\u3000\u3 Shengda Resources Co.Ltd(000603) 035 Jiangsu Changshu Automotive Trim Group Co.Ltd(603035) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022: the revenue in 2021 was 2.663 billion yuan, a year-on-year increase of + 20.06%; The net profit attributable to the parent company was 420 million yuan, a year-on-year increase of + 16.15%; 21q4 achieved a revenue of 856 million yuan, a year-on-year increase of + 11.12% and a month on month increase of + 42.43%; The net profit attributable to the parent company was 143 million yuan, a year-on-year increase of + 1.87% and a month on month increase of + 123.44%; 22q1 achieved a revenue of 682 million yuan, a year-on-year increase of + 12.21% and a month on month increase of - 20.33%; The net profit attributable to the parent company was 79 million yuan, with a year-on-year increase of - 23.75% and a month on month increase of - 44.76%.
Comments:
The number of new energy customers is large, and the performance is bright in 2021. (1) In 2021, the company achieved a revenue of 2.663 billion yuan, a year-on-year increase of + 20.06%; The net profit attributable to the parent company was 420 million yuan, a year-on-year increase of + 16.15%; The gross profit margin and net profit margin were 24.05% / 15.43%, with a year-on-year increase of + 0.81pct / - 0.21pct. We believe that the company's outstanding performance in 2021 is mainly due to the large volume of new energy customers: in 2021, the new projects of ideal, Tesla, Zero run, Nezha and other new customers undertaken by the company have been completed and put into operation successively, and the shipment volume continues to increase; In 2021, the company's new energy sales accounted for 24.5% of the total sales, an increase of 131% compared with 10.6% in 2020. (2) The single quarter revenue of 21q4 was the highest in history. 21q4 achieved a revenue of 856 million yuan, a year-on-year increase of + 11.12% and a month on month increase of + 42.43%; The net profit attributable to the parent company was 143 million yuan, a year-on-year increase of + 1.87% and a month on month increase of + 123.44%; The gross profit margin and net profit margin were 24.32% / 16.36%, year-on-year + 3.43pct / - 0.76pct, month on month + 1.79pct / + 5.86pct.
Customers are affected by the epidemic, and the performance of 22q1 is under pressure in the short term. (1) 22q1 company achieved a revenue of 682 million yuan, a year-on-year increase of + 12.21% and a month on month increase of - 20.33%; The net profit attributable to the parent company was 79 million yuan, with a year-on-year increase of - 23.75% and a month on month increase of - 44.76%; The gross profit margin and net profit margin were 21.98% / 11.15%, with a year-on-year ratio of -0.68pct / - 5.35pct and a month on month ratio of -2.34pct / - 5.21pct. (2) Affected by the epidemic or supply chain, the output of some brand car customers was lower than expected, resulting in a year-on-year decrease of 57.61% in the investment income of 22q1. According to the company's 21st Annual Report, the main sources of investment income of the company include FAW Fusheng (holding 30%), Changchun Paige (holding 49.999%), Changchun antonglin (holding 40%) and Changshu antonglin (holding 40%). Excluding the impact of investment income, the net profit attributable to the parent company (excluding investment income) of 22q1 increased by 58.11%.
Taking advantage of the intelligent electric transformation in the automotive industry, the company has opened up long-term growth space. (1) In terms of electrification: the company has entered famous vehicle factories at home and abroad, such as Mercedes Benz EQB, BMW EV, ideal, Weilai, Xiaopeng, BAIC arcfox, Volkswagen MEB, Tesla, Zero run, Nezha, etc., and a large number of new projects have been put into R & D or mass production; Adhering to the concept of integrated and modular development, the company has successively obtained door panels, main and auxiliary instrument panels, columns, coat racks, mold inspection tools and other businesses in new energy vehicle enterprises, and the value of single vehicle continues to increase. (2) Intellectualization: since 2015, the company has arranged the design and development of intelligent cockpit in advance, and continued to increase R & D investment and innovation. The company has conducted in-depth technical exchanges with Beijing Benz, brilliance BMW, BAIC arcfox, Weilai, Xiaopeng, ideal, Nezha, Zero run, Jaguar Land Rover China, Chery and other main engine manufacturers to explore the application and cooperation of new technologies in the field of intelligent cockpit. Through harmonyos, the company got through the systematic health management scheme of intelligent cockpit and personal wear, and won the "2021 excellent partner of Huawei intelligent vehicle solution". In the future, the company's new intelligent cockpit products are expected to accelerate the landing, form a growth path of "high-end + electrification + intelligence", and open up long-term growth space.
Investment suggestion: as the epidemic situation is gradually controlled, the company's performance is expected to improve accordingly; In the medium and long term, it is optimistic that the company will blossom and bear fruit in the layout of intelligent electric track and open the space for long-term growth. In view of the impact of the epidemic and the rise in the price of raw materials on the company's gross profit margin and investment income, we adjusted the company's net profit attributable to the parent company from 530 million and 740 million yuan to 480 million and 600 million yuan, corresponding to 10.2 times and 8.1 times of PE, maintaining the "buy" rating.
Risk tip: the decline of industry prosperity and the impact of the epidemic on the annual output of the company's customers, and the landing of new projects and new production capacity is less than expected
