Company No. 689
Event:
On April 25, 2022, the company released the annual report of 2021 on the 9th. In 2021, the company achieved a revenue of 9.146 billion yuan (+ 52.36%) and a net profit attributable to the parent company of 411 million yuan (+ 458.84%). In 2021q4, the company achieved a revenue of 1.944 billion yuan (+ 15.35%), and a net profit attributable to the parent company of 22 million yuan (+ 293.42%).
The growth rate of export sales is high, and the growth power of each business segment is strong. 1) By region, the company achieved domestic revenue of 4.7 billion yuan (+ 35.20%) and overseas revenue of 4.446 billion yuan (+ 75.99%) in 2021. 2) In terms of products, in 2021, the company achieved revenue of 6.405 billion yuan (+ 21.72%), including 4.408 billion yuan for scooter TOC retail products and 1.716 billion yuan for tob shared micro travel products; Achieved revenue of 1.334 billion yuan (+ 208.84%), including revenue of 1.2 billion yuan and sales of 420000 intelligent electric two wheeled vehicles; The revenue of all terrain vehicles is 560 million yuan and the sales volume is 20000 units; Realize Siasun Robot&Automation Co.Ltd(300024) revenue of intelligent services of 21 million yuan (+ 174.74%). 3) In terms of sales mode, the company achieved sales of customized products of 4.778 billion yuan (+ 40.78%) and sales of independent products of 4.368 billion yuan (+ 67.44%) in 2021.
2021q4 gross profit margin is under short-term pressure and profitability has been significantly improved. 1) Gross profit margin side: under the reduced caliber, the gross profit margin in 2021 was 23.23%, with a year-on-year increase of -3.09pct, mainly due to the increase of sea freight and the offset of operating revenue by the subsidy for the establishment of electric two wheeled vehicles. 2) Expense ratio: in 2021, the company’s sales / management / R & D expense ratio was 6.48% / 5.69% / 5.51% respectively, with a year-on-year increase of + 0.39pct / – 2.28pct / – 2.19pct, and the company’s management and R & D efficiency improved. Affected by the expense side control and foreign exchange hedging and other investment activities, the net interest rate attributable to the parent company in 2021 reached 4.49%, a year-on-year increase of + 3.27pct, and the profitability was significantly improved.
The company’s product matrix is constantly enriched, and its product strength is leading the industry. 1) Electric scooter: Launch children’s electric scooter, high-speed GT series, high endurance P series, and portable D series to target different consumer groups and cover multiple use scenarios. 2) Electric two wheeled vehicle: launch electric bicycle a series, c2021 series, electric motorcycle n series, etc., equipped with rideygo2 0 system, No. 9 cloud power system and other new intelligent systems, with the intelligent level leading in the industry. 3) All terrain vehicle: successfully developed 570cc fuel power, 1000cc fuel power, 570 light hybrid and 1000 extended range hybrid and other large displacement power platforms. 4) Service Siasun Robot&Automation Co.Ltd(300024) : Launch borderless planning mowing Siasun Robot&Automation Co.Ltd(300024) navimow to effectively solve the pain points of industries requiring embedded lines and low mowing efficiency; Indoor distribution of No. 9 sugar cube Siasun Robot&Automation Co.Ltd(300024) has achieved commercial landing in hotels, office buildings and other scenes, and outdoor semi-automatic intelligent distribution Siasun Robot&Automation Co.Ltd(300024) is actively preparing.
Younger brand building + offline store expansion enable growth. 1) Brand side: the company has launched joint products with Li Ning, Audi, transformers, linefriends, etc. and signed al hero alliance and Chengdu Ag super game games team as named partners to reach more young consumer groups with the help of popular IP. 2) Channel side: the company actively develops the offline market and creates a three-dimensional marketing channel combining online and offline. By the end of 2021, there were 1700 + intelligent electric two wheel door stores in China, covering more than 600 cities.
Investment suggestion: the company has a rich product matrix, attaches importance to young brand building and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) multi-channel layout, and each business segment is driven by multiple wheels, which is expected to provide strong growth impetus for the company and maintain the “buy” rating. We predict that from 2022 to 2024, the net profit attributable to the parent company will be RMB 954 / 13.36 / 1.698 billion, the corresponding EPS will be RMB 13.48 / 18.87 / 23.98, and the current share price will be 25.66/18.33/14.42 times PE.
Risk tips: intensified market competition, price fluctuation of raw materials, exchange rate fluctuation risk, repeated covid-19 epidemic, stricter industrial policies, less than expected technology research and development, etc.
