the implementation of tier0 Level 5 strategy carries out synchronous research and development with customer a and becomes its qualified supplier. From January to February 2022, the company achieved a revenue of about 2.53 billion yuan, of which the revenue of customer a accounted for about 47.0%, with a significant year-on-year increase of 126.4%. It is expected to become the main reason for the rapid growth of the company’s performance in the first quarter, and the subsequent company is expected to continue to benefit from the growth of sales volume of customer a.
It is predicted that the EPS from 2022 to 2024 will be 1.57 yuan, 2.09 yuan and 2.71 yuan respectively. According to the 22-year PE valuation, the average 22-year PE valuation of comparable parts related companies will be 38 times, the 22-year 38 times valuation will be given, the target price will be 59.66 yuan, and the buy rating will be maintained.
Risk tips
NVH orders were lower than expected, car sales were lower than expected, the supporting quantity of lightweight chassis products was lower than expected, and the decline of product price was higher than expected.
