\u3000\u3 Guocheng Mining Co.Ltd(000688) 208 Autel Intelligent Technology Corp.Ltd(688208) )
New energy is expected to open a new growth curve and maintain the “buy” rating
In the first quarter of 2022, the company achieved a revenue of 513 million yuan, a year-on-year increase of 13.16%. The company increased R & D investment in intelligence and new energy. In the first quarter, the company invested 136 million yuan in R & D, a year-on-year increase of 31.77%. With the forward-looking investment of the company, the new energy business is expected to open a new growth curve. We keep the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 550, 770 and 1041 million, and the EPS will be RMB 122, 1.71 and 2.31 per share. The corresponding PE of the current stock price is 22.6, 16.1 and 11.9 times, maintaining the “buy” rating.
Event: the company released the first quarterly report of 2022
(1) in the first quarter of 2022, the company achieved a revenue of 513 million yuan, a year-on-year increase of 13.16%, including 225 million yuan in the North American market, a year-on-year increase of 4.87%; The European market revenue was 86 million yuan, a year-on-year increase of 23.21%; The revenue from China and other markets was 201 million yuan, a year-on-year increase of 24.31%. TPMS, ADAS and software cloud service businesses of the company have achieved rapid growth. The supply of new products in North America is limited due to the epidemic and supply chain factors.
(2) the company realized a net profit attributable to the parent company of 63 million yuan, a year-on-year decrease of 42.48%; The net profit deducted from non parent company was 47 million yuan, a year-on-year decrease of 47.37%. Profit fluctuated, mainly because the company increased R & D investment in intelligence and new energy. In the first quarter, the company invested 136 million yuan in R & D, a year-on-year increase of 31.77%; As well as the comprehensive impact of factors such as the year-on-year increase in sales personnel and publicity and promotion fees in order to meet the expansion of the scale of new energy business.
Continue to invest in forward-looking layout, and the new energy business is worth looking forward to
In 2021, the company increased R & D investment and comprehensively laid out the new energy market, mainly including the following directions: (1) expand the coverage of diagnostic products for new energy models, and more than 1000 models have been covered at present; (2) Launch ultraev series tool chain products, covering the diagnosis, detection, maintenance and other links of new energy vehicles, supporting the original factory level intelligent maintenance guidance function of TOP10 new energy brand, and compatible with more than 90% of mainstream new energy models; (3) Charging pile products: in 2021, the company launched AC pile products certified by European standard, successively received orders from Britain, Singapore, France and other countries and gradually delivered them. With the rapid volume of new energy vehicles, the post market of 100 billion new energy vehicles is ready to go. The company seizes the market opportunity and makes a forward-looking layout, which is expected to open the second growth curve.
Risk tip: the sales growth of new automotive diagnostic products slows down; The sales volume of new energy products was lower than expected.
