\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 25 Iat Automobile Technology Co.Ltd(300825) )
The investment event company released its annual report for 2021. In 2021, the company achieved a revenue of 1.272 billion yuan, a year-on-year increase of + 54.96%; The net profit attributable to the parent company was 205 million yuan, a year-on-year increase of + 85.12%; The net profit deducted from non return to parent was 190 million yuan, a year-on-year increase of + 89.41%; The basic EPS was 0.66 yuan / share, a year-on-year increase of + 71.22%; The net operating cash flow was 182 million yuan, a year-on-year increase of + 199.20%.
Our analysis and judgment (I) R & D and design revenue broke out as scheduled, and the parts manufacturing business grew rapidly. In 2021, the company achieved a revenue of 1.272 billion yuan, a year-on-year increase of + 54.96%, and 21q4 achieved a revenue of 425 million yuan, a month on month increase of + 25.79% / + 81.01% respectively. Focusing on the R & D business of new energy vehicles, the company achieved a revenue of 1.010 billion yuan, a year-on-year increase of + 63.74%, accounting for 79.36% of the operating revenue. The R & D business of the company is highly bound to the upward cycle of the new energy vehicle industry, and the main growth is in line with expectations. The company’s core parts manufacturing business developed rapidly, with a revenue of 64 million yuan, a year-on-year increase of + 363.59%. The mass production and supply of V6 engine and reducer developed and incubated by the company were stable, and new customers continued to expand, laying the foundation for the continuation of subsequent high growth. By the end of the reporting period, the total amount of orders in hand for R & D business was 1.787 billion yuan. The parts manufacturing and vehicle ODM business had been promoted orderly, and the company’s performance was stable and good, and the trend is expected to continue.
(II) gross profit margin remained high and R & D investment continued to increase. In 2021, the net profit attributable to the parent company was 205 million yuan, a year-on-year increase of + 85.12%; Among them, the net profit attributable to the parent company in Q4 in a single quarter was 64 million yuan, with a year-on-month ratio of + 91.96% / + 66.71% respectively, and the increase in the whole year and single quarter expanded. In 2021, the gross profit margin of the company’s sales was 37.32%, with a year-on-year increase of + 3.64pct. In 21q4, the gross profit margin of the company’s sales in a single quarter was 11.67%, with a month on month increase of -8.55pct / – 3.46pct respectively. Among them, the gross profit margin of new energy vehicle design products and fuel vehicle design products were 38.96% / 36.21% respectively, with a year-on-year increase of + 4.04pct / + 4.88pct respectively, and the gross profit margin remained high. In 2021, the company’s expense rate was 20.71%, of which the sales expense rate was 2.51%, year-on-year -1.59pct, the management expense rate was 7.33%, year-on-year -2.03pct, and the R & D expense rate was 9.65%, year-on-year + 5.75pct. The company continued to maintain high R & D investment to maintain the industry-leading technical advantage.
(III) the layout of the company is vehicle design + R & D and production of core parts + ODM OEM assembly, with diversified business development Iat Automobile Technology Co.Ltd(300825) Shengeng has successfully developed nearly 300 models for more than 60 customers, and its comprehensive R & D capability is at the leading level in China. The engine, new energy powertrain, reducer and other parts incubated by the company over the years have entered the mass production climbing stage, and continue to carry out the research and development of cutting-edge projects such as modular platforms such as the pure electric platform of urban logistics vehicles, high-performance power unit systems such as the research and development project of 6g30t second-generation machines, domain controller hardware, underlying software and other electronic and electrical architecture, so as to continuously improve the ability of intelligent manufacturing. The company plans to acquire Tianjin Bojun and expand ODM OEM business, which will help the company improve its manufacturing capacity in an all-round way, build one-stop R & D and delivery brand strength, enrich revenue sources and supplement diversified development momentum.
Investment suggestion: we estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 332 million, RMB 436 million and RMB 578 million respectively, corresponding to eps1 00 / 1.31/1.74 yuan, corresponding to pe18x / 14x / 10x, maintaining the “recommended” rating.
Risk tips: 1. The risk that the equity transfer process is less than expected. 2. The risk that the effect of capacity release is not as good as expected. 3. Risk of adverse impact of covid-19 epidemic on automobile industry chain.
