\u3000\u3 China Vanke Co.Ltd(000002) 011 Zhejiang Dun'An Artificial Environment Co.Ltd(002011) )
Event: 22q1 company achieved an operating revenue of 2.011 billion yuan, a year-on-year increase of - 6.40%, and a net profit attributable to the parent company of 83 million yuan, a year-on-year increase of - 14.66%.
Household refrigeration business declined slightly, and commercial + foreign trade achieved high growth. The main reason for the decline in Q1 revenue is that the corresponding revenue of individual customers has declined. According to the overall production scheduling and order transfer share of Midea, we expect that the purchase amount of Midea to Dunan in Q1 will decrease by about 150200 million in a single quarter. If the influence of the United States is excluded, the orders of third-party manufacturers are basically flat or slightly increased year-on-year. With the subsequent acquisition and delivery of Gree and the completion of fixed increase, there is a great possibility of positive order transfer contribution, and the household appliance refrigeration business is expected to improve. The company insisted on overcoming the depression of commercial and overseas business, with Q1 commercial parts revenue + 19.31% and foreign trade revenue + 23.13% year-on-year. In terms of gross profit level, affected by the rising cost of raw materials, the rising freight of refrigeration equipment and other factors, the gross profit margin and net profit margin of Q1 decreased slightly, 15.71/4.15% respectively, with a year-on-year increase of -0.54 / - 0.40pct respectively.
New energy vehicle thermal management is high-speed and large-scale, and new production lines respond to the outbreak of demand. Q1's new energy vehicle thermal management business was + 123.03% year-on-year. In order to cope with the rapid growth of thermal management business scale, the company has several new production lines and equipment will be in place to meet the subsequent production demand. At present, the company has established cooperation with mainstream new energy vehicle enterprises and system companies such as Byd Company Limited(002594) , Weilai and ideal, and will continue to expand more high-quality overseas and Sino foreign joint venture customers in 2022.
Reduce costs and increase efficiency, and steadily reduce financial costs. The sales / management / R & D / financial ratio of Q1 company was -0.32 / - 0.17 / - 0.07 / + 0.14pct year-on-year respectively. Although the financial expense ratio increased slightly year-on-year, it was mainly due to the decrease of interest income. The interest expense of Q1 was 19.32 million, a decrease of 22.67 million yuan compared with 21q1. According to the company's debt repayment plan, the financial expense ratio of the company is expected to be further reduced in the future. At the end of Q1, the company's asset liability ratio was 77.41%, which was further improved compared with that at the end of 21.
Profit forecast and investment rating: we are firmly optimistic about Dunan's long-term development pattern of "refrigeration + thermal management", commercial + foreign trade to support the stable growth of the refrigeration sector, Gree's acquisition to promote the effective improvement of the company's asset liability structure. In the future, with the resources of Gree's platform, we are expected to realize the integration with Gree's industrial chain and accelerate the development of thermal management business. We expect the company's revenue to be 10.491/11.702/13.029 billion yuan from 2022 to 2024, with a year-on-year growth rate of 6.7/11.5/11.3%; The net profit attributable to the parent company was RMB 550 / 69 / 840 million, with a year-on-year growth rate of 35.4 / 24.9 / 22.3%; Corresponding to PE11 11/8.90/7.27。
Risk factors: the development of new energy business is less than expected, the market share of refrigeration valves is declining, the cost of raw materials is rising, and the development of overseas customers is less than expected
