\u3000\u3 China Vanke Co.Ltd(000002) 906 Foryou Corporation(002906) )
Event:
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a revenue of 4.49 billion yuan, a year-on-year increase of 33%, and a net profit attributable to the parent company of 300 million yuan, a year-on-year increase of 65%; In 2022q1, the revenue was 1.2 billion yuan, a year-on-year increase of 25%, and the net profit attributable to the parent company was 70 million yuan, a year-on-year increase of 26%.
The double main business has made great efforts, and the performance has increased rapidly.
During the reporting period, the company's dual main businesses of automotive electronics and precision die casting achieved rapid expansion. Among them, the automotive electronics business benefited from the rapid volume of automotive electronics central control, combined cockpit, HUD, wireless charging and other products, realizing the rapid growth of revenue scale. The gross profit margin of the company was 21.57% in 2021 and 21.98% in 2022q1. During the reporting period, the company's accounting policies were adjusted. Looking back, the gross profit margin of 2021 and 2022q1 was basically the same year-on-year. In 2021, the gross profit margin of the company's automotive electronics business decreased by about 1 percentage point year-on-year and the precision die casting business decreased by about 2 percentage points year-on-year. The main reasons were the rise of raw material prices and the acquisition of Jiangsu Zhongyi, a subsidiary of precision die casting business.
The reserve of intelligent products is abundant, and the category expansion continues to advance.
In terms of new customers, the company has undertaken new projects including Changan Ford, PSA, Beijing Hyundai, great wall, Changan, GAC, BAIC, Geely, Baidu, Weilai, Weima and jinkangxilis. In terms of products, based on the existing IVI products, the company continues to develop new categories, including HUD, digital instrument, wireless charging, cockpit domain controller, etc. some of the new categories of products have been mass-produced or fixed-point, which is expected to further improve the value of the company's supporting bicycles. At the same time, the volume of subdivided brand products is expected to further improve the company's profitability.
Investment advice
It is estimated that the EPS from 2022 to 2024 will be 0.85 yuan, 1.17 yuan and 1.58 yuan respectively. Maintain the "buy" rating.
Risk tips
Automobile production and sales are less than expected; The development of new products is less than expected.
