\u3000\u3 Guocheng Mining Co.Ltd(000688) 533 Suzhou Sonavox Electronics Co.Ltd(688533) )
Performance review
The company released its annual report for 21 years on April 27. The revenue in 21 years was 1.3 billion yuan, a year-on-year increase of 20%, and the net profit attributable to the parent was 61 million yuan, a year-on-year decrease of 20%. 21q4 revenue increased by 12% / 22% year on year / month on month, and net profit attributable to parent decreased by 54% / 20% year on year / month on month.
Business analysis
High value products such as power amplifiers doubled. Car speakers: the sales volume increased by 4% in 21 years, mainly due to the lack of core in the second half of the year; The revenue was 1.14 billion yuan, a year-on-year increase of 13%; The average unit price increased by 9%, mainly due to the increase in the permeability of high configuration speakers. Power amplifiers: 110000 units were sold in 21 years, with a year-on-year increase of 100%, mainly due to the large increase in sales of core customer Weilai (91000 units were sold in 21 years, with a year-on-year increase of 101%); Increase the unit price by 5% to 724 yuan; The revenue was 82 million yuan, a year-on-year increase of 110%. AVAs: in 21 years, the sales volume was 570000, with a year-on-year increase of 134%, and the revenue was 26 million yuan, with a year-on-year increase of 114%, mainly due to the increase in the sales of new energy vehicles. The gross profit margin fell by 2.4pct year-on-year and the net profit margin fell by 2.3pct year-on-year, mainly due to: 1) the rise in the prices of rare earth, bulk metal commodities (iron, tin, copper, etc.) and plastic particles; 2) Sea freight increased.
Inventory, R & D expenditure and sales expenses increased rapidly to cope with the growth of the project. In the past 21 years, the company has received fixed-point letters for new projects from Ford, general motors, Volkswagen, Chery, Byd Company Limited(002594) , Weilai automobile, Tesla, Daimler, Zero run, ideal, Huawei Jinkang, Weima, Chinese express and other auto enterprises. In the 21st year, inventories increased by 46%, R & D expenses increased by 43%, and net operating cash flow decreased by 122% year-on-year (goods were prepared in advance at the end of the period, and cash paid for expanding R & D, sales and management teams increased), responding to the rapid growth of projects in hand.
Win a large number of new force projects, which is expected to increase the volume and price. New energy vehicles build intelligent cockpit and pursue higher sound quality. The number of speakers is 4-6 for traditional vehicles and 12-22 for new forces. With the configuration of power amplifier and subwoofer, the value of a single car is increased from 100200 yuan to 10002000 yuan. The company has won most of the fixed points of new force projects. The unit price of new force projects is high (more than 10002000 yuan), the sales growth is fast (generally more than 50-100%), and the rise of volume and price promotes the high growth of the company’s revenue.
Profit forecast and investment suggestions
It is estimated that the net profit attributable to the parent company in 22-24 years is 170 / 31 / 470 million yuan respectively, the corresponding EPS is 1.06/1.95/2.96 yuan, and the PE in 22 / 23 years is 39 / 21 times respectively, maintaining the “buy” rating.
Risk tips
The sales volume of new forces is lower than expected; The risk that the price of raw materials will remain high; There is a risk that the penetration rate of high-end audio system is lower than expected.
