\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 965 China Automotive Engineering Research Institute Co.Ltd(601965) )
The annual report for the first quarter of the year was RMB 1.29 billion, with a year-on-year net profit of RMB 3.52 billion compared with that of the parent company in 2021, and a year-on-year net profit of RMB 3.52 billion compared with that of 2021; The net profit deducted from non parent company was 570 million yuan, a year-on-year increase of + 15.9%. Q4 achieved a revenue of 1.244 billion yuan in 2021, a year-on-year increase of + 21.1% and a month on month increase of + 57.3%; The net profit attributable to the parent company was 196 million yuan, with a year-on-year increase of – 10.1% and a month on month increase of – 16.3%; The net profit deducted from non parent company was 173 million yuan, with a year-on-year increase of + 5.6% and a month on month increase of + 10.7%; In 2022, Q1 achieved a revenue of 561 million yuan, a year-on-year increase of – 33.2% and a month on month increase of – 54.9%; The net profit attributable to the parent company was 130 million yuan, up + 9.9% year-on-year and – 33.6% month on month; The net profit deducted from non parent company was 122 million yuan, a year-on-year increase of + 7.3% and a month on month decrease of – 29.1%.
The revenue structure was continuously optimized and exceeded the annual budget. In 2021, the company’s automobile technical services achieved a revenue of 2.38 billion yuan, a year-on-year increase of + 32.3% and a gross profit margin of 48.05%; The special purpose vehicle transformation and sales business achieved a revenue of 1.17 billion yuan, a year-on-year increase of – 15.5% and a gross profit margin of 4.3%; The revenue of rail transit and special auto parts business was 110 million yuan, a year-on-year increase of + 28.0%, and the gross profit margin was 45.9%; The revenue of automobile gas system and key parts was 1.47 billion yuan, a year-on-year increase of + 35.7%, and the gross profit margin was 23.8%. The business structure was optimized in the direction of high gross profit margin. The newly signed contracts amounted to 4.553 billion yuan, a year-on-year increase of + 26.07%, accounting for 114.6% of the annual budget, and the total revenue and profit respectively accounted for 100.92% / 118.73% of the 2021 budget.
The automobile technical service business Q1 continued to grow and actively controlled the scale of equipment manufacturing business. In 2022, Q1’s automobile technical service business achieved a revenue of 504 million yuan, a year-on-year increase of + 27%, and the equipment manufacturing business achieved a revenue of 58 million yuan, a year-on-year increase of – 87%. Mainly due to the shrinking demand for engineering vehicles, the company strengthened risk management and controlled the business scale. The rail transit and special auto parts business were affected by the relevant policies of the location of major customers, and the delivery and settlement progress were delayed.
Seize the opportunity of industry reform and comprehensively enhance the sustainable development competitiveness of the company. 1) In terms of technical services: focus on customer value creation, fully promote the transformation of innovative business and create growth points; 2) Equipment manufacturing: the transformation and upgrading of special vehicle business has been accelerated, the gas system business has made a substantive breakthrough in the field of hydrogen energy business, and rail transit continues to promote the market development of subway and industrial GearBox products. The company’s revenue target in 2022 is 4.3 billion yuan and the total profit is 810 million yuan.
Profit forecast and investment rating: Based on the possible uncertainty of the impact of the epidemic in China, we adjusted the company’s revenue from 4.2384725 billion yuan to 4.3424945 billion yuan in 20222023, 5.663 billion yuan in 2024, a year-on-year increase of + 13.2% / + 13.9% / + 14.5%, and the net profit attributable to the parent company from 882 / 1045 million yuan to 771 / 855 million yuan in 20222023, 979 million yuan in 2024, a year-on-year increase of + 11.4% / + 11.0% / 14.4%, The corresponding EPS is 0.78/0.86/0.99 yuan and the corresponding PE is 16.07/14.48/12.65 times, maintaining the “buy” rating.
Risk tip: new entrants have obtained the announcement of compulsory inspection of relevant certification qualifications, and the customer payment collection cycle exceeds expectations.
