\u3000\u3 Guocheng Mining Co.Ltd(000688) 208 Autel Intelligent Technology Corp.Ltd(688208) )
Revenue continued to grow high and maintained the “buy” rating
The company released its 2021 annual report, realizing a revenue of 2.254 billion yuan, a year-on-year increase of 42.84%. The company continues to invest prospectively in the layout of the new energy market, which is expected to open a new growth curve. Taking into account the impact of R & D investment, exchange rate, freight and other factors, we lowered the profit forecast for 20222023 and added 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 550, 770 and 1041 million yuan (601 and 881 million yuan in 20222023), and EPS will be 122, 171 and 2.31 yuan / share. The current share price corresponds to PE of 23.8, 17.0 and 12.6 times. The new energy business is expected to open a new growth curve and maintain the “buy” rating.
The company issued 2021 Annual Report
(1) in 2021, the company achieved a revenue of 2.254 billion yuan, a year-on-year increase of 42.84%. In terms of products, the revenues of comprehensive diagnostic products, TPMS products, software upgrade services and ADAS products were RMB 1197 million, RMB 417 million, RMB 301 million and RMB 229 million respectively, with a year-on-year growth rate of 28.64%, 51.30%, 44.42% and 105.46% respectively. All businesses achieved rapid growth. (2) In 2021, the company’s gross profit margin was 57.65%, down 5.18 percentage points, mainly due to the changes in accounting policies (transportation expenses are amortized from sales expenses to operating costs), the appreciation of RMB, the rise of international freight and spot prices and other factors. After excluding all uncontrollable factors, the gross profit margin was 63.75%, up 0.92 percentage points year-on-year. (3) In 2021, the company realized a net profit attributable to the parent company of 439 million yuan, with a year-on-year increase of 1.31%. Excluding factors such as exchange rate and freight, the profit increased by 54.19%, faster than the revenue growth.
Continue to invest in forward-looking layout, and new energy is expected to open the second growth curve
In 2021, the company increased R & D investment and comprehensively laid out the new energy market, mainly including the following directions: (1) expand the coverage of diagnostic products for new energy models, and more than 1000 models have been covered at present; (2) Launch ultraev series tool chain products, covering the diagnosis, detection, maintenance and other links of new energy vehicles, supporting the original factory level intelligent maintenance guidance function of TOP10 new energy brand, and compatible with more than 90% of mainstream new energy models; (3) Charging pile products: in 2021, the company launched AC pile products certified by European standard, successively received orders from Britain, Singapore, France and other countries and gradually delivered them. With the rapid volume of new energy vehicles, the post market of 100 billion new energy vehicles is ready to go. The company seizes the market opportunity and makes a forward-looking layout, which is expected to open the second growth curve.
Risk tip: the sales growth of new automotive diagnostic products slows down; The sales volume of new energy products was lower than expected.
