Jingwei Hengrun (688326)
The results of the first quarter of 2022 were released, and the short-term results were under pressure
The company released the first quarter report of 2022. In the first quarter of 2022, the company realized a revenue of 709 million yuan, a year-on-year decrease of 2.71%, a net profit attributable to the parent of -32 million yuan, a year-on-year decrease of 198.16%, and a net profit deducted of -65 million yuan, a year-on-year decrease of 305.41%. The short-term pressure on performance is mainly due to the local epidemic and the disturbance of external factors in the automobile supply chain. As a local high-quality Tier1 supplier, the company has solid technology, and its products are fully distributed in the controller products such as body, automatic driving, new energy and power, chassis, gateway, T-box and other Internet products and vehicle R & D services, so it continues to be optimistic about the future development of the company. We maintain that the net profit attributable to the parent company from 2022 to 2024 is expected to be 204 / 318 / 462 million yuan respectively, the corresponding EPS is 1.70/2.65/3.85 yuan / share respectively, and the PE corresponding to the current stock price is 50.3/32.3/22.2 times respectively, maintaining the "buy" rating.
The performance is affected by the disturbance of short-term supply chain, and high R & D investment lays a long-term barrier
In the first quarter of 2022, the epidemic spread in scattered areas across the country, and repeated outbreaks occurred in important automobile supply chain cities such as the northeast and Yangtze River Delta. At the same time, there was no significant improvement in the shortage of chips in the automobile industry and the rise of raw material prices. Although the company actively discussed price compensation with customers, the measures have not yet been implemented. Under the influence of multiple factors, the company's revenue and profit in 2022q1 fell, and the gross profit margin fell by 8.22pct to 23.80%. However, the company continued to increase R & D investment. In 2022q1, R & D expenses increased by 61.36% year-on-year, and the proportion of revenue increased by 8.04pct. From 2018 to 2021, the R & D expense rates of the company were 17.24%, 17.60%, 14.21% and 13.98% respectively, significantly higher than those of competitors. In addition, the company also has leading advantages in talent education structure and the number of patents. The high-intensity technical investment has laid a long-term barrier for the company.
Three dimensional integrated and comprehensive layout, and the reserve business is expected to blossom and bear fruit
The company lays out automotive electronics, R & D services and high-level driverless operation. Among them, the automotive electronics field has a comprehensive layout of automatic driving / body / chassis / Internet connection / new energy electronics. At present, the automatic driving controller is equipped with mobileyeq series, titda4 and other chip platforms to form a full stack solution with high-low matching and combination of software and hardware. At present, it has been supplied to SAIC / FAW and other vehicle manufacturers. R & D services lay out the core links of vehicle development, deepen the understanding of vehicle architecture and electronics, and assist vehicle electronics to get orders. High level driverless operation, build a complete automatic driving operation platform and pilot integrated service capability. The company has a comprehensive product layout and strong technical strength. The business sector reserved in the future is expected to blossom and bear fruit, helping the company to become a local leading tier 1 supplier.
Risk tip: the downstream demand is less than expected, and the epidemic repeatedly affects the supply chain.
