\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 933 Ikd Co.Ltd(600933) )
Key investment points
Key points of announcement: the company released the performance report for the first quarter of 2022, and achieved a revenue of 903 million yuan during the reporting period, with a year-on-year increase of + 12.7% and a month on month increase of + 5.8%; The net profit attributable to the parent company was 85 million yuan, with a year-on-year increase of – 21.1% and a month on month increase of + 173.9%; The net profit deducted from non parent company was 63 million yuan, with a year-on-year increase of – 23.0% and a month on month increase of + 316.2%.
The revenue grew against the trend, the gross profit margin remained stable, and the financial expense rate decreased significantly. In Q1 2022, according to marklines data, the global automobile production was about 18.51 million, with a chain comparison of – 12.2%. The national automobile sales volume was about 5.486 million units, with a year-on-year increase of + 9.1% and a month on month increase of – 16.1%, of which the batch of new energy vehicles was about 1.184 million units, with a month on month increase of – 9.1%. Driven by the large-scale volume of new energy related projects, the company’s Q1 revenue increased against the trend. The gross profit margin was 23.35%, a month on month increase of + 0.1pct, which remained basically stable. Benefiting from the decrease in exchange losses during the reporting period, the company’s financial expense ratio decreased significantly month on month, reaching 0.9%, month on month -4.13pct, boosting the overall expense ratio -5.16pct.
Enhance the market share of existing products, grasp the trend of electric intelligent industry, continue to expand production capacity and meet the release of orders. 1) Rely on high-quality customer resources to improve the market share of existing products. The company closely follows the development pace of the global automobile market, enhances the competitiveness of obtaining existing customers and existing market share, and improves the market share of various small and medium-sized products. 2) Grasp the industrial trend of Electric Intelligence in the automotive industry and speed up the market layout in the field of new energy. The company makes every effort to obtain new energy, intellectualization and new product projects of body structural parts, and strengthens the product development of three electricity system and automobile structural parts of new energy vehicles. The new projects of vision and intelligent driving system are expected to account for about 70% of the company’s sales revenue in 2021; 3) Continue to expand production capacity and meet the subsequent orders. By March 2022, Liuzhou production base has basically completed delivery; The Intelligent Manufacturing Technology Industrial Park project and Mexico North America production base are under construction as planned, and the company is expected to be put into use in the second half of 2022; The company’s intelligent manufacturing project of three electricity system parts and automobile structural parts of new energy vehicles in Ma’anshan has begun to be designed and planned, and sufficient capacity reserves have been fully prepared for the release of subsequent orders.
Profit forecast and investment rating: in view of the gradual price adjustment of the company’s downstream customers, the gross profit margin is expected to bottom out and rise, and the volume of new orders is accelerated, we maintain the company’s profit forecast. From 2022 to 2024, the company’s revenue is RMB 4.041/49.45/6.042 billion respectively, with a year-on-year revenue of 26.1% / + 22.4% / + 22.2%, and the net profit attributable to the parent is RMB 4.47/5.51/678 billion respectively, with a year-on-year revenue of + 44.1% / + 23.4% / + 22.9%, The corresponding EPS is 0.52/0.64/0.79 yuan and the corresponding PE is 19.25/15.59/12.68 times, maintaining the “buy” rating.
Risk tip: aluminum alloy price fluctuation risk; Shipping costs continued to rise; Continuous risk of chip shortage in downstream automotive industry
