\u3000\u3 China Vanke Co.Ltd(000002) 249 Zhongshan Broad-Ocean Motor Co.Ltd(002249) )
Event:
The company officially disclosed the annual report of 2021 and the first quarterly report of 2022 on April 25, 2022. In 2021, the company achieved a total revenue of 10.017 billion yuan, a year-on-year increase of 28.82%; The net profit attributable to the parent company was 250 million yuan, with a year-on-year increase of 142.01%, and the basic EPS was 0.11 yuan / share. In the first quarter of 2022, the company achieved a revenue of 2.683 billion yuan, a year-on-year increase of 21.54%; The net profit attributable to the parent company was 147 million yuan, a year-on-year increase of 12.54%; The basic EPS is 0.06 yuan / share. The company's performance is in line with expectations.
Comments:
The sales volume of new energy vehicle business increased significantly
Benefiting from the rapid development of the new energy vehicle industry, the company's new energy vehicle powertrain system achieved an annual operating revenue of 1.357 billion yuan, a significant year-on-year increase of 78.17%, of which the sales of electric drive assemblies of pure electric passenger vehicles increased significantly.
The product layout of BHS division is effective
BHM business unit, which focuses on building air conditioner and household electrical appliance motor products, faced with the weak overall terminal demand in the air conditioning market, quickly adjusted the product layout, achieved good results in high-efficiency intelligent motor, semi closed compressor motor, fresh air air air conditioner fan and other products, and the sales revenue reached a record high: BHM business unit achieved a revenue of 55676463 million yuan in 2021, an increase of 29.20% over the same period of last year.
Prospective layout of hydrogen energy industry
The national support for the development of hydrogen energy industry is becoming stronger and stronger, and a large number of relevant industrial policies have been issued successively. The company is looking forward to the layout of the hydrogen energy industry. At present, it has completed the development, performance, reliability and sample vehicle verification of 120kw fuel cell module samples, and is in the process of compulsory inspection and certification by a third-party organization. In terms of market development, three new models equipped with the company's hydrogen fuel cell module were included in the national catalogue of recommended models for the promotion and application of new energy vehicles, and the technology and business docking of core parts were completed with five head hydrogen fuel cell module companies.
Profit forecast and investment suggestions
Considering that the impact of the price rise of upstream raw materials has not been eliminated this year, we expect the company's operating revenue to be 12.261/14.78 billion yuan and the net profit attributable to the parent company to be 366487 million yuan respectively from 2022 to 2023 (the previous value is 555 million yuan and 667 million yuan). At the same time, we also increase the profit forecast for 2024. The revenue is 18.225 billion yuan, the net profit is 658 million yuan, the corresponding EPS is 0.15/0.21/0.28 yuan / share and the corresponding PE is 30.4x/22.8x/16.9x respectively. Maintain the "buy" rating.
Risk tips
1) upstream raw material price rise risk; 2) The risk of intensified industry competition; 3) Goodwill impairment risk.
