\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 965 China Automotive Engineering Research Institute Co.Ltd(601965) )
In the first quarter, the net profit attributable to the parent company increased by 10% year-on-year, and the technical service business performed well. The company’s 2022q1 revenue was 561 million yuan, a year-on-year decrease of 33.18%, and the net profit attributable to the parent company was 130 million yuan, a year-on-year increase of 9.94%. In 2021, the revenue was 3.835 billion yuan, with a year-on-year increase of 12.21%, and the net profit attributable to the parent company was 692 million yuan, with a year-on-year increase of 23.86%. Among them, 2021q4 achieved a revenue of 1.244 billion yuan, a year-on-year increase of 21.10% (a single quarter high), and a net profit attributable to the parent company of 196 million yuan, a year-on-year decrease of 10.12%. On the whole, the company’s revenue grew steadily in 2021. On the one hand, the company adhered to endogenous tapping potential, the announcement, testing and entrusted business was steady, and the market share of traditional business continued to increase; On the other hand, the company seized the opportunity of new energy and intelligent Internet service development, and continued to make breakthroughs in innovative business.
In 2022q1, the net interest rate increased both month on month, and the expense rate improved month on month. The gross profit margin in 2021q1 was 45.18%, up 16.97pct year-on-year and 9.31pct month on month; The net interest rate was 23.68%, with a year-on-year increase of 10.06pct and a month on month increase of 5.62pct. In 2021, the gross profit margin was 33.43%, a year-on-year increase of 2.71 PCT, and the net profit margin was 19.02%, a year-on-year increase of 1.92 PCT. In 2021, the proportion of automobile technical service business income with high gross profit margin increased, and the overall gross profit margin increased significantly. The rate of 2022q1 IV was 17.04%, up 6.43pct year-on-year and down 0.04pct month on month, of which the rate of sales / management / R & D / finance expenses was 3.39/8.83/5.59/ – 0.76% respectively, with a year-on-year change of + 1.93 / + 2.95 / + 1.66 / – 0.11pct respectively and a month on month change of – 0.24 / – 0.17 / + 0.84 / – 0.47pct respectively. The cost rate improved month on month and the R & D expenditure increased.
The business structure was optimized in 2021, and the technical service business grew steadily in 2022q1. In 2021, the market share of the company’s technical service business continued to increase, and new increments in the new energy and intelligent markets were explored. The revenue accounted for + 9.3pct to 62.4% year-on-year, and the gross profit margin was 48.1%, with a year-on-year increase of – 2.0pc; Rail transit and special auto parts business maintained market advantages in the monorail market, with a year-on-year increase in revenue of 28% and a year-on-year increase in gross profit margin of 1.5pct to 45.9%; The new customer market development effect of automobile gas system and key parts business was remarkable, the operating revenue increased by 35.7% year-on-year, and the gross profit margin increased by 1.8pct to 23.8% year-on-year. In 2022q1, the automobile technical service business grew steadily, with a revenue of 504 million yuan, a year-on-year increase of 27.13%.
There are sufficient orders in the medium and short term, and they benefit from electrification and intelligence in the long term. The company is a leader in automobile testing with core technology. In terms of technical services, the company continues to explore markets and customers in the medium and short term. The equipment manufacturing business benefits from the new infrastructure to achieve a breakthrough in orders. In the long term, under the background of electrification and intellectualization of the automobile industry, the company’s technical services will build a closed-loop development around energy network service testing and certification + process equipment supply + big data platform, which is expected to open a new incremental space.
Risk tip: the prosperity of the automobile industry is lower than expected; The company’s new business layout is less than expected
Investment suggestion: lower the profit forecast and maintain the “buy” rating.
Considering that the special-purpose vehicle market has entered a cyclical downward trend, the epidemic situation may affect the rhythm of vehicle listing, and the profit forecast is lowered. The net profit in 22-24 years is expected to be RMB 770 / 860 / 990 million respectively (the net profit forecast in the previous 22 / 23 years was RMB 830 / 1.05 billion), and the corresponding PE is 16 / 14 / 13X respectively, maintaining the “buy” rating.
