\u3000\u3 China Vanke Co.Ltd(000002) 851 Shenzhen Megmeet Electrical Co.Ltd(002851) )
Core conclusion
Event: the company released the annual report for 21 years and the first quarterly report for 22 years. In 21 years, the company realized an operating revenue of 4.156 billion yuan, a year-on-year increase of + 23.08%, and a net profit attributable to the parent company of 389 million yuan, a year-on-year increase of - 3.50%. 22q1 company achieved an operating revenue of 1.193 billion yuan, a year-on-year increase of + 34.13% and a month on month increase of - 3.31%; The year-on-year net profit was RMB 1.2 billion, with a year-on-year return of -8.9%.
All sectors except the new energy vehicle business achieved year-on-year growth. In the 21st year, the revenue of the company's smart home appliances, electronic control, industrial power supply, industrial automation and new energy vehicles was RMB 21.71/882781/301 million respectively, with a year-on-year increase of + 23.69% / + 26.09% / + 45.38% / - 14.32%, accounting for 52.23% / 21.23% / 18.79% / 7.24% respectively, with a year-on-year increase of + 0.26 / + 0.51 / + 2.88 / - 3.16pct. Except for the new energy vehicle business, the revenue of other businesses increased year-on-year.
The rise in raw material prices led to a slight decline in profitability. In 21 years, the company's comprehensive gross profit margin and net profit margin were 26.59% / 9.94% respectively, with a year-on-year decrease of 1.80/2.01pct. Due to the rise of raw material prices and other factors, the company's profitability declined slightly. Among them, the gross profit margins of smart home appliances, electronic control, industrial power supply, industrial automation and new energy vehicles were 23.20% / 28.99% / 33.89% / 25.68% respectively, with a year-on-year increase of -0.55 / - 2.74 / - 7.03 / + 3.66pct.
Platform based management and high R & D investment are expected to continue to grow. The R & D expense rate of the company in 21 years was 11.09%, with a year-on-year increase of + 0.19pct. Relying on the operation mode of "business division + resource platform" matrix management and continuous high R & D investment, the company is expected to continue to give full play to its advantages in the subdivided fields of office automation equipment power supply, intelligent welding machine and precision link in Japan. The company's total order volume in 21 years was + 48% year-on-year. With the gradual delivery of orders in hand, the company's performance is expected to continue to grow.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 22-24 years will be RMB 472 / 580 / 720 million, yoy + 21% / 23% / 24%, and EPS will be RMB 0.95/1.17/1.45, maintaining the "buy" rating.
Risk tips: macroeconomic recovery is less than expected, the risk of rising raw material prices, and customer development is less than expected
