\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 699 Ningbo Joyson Electronic Corp(600699) )
The company released the annual report and the first quarterly report, and the global epidemic superposition and lack of core dragged down the performance
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the revenue reached 45.670 billion yuan, a year-on-year decrease of 4.64%; The net profit attributable to the parent company was -3.753 billion yuan, a year-on-year decrease of 709.13%; The provision for impairment of goodwill was 2.02 billion yuan. In 2022q1, the revenue reached 11.73 billion yuan, a year-on-year decrease of 4.53%; The net profit attributable to the parent company was -158 million yuan, a year-on-year decrease of 171.32%. The global covid-19 epidemic and chip shortage in 2021 affected the downstream demand of the automotive industry and brought shocks to the supply chain system, resulting in poor performance in the whole year. In 2022 Q1, the above factors combined with the epidemic situation in China and the turmoil of the international political situation continued to drag down the performance. It is expected that with the gradual improvement of the external environment, the company’s performance is expected to hit the bottom and rebound. We adjusted the company’s performance expectations. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 461 (- 8.50) / 1017 (- 9.88) / 1.414 billion yuan respectively, the corresponding EPS will be 0.34 (- 0.62) / 0.74 (- 0.73) / 1.03 yuan / share respectively, and the PE corresponding to the current stock price will be 29.9/13.6/9.8 times respectively, maintaining the “buy” rating.
Automotive safety performance is under pressure, and automotive electronics is growing against the trend
In 2021, the revenue of automobile safety business was 32.31 billion yuan, a year-on-year decrease of 2.5%, and the gross profit margin was 8.49%, a year-on-year decrease of 2.75 PCT, mainly due to the lack of core in the industry, the sharp rise of raw material prices and transportation costs. Under the influence of security business, the company’s overall gross profit margin fell 1.68pct to 11.63% year-on-year. The company’s automotive electronics business achieved a revenue of 12.71 billion yuan, a year-on-year increase of 24%, a gross profit margin of 18.99%, a year-on-year increase of 1.63 PCT, and the performance achieved contrarian growth. During the reporting period, the company’s cockpit domain controller supporting Audi, Volkswagen and other customers began to ship. The cockpit interactive system benefited from the large screen and multi screen upgrade of the cockpit, and its performance continued to improve. In addition, BMS, high-power charging, wireless charging and other products also continued to promote, and won the favor of head customers such as BMW, Mercedes Benz, Volkswagen, Geely and GAC.
Orders are abundant and profits are expected to be gradually released after the improvement of the external environment
The company’s automobile safety business received 21.8 billion yuan of orders in 2021, and the tightening of industry supervision is expected to help the newly obtained orders exceed $6.6 billion in 2022. In the future, with the introduction of high gross profit orders and active cost reduction and efficiency increase, the performance of the sector will gradually improve. In 2021, the automotive electronics business received orders of 30.8 billion yuan, and the cockpit sector received platform orders from mainstream car enterprises such as Volkswagen, Audi, FAW / SAIC Volkswagen and Weilai, and cooperated deeply with Huawei in the cockpit field; The l0-l4 level technology research and development is comprehensively arranged in the field of automatic driving, providing a full stack solution from domain controller, sensor, middleware to algorithm. In the future, with the improvement of the external environment, the company’s performance is expected to hit the bottom and rebound.
Risk warning: repeated outbreaks / global political turmoil, disturbance of supply chain, rise in raw material prices, etc.
