\u3000\u3 Shengda Resources Co.Ltd(000603) 305 Ningbo Xusheng Auto Technology Co.Ltd(603305) )
The performance increased month on month. On April 27, the company released the first quarterly report of 2022. In 22q1, the company realized a revenue of 992 million yuan, an increase of 96.34% and a decrease of 1.94%, and a net profit attributable to the parent company of 120 million yuan, an increase of 33.55% and a ring increase of 47.43%. After deduction, the net profit attributable to the parent company of 109 million yuan, an increase of 34.56% and a ring increase of 51.18%.
Improve the ability of cost control and continue to increase R & D investment. The company's expense rate during Q1 of 22 years was 7.76%, with a decrease of 0.64pct and a ring decrease of 0.72pct, of which the sales expense rate was 0.50%. Same drop 0.31pct; The rate of administrative expenses was 1.51%, with a decrease of 1.8 PCTs; The financial expense ratio was 2.0%, with an increase of 1.9pcts, mainly due to the increase of interest expense of convertible bonds in the current period. The R & D expense rate was 3.8%, down 0.5pct at the same time, and the actual R & D expense was 38 million yuan, up 75.5% at the same time. The company continued to increase R & D expenditure and successfully developed super large structural parts. The products are suitable for hybrid integrated die-casting battery box and DHT electric drive assembly, and continuously optimized the process to improve the yield of products.
The price transmission takes effect and the profit inflection point has arrived. The gross profit margin of 22q1 company was 20.3%, with a month on month increase of 2.0pcts and a net profit margin of 12.1%, with a month on month increase of 4.1pcts. In the 21st year, the price of non-ferrous aluminum in the Yangtze River rose from 15700 yuan / ton at the beginning of the year to 19900 yuan / ton, with an increase of about 26.8%. The company started the price adjustment mechanism, which improved the profitability of 22q1. Subsequently, with the further improvement of the price adjustment mechanism superimposed on the price decline, the profitability of the company is expected to continue to improve.
Continuously enrich the customer structure and gradually diversify the product matrix. The company has mastered the core technology of aluminum alloy. In terms of aluminum die-casting sector, the mass production of new components such as great wall DHT double motor, Mercedes Benz motor shell, lucid power system, body system and battery system is smooth; It is expected that the capacity of forging sector will be continuously released and the volume of forging products will be managed; In terms of aluminum extrusion, in addition to adding a number of fixed points for battery pack shell parts, the projects under research include anti-collision beam, threshold beam, subframe, battery pack box and other products. The company's customer structure has been optimized. Tesla's revenue accounted for 39.93% in 21 years, a decrease of 4pcts compared with 20 years, and the risk of relying on a single major customer has been reduced. In addition to Tesla, Polaris, a world-renowned high-end all terrain off-road vehicle enterprise, ZF, a global automotive transmission system giant, China's well-known SUV and pickup truck enterprise Great Wall Motor Company Limited(601633) , a world-renowned power battery supplier Contemporary Amperex Technology Co.Limited(300750) have become one of the company's important customers.
Investment suggestion: it is estimated that the operating revenue of the company from 2022 to 2024 will be 4.478 billion yuan, 6.195 billion yuan and 8.539 billion yuan respectively, with a year-on-year growth rate of 48%, 38% and 38% respectively. The net profit attributable to the parent company will be 590 million yuan, 885 million yuan and 1.302 billion yuan respectively, with a year-on-year growth rate of 43%, 50% and 47% respectively. The current stock price corresponds to 19, 13 and 9 times the price earnings ratio of 22-24 years respectively, maintaining the "recommended" rating.
Risk tips: risks with high customer concentration; Risk of tax policy change in export market; Price fluctuation risk of raw materials; Exchange rate fluctuation risk.
