\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 99 Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) )
Event: on April 20, 2022, the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 1.679 billion yuan, a year-on-year increase of 36.72%; The net profit attributable to the parent company was 65 million yuan, a year-on-year decrease of 20.29%. In the fourth quarter of 2021, the company achieved an operating revenue of 617 million yuan, a year-on-year increase of 50.88%; The net profit attributable to the parent company was 29 million yuan, a year-on-year decrease of 22.40%. In the first quarter of 2022, the company achieved an operating revenue of 423 million yuan, a year-on-year increase of 47.35%; The net profit attributable to the parent company was 08 million yuan, a year-on-year increase of 80.27%.
The revenue increased rapidly, and the new energy vehicle business exceeded expectations: in 2021, the orders and operating revenue of Dongguan Sixiang new energy vehicle power battery thermal management products and automotive electronics manufacturing products, the holding subsidiary, increased significantly, which had a positive impact on the company's operating revenue and net profit attributable to the parent company. In Q1 2022, benefiting from the increase of revenue from power battery thermal management products and new energy vehicle electronic manufacturing products, the company's revenue and net profit attributable to the parent company achieved rapid growth. In 2021, the company's power battery thermal management products and automotive electronic manufacturing products achieved a total operating revenue of 820 million yuan, a year-on-year increase of 155%. In 2021, the company will strengthen the integrated and perfect post investment management of Dongguan Sixiang, promote the effective integration of both parties in business and management, and give play to the synergistic effect. In 2021, Dongguan Sixiang expanded the site and production line, expanded the production capacity and improved the automatic production level. At present, there are three production plants: heating film production plant, heat insulation cotton production plant and automotive electronics production plant. In 2021, Dongguan Sixiang achieved an operating revenue of 8339349 million yuan and a net profit of 74.23 million yuan (9.4403 million yuan of excess performance award has been accrued); In 2022, Q1 achieved an operating revenue of 301822300 yuan and a net profit of 33730800 yuan, 45% of that in 2021. In the future, with the continuous expansion of Dongguan Sixiang's production capacity, we expect the company's new energy vehicle business to continue to maintain rapid growth.
With the improvement of cost control ability, the gross profit margin will stabilize and recover: due to repeated epidemics, sharp rise in raw material prices, intensified market competition and other factors, the gross profit margin of the company's pure water cooling equipment products fell by 5.47pct to 25.83%; Affected by the rising price of raw materials and the price reduction of downstream customers, the gross profit margin of the company's power battery thermal management products decreased by 10.86pct to 20.90%, and the gross profit margin of automotive electronic products decreased by 6.46pct to 27.69%, resulting in the decline of the company's gross profit margin to 26.39%, and the net profit attributable to the parent decreased year-on-year. It is expected that in the future, with the stabilization of raw material prices, self-development of core components and continuous expansion of new products, the gross profit margin of the company's water cooling business and new energy vehicle business will stabilize and recover. In 2021, the company's expense control ability was improved, the management expense rate decreased by 0.92pct year-on-year, and the sales expense rate decreased by 1.35pct year-on-year. The roe of the company is 74.6% lower than that of the previous year.
With the continuous improvement of R & D strength, the company won a number of qualification recognition in 2021: R & D strength is an important part of the company's core competitiveness. In 2021, the company's R & D expenditure was 791515 million yuan, an increase of 39.29% over the previous year, accounting for 4.71% of the operating revenue. In 2021, the company obtained 17 qualifications, including "specialized and special new" small giant enterprise recognized by the Ministry of industry and information technology of the people's Republic of China, national single champion demonstration enterprise recognized by the Ministry of industry and information technology of the people's Republic of China, and the first set in Guangdong Province; The two technologies have reached the international leading level after identification, and won the first prize of Guangdong Machinery Industry Science and Technology Award and the second prize of Guangdong Machinery Industry Science and technology award respectively. At the same time, Dongguan Sixiang laboratory successfully passed CNAs certification. In 2021, the company also participated in the drafting of a number of standards related to power batteries for electric vehicles. In November 2021, the water cooling system of China's first gas storage participated by the company was successfully put into operation. In January 2022, the company built the world's first flexible direct transformer water cooling system in DC back-to-back converter station. In the future, the company will continue to strengthen R & D, innovation and transformation capabilities to ensure the company's core competitive advantage in the market.
Investment suggestion: the company is a leading enterprise of pure water cooling equipment in China, and the new energy vehicle business is developing rapidly. We expect the operating revenue of the company from 2022 to 2024 to be RMB 2.159/30.13/4.126 billion respectively, with a year-on-year increase of 28.5% / 39.6% / 36.9%; The net profit attributable to the parent company was 104 / 201 / 281 million yuan respectively, with a year-on-year increase of 60.4% / 93.6% / 40.3%; The corresponding EPS is 0.37/0.71/1.00 yuan respectively. We give the company 30 times PE in 2022, corresponding to the target price of 11.10 yuan, maintaining the "Buy-A" investment rating.
Risk tip: the investment scale of wind power and the planning of new installed capacity are less than expected, the gross profit margin is reduced due to intensified competition, the acquisition and integration is unfavorable, the development of new energy vehicle business is less than expected, and the assumption is less than expected
