\u3000\u3 China Vanke Co.Ltd(000002) 906 Foryou Corporation(002906) )
The company released its annual report and first quarter report to achieve high performance growth under complex circumstances
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the revenue was 4.488 billion yuan, a year-on-year increase of 33.01%; The net profit attributable to the parent company was 299 million yuan, a year-on-year increase of 64.94%; Deduct non net profit of 259 million yuan, an increase of 117.71% year-on-year. In 2022q1, the revenue was 1.200 billion yuan, a year-on-year increase of 25.23%; The net profit attributable to the parent company was 69 million yuan, a year-on-year increase of 25.57%, and the deduction of non net profit was 65 million yuan, a year-on-year increase of 19.69%. In 2021 and 2022, Q1 automobile industry is facing the impact of complex factors such as chip shortage, rising raw material prices and epidemic disturbance to the supply chain. Under this background, the company achieved high-speed and high-quality growth of various businesses and showed strong competitiveness. In view of the ar-hud penetration rate exceeding expectations, we raised the company's performance expectations. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be 4.16/6.05 (+ 0.63) / 838 million yuan respectively, the corresponding EPS will be 0.88/1.27 (+ 0.13) / 1.77 yuan / share respectively, and the PE corresponding to the current stock price will be 31.1/21.4/15.4 times respectively, maintaining the "buy" rating.
The revenue of the sector increased rapidly and the profitability remained stable
In 2021, the company's main sectors grew rapidly, among which the automotive electronics business realized a revenue of 2.946 billion yuan, a year-on-year increase of 39.88%. The orders of existing customers such as great wall and Chang'an increased sharply, and continued to expand new energy vehicles and overseas customers; The income of precision die casting business was 938 million yuan, with a year-on-year increase of 47.55%. During the reporting period, the company successfully imported Byd Company Limited(002594) , Dajiang, Suteng juchuang and other customers, and the business continued to expand. In terms of profitability, the gross profit margin of the company in 2021 and 2022q1 was 21.57% and 21.98% respectively, with a year-on-year decrease of 2.05pct/1.03pct respectively; In the same period, the sales expense ratio decreased by 1.39 PCT and 1.85 PCT respectively, mainly due to the transfer of freight from sales expense to cost in the new accounting standards. Excluding the influence of this factor, the company's gross profit margin remained relatively stable.
The advantageous business position is stable, the emerging product line continues to expand, and the performance is expected to reach a new level
The company's HUD products have been designated by more than ten auto enterprises, and the industry penetration has exceeded expectations. The company's products are constantly upgraded to seize market share. In the cockpit field, the domain controller is cut in outside the digital instrument and central control screen. The products are equipped with chip technology solutions such as Qualcomm, Renesas and Xinchi, and have been designated by customers such as great wall and Chang'an. In addition, the digital power amplifier equipped with dual DSP has been fixed by the great wall and Chang'an. At the same time, the company has also made a good start in the fields of electronic rearview mirror, digital key, 360 look around, autonomous parking and so on. Under the tide of automobile intellectualization, the company's existing advantageous products continue to expand, customers consolidate their position, the capacity of emerging product lines continues to expand, and the performance is expected to reach a new level.
Risk tip: the epidemic repeatedly affects market demand, supply chain and fierce market competition.
