\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 418 Anhui Jianghuai Automobile Group Corp.Ltd(600418) )
Key points of announcement: the company achieved an operating revenue of 9.782 billion yuan in 2022q1, with a year-on-year increase of – 16.40% and a month on month increase of + 2.82%; The gross profit margin of quarterly sales was 6.93%, with a month on month ratio of -2.72pct / + 0.73pct respectively; The quarterly net profit attributable to the parent company was – 290 million yuan (189 million yuan in 2021q1 and 05 million yuan in 2021q4); The net profit attributable to the parent company after deduction of non-profit is -480 million yuan (2021q1 is -42 million yuan and 2021q4 is -1.182 billion yuan).
Gross profit rate & expense rate performed well on a month on month basis, and net profit deducted from non parent company improved on a month on month basis. 1) Revenue: the company’s Q1 revenue was 9.782 billion yuan, a year-on-year increase of – 16.40%, mainly due to the year-on-year decrease in Q1 sales, with a total of 129400 vehicles and chassis sold, a year-on-year increase of – 11.67%. Among them, the sales of passenger cars / commercial vehicles were 6500 / 64400 respectively, with a year-on-year increase of + 10.87% / – 26.69% respectively. The performance of passenger cars was good. The Q1 sales of Sihao QX and sihaoyao were 91 / 5800 respectively. The company’s Q1 revenue was + 2.82% month on month, mainly due to the Q1 sales volume being + 1.30% month on month. Among them, the sales volume of passenger cars / commercial vehicles was – 6.37% / + 10.42% month on month respectively. 2) Gross profit margin: the gross profit margin of the company’s sales was 6.93%, with a month on month ratio of -2.71pct / + 0.73pct respectively, which was mainly affected by factors such as sales volume + price rise of raw materials. 3) Expense rate: during Q1, the expense rate of the company was 10.56%, with a month on month ratio of + 1.40 / – 3.41pct respectively, of which the sales expense rate / management expense rate / R & D expense rate / financial expense rate were + 0.38 / + 0.33 / + 0.59 / + 0.10pct year on year and -1.33 / – 0.51 / – 1.60 / + 0.00pct month on month ratio respectively. 4) Net profit attributable to the parent company: the company’s Q1 net profit attributable to the parent company was – 290 million yuan, which turned into a loss on a month on month basis. The main reason is the year-on-year decline in sales under the influence of the epidemic and chip shortage. At the same time, the price rise of chips, batteries and other raw materials leads to the rise of input costs. In addition, Q1 asset disposal income was RMB 08 million, with a month on month decrease of – 95.31% / – 81.13% respectively.
The company strengthens internal R & D, the main business trend is upward, and actively cooperates with foreign countries to open up long-term growth space. In terms of foreign cooperation, the cooperation with Volkswagen was promoted in depth, the key projects of Volkswagen Anhui were carried out in an orderly manner, and the R & D center was officially put into use; Further deepen cooperation with Weilai. In terms of internal research, the company’s commercial vehicle business sector is expected to benefit from the increased governance of the light truck industry and the rising demand for replacement. The company in the passenger vehicle sector has in-depth cooperation with Huawei to improve the intelligent level of the whole vehicle, and the brand has an obvious upward trend.
Profit forecast and investment rating: considering the adverse factors such as the rising cost of upstream raw materials, we downgraded the performance forecast of Anhui Jianghuai Automobile Group Corp.Ltd(600418) 20222024 from 341 / 479 / 590 million yuan to 244 / 392 / 571 million yuan, EPS 0.11/0.18/0.26 yuan and PE 67 / 42 / 29 times, maintaining the “buy” rating of Anhui Jianghuai Automobile Group Corp.Ltd(600418) .
Risk warning: the progress of epidemic control is lower than expected; Chip / battery and other key parts supply chain instability risk, etc
