\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 933 Ikd Co.Ltd(600933) )
Core view
The performance is in line with expectations. In the first quarter of 2022, the operating revenue was 903 million yuan, a year-on-year increase of 12.7%; The net profit attributable to the parent company was 85 million yuan, a year-on-year decrease of 21.1%, and the net profit after deduction was 63 million yuan, a year-on-year decrease of 23.0%. The net profit decreased more year-on-year, which is expected to be affected by the rise in the prices of bulk raw materials and sea freight.
The gross profit margin is under pressure in the short term, and the expense rate is improved. The gross profit margin in the first quarter was 23.4%, down 6.1 percentage points year-on-year. It is expected that the rise in raw materials and freight costs will drag down profits. During the first quarter, the expense rate was 14.1%, a year-on-year decrease of 2.6 percentage points, of which the sales expense rate was 1.3%, a year-on-year decrease of 0.2 percentage points, the R & D expense rate was 5.2%, basically the same year-on-year, the management expense rate was 6.7%, a year-on-year decrease of 1.0 percentage points, the financial expense rate was 0.9%, a year-on-year decrease of 1.5 percentage points, which is expected to be caused by the increase of interest income. In the first quarter, the net operating cash flow was 53 million yuan, a year-on-year increase of 38.9%, which is expected to be due to the increase in payment received.
It is expected that the release of production capacity will promote the rapid increase of new energy business income. Adhering to the product orientation of “new energy vehicle + intelligent driving”, the company has newly developed die casting products such as new energy vehicle electric drive, electronic control, on-board charging unit and power distribution unit, basically realizing the full coverage of aluminum alloy precision castings in the fields of new energy three electric system, automatic driving image system and thermal management system, and improving the value of single vehicles. The products are applied to Volkswagen, Mercedes Benz, BMW, Weilai, Zero run, ideal and other customers, The proportion of new energy vehicle projects continued to increase. The company vigorously promotes the application of high solid and semi-solid molding technology in the field of new energy to better meet the needs of new energy vehicles with high strength and strong thermal conductivity. At present, the company’s Liuzhou production base has basically completed the delivery. The intelligent industrial park project and Mexico North America production base are expected to be put into use in the second half of 2022. At the same time, the new energy three electricity system and automobile structural parts project will be constructed in stages in Maanshan, Anhui Province in early 2022 to further expand the production capacity. It is expected that the release of production capacity in many places will effectively meet the needs of new projects and lay a solid foundation for performance growth.
Profit forecast and investment suggestions
It is predicted that the company’s earnings per share from 2022 to 2024 will be 0.59, 0.74 and 0.92 yuan respectively. According to the 22-year PE valuation, it can be 26 times the average 22-year PE valuation of the company, and the target price is 15.34 yuan, maintaining the buy rating.
Risk tips
The supporting income of automobile aluminum alloy castings is lower than expected, the income of new energy vehicle products is lower than expected, and the production time of raised investment projects is lower than expected.
