Company 9 (689009)
Event: the company released the annual report of 2021.
Electric two wheeled vehicles and all terrain vehicles are in large quantities, and the revenue end will achieve rapid growth in 2021
In 2021, the company achieved an operating revenue of 9.146 billion yuan, a year-on-year increase of + 52%, which is in line with market expectations. The main benefit is that the company's new and old products have achieved a substantial growth. According to the products: ① as the company's traditional main business, the electric balance car & Electric Scooter achieved a revenue of 6.405 billion yuan in 2021, a year-on-year increase of 21.72%, accounting for 70% of the total operating revenue. Among them, the revenue of electric scooters increased significantly. In 2021, the revenue of scooter TOC retail products was 4.408 billion yuan, and the revenue of Tob micro travel products sharing scooters and accessories was 1.716 billion yuan. ② The revenue of electric two wheeled vehicle & Electric bicycle business in 2021 was 1.334 billion yuan, with a year-on-year increase of 208.84%, accounting for about 15% of the total operating revenue. Among them, the revenue of electric two wheeled vehicle was 1.2 billion yuan, with a year-on-year increase of 178%, and the sales volume was 420000 units, with a year-on-year increase of 267%. The decrease in unit price was mainly due to the launch of a series and other products with lower unit price in 2021. ③ In 2021, the company's all terrain vehicles were officially put into the market, with a sales volume of 20000 units and a revenue of 560 million yuan in 2021. The products include ATV, ATV and SSV. ④ In 2021, the company's service Siasun Robot&Automation Co.Ltd(300024) officially entered the stage of commercialization, realizing a sales revenue of more than 21 million yuan and a revenue of 7.75 million yuan in the same period in 2020, which also achieved a significant increase. Looking forward to 2022, we judge that with the continuous volume of new products such as two wheeled vehicles and all terrain vehicles, the company's annual revenue is expected to continue a rapid growth trend.
The scale effect drives the expense rate to decline and the company's profitability to increase significantly
In 2021, the company realized a net profit attributable to the parent company of 411 million yuan, a year-on-year increase of + 459%, significantly higher than the revenue growth rate, and the profit level improved significantly. In 2021, the company's net sales interest rate was 4.46%, a year-on-year increase of + 3.24pct. Specifically: ① at the gross profit side, the overall gross profit margin of the company in 2021 was 23.23%, with a year-on-year increase of -4.46 PCT, of which the gross profit margins of electric balance vehicle & Electric Scooter, electric two wheeled vehicle & Electric bicycle, Siasun Robot&Automation Co.Ltd(300024) , and other businesses were 25.09%, 11.19%, 36.19% and 26.00% respectively, with a year-on-year change of -0.65 PCT, -5.51 PCT, -1.05 PCT and -23.94 PCT respectively. On the whole, due to the accounting adjustment, the transportation cost is listed in the "operating cost" item, and the sea freight increases, resulting in a year-on-year decrease in the gross profit margin. In particular, the gross profit margin of electric two wheeled vehicles and electric bicycles decreased significantly. We judge that it is mainly due to the offset of business income by shop building subsidies. ② On the expense side, the expense rate of the company during 2021 was 18.76%, with a year-on-year rate of -5.57 PCT, and the expense rates of sales, management, R & D and finance were -0.98 PCT, -2.28 PCT, -2.19 PCT and -0.12 PCT respectively, mainly due to the scale effect. We judge that the company's profitability is expected to continue the upward trend as the continuous expansion of revenue scale leads to the decline of expense rate.
New products continue to land, and the company's growth space continues to open
While consolidating the traditional advantages such as electric scooters and balance vehicles, the company continues to layout new products and open up growth space: ① two wheeled vehicles are a large natural market. The annual demand for electric two wheeled vehicles in China is more than 40 million, and the user's demand for intelligent electric two wheeled vehicles is gradually increasing. The company has more than 1700 exclusive stores in China, covering 600 + cities. In addition, the company also releases products for overseas markets, which is expected to achieve rapid growth; ② The global all terrain vehicle is a 100 billion yuan market. The company has formed a certain scale of sales, and the growth space will be further opened; ③ The company laid out the mowing Siasun Robot&Automation Co.Ltd(300024) industry. In September 2021, it released new products of intelligent mowing Siasun Robot&Automation Co.Ltd(300024) , and the service Siasun Robot&Automation Co.Ltd(300024) sector also continued to land.
Profit forecast and investment rating: considering the impact of epidemic and other factors, we expect the net profit attributable to the parent company from 2022 to 2024 to be 859 million yuan (original value of 1.089 billion yuan), 1.329 billion yuan (original value of 1.575 billion yuan) and 1.849 billion yuan respectively. The corresponding dynamic PE of the current stock price is 29 / 19 / 13 times respectively, maintaining the "buy" rating.
Risk tip: the promotion of new products is not as expected, the sales volume in overseas markets is declining, the profitability is declining, etc.
