\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 933 Ikd Co.Ltd(600933) )
Main points:
Event:
The company announced the first quarterly report of 2022. In 2022q1, the company achieved a revenue of 900 million yuan, a year-on-year increase of 13%, and a net profit attributable to the parent company of 85 million yuan, a year-on-year decrease of 21%.
The operation has improved month on month, and the profitability has gradually recovered.
The company’s revenue increased by 6% month on month, and the orders gradually entered the market. At present, the company has abundant orders and covers China and overseas markets, of which the Chinese market increased by about 40% year-on-year. It is expected that with the gradual mitigation of the impact of core shortage, the company’s revenue scale is expected to continue to rise. The gross profit margin of 2022q1 was 23.4%, down 6 percentage points year-on-year, but increased by 0.1 percentage points month on month. When the upstream raw materials of 2022q1 continued to rise sharply, the main reason for the month on month increase of the gross profit margin of the company was that the price adjustment of downstream customers was completed in the first quarter. We expect that with the continuous promotion of the company’s price adjustment mechanism, the company’s gross profit margin is expected to recover steadily.
Continue to promote the transformation of electrification and intelligence.
The company has strengthened the development of new energy vehicle three electricity system, vehicle vision system, thermal management system and other products. In 2021, the annual revenue of new energy vehicle products increased by 180% year-on-year. The products of new energy vehicle thermal management system, new energy vehicle electronic control system and electric drive system increased significantly, accounting for more than 7% of the product revenue. It is expected that the new sales revenue of new energy vehicle projects, thermal management system projects and intelligent driving vision system projects obtained throughout the year will account for about 70%. At the same time, the company plans to invest in large tonnage die-casting machines to distribute large-scale die-casting products and integrated die-casting products, so as to comply with the development trend of new energy vehicles.
Investment advice
We expect that the company’s EPS from 2022 to 2024 will be 0.53 yuan, 0.74 yuan and 0.99 yuan respectively, maintaining the buy rating.
Risk tips
Risks such as lower than expected automobile demand, lower than expected progress of raised investment projects, exchange rate fluctuations, etc.
