\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 633 Great Wall Motor Company Limited(601633) )
Event:
The company released the first quarter report of 2022. In 2022q1, the company achieved a revenue of 33.6 billion yuan, an increase of 8% year-on-year, and a net profit attributable to the parent company of 1.63 billion yuan, which was basically the same year-on-year.
Improved sales structure and profitability.
In 2022q1, the company sold 283000 units, a year-on-year decrease of 16%, mainly due to the impact of core shortage and the epidemic. We expect that with the promotion of resumption of work and production and the gradual alleviation of core shortage, the company's sales volume is expected to usher in an upward turning point. Benefiting from the increase in the sales proportion of high value-added products such as tank 300 and divine beast, the average price of single vehicle of 2022q1 company reached 119000 yuan, an increase of 27000 yuan year-on-year, so that the company's revenue achieved positive growth year-on-year. 2022q1's gross profit margin was 17.2%, up 2 percentage points year-on-year, mainly due to the improvement of sales structure. In terms of expenses, the company recognized equity incentive expenses of about 500 million yuan and exchange loss of about 400 million yuan in the current period. We expect that with the appreciation of ruble, the impact of exchange rate floating loss is expected to be alleviated, and the company's equity incentive expenses are expected to be gradually reduced in 2022q3.
The new car cycle continues to ferment and will be fully launched in 2022.
According to the company's equity incentive assessment target, the company's sales target in 2022 is 1.9 million vehicles. In 2022, the company's five brands will continue to make efforts, the Haval and pickup brands will maintain stable growth, and the sales of wey, Euler and tank brands are expected to rise rapidly. The wey brand has been upgraded in an all-round way, and the models such as Mocha, macchido and latte are positioned as high-end intelligent. At the same time, the company will have a number of wey brand models on the market in 2022, which will complement the company's shortcomings in the fields of cars, MPV and so on. The tank brand is independent. The popular model tank 300 creates a new off-road ecology, and the orders of tank 500 are strong, driving the company's brand to continue to rise. Euler's brand product category has made a breakthrough upward. New products such as lightning cat, ballet cat and punk cat mainly hit the 15 Fawer Automotive Parts Limited Company(000030) 0000 market, making up for the company's weakness in the medium and high-end market of pure electricity.
Investment advice
It is estimated that the company's EPS from 2022 to 2024 will be 1.08/1.46/2.26 yuan respectively. Maintain the "buy" rating.
Risk tips
The launch progress of new vehicles is less than expected; New energy business development is less than expected and other risks.
