\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
Core view
The revenue and profit increased simultaneously, and the independent sales volume of GAC continued to develop. In 2021, the company's revenue was 75.676 billion yuan, a year-on-year increase of 20%, and the net profit attributable to the parent company was 7.335 billion yuan, a year-on-year increase of 23%. Quarter by quarter, the company's revenue in the fourth quarter of 2021 was 20.163 billion yuan, with a year-on-month increase of 1% / - 4%, and the net profit attributable to the parent company was 2.051 billion yuan, with a year-on-month increase of 113% / 117%; In the first quarter of 2022, the company's revenue was 23.268 billion yuan, with a year-on-month increase of 46% / 15%, and the net profit attributable to the parent company was 3.009 billion yuan, with a year-on-month increase of 27% / 47%. The substantial growth of the company's revenue in the first quarter was mainly due to the gratifying sales of independent brands. The sales of ai'an new energy vehicles increased by 1.5 times year-on-year, and the significant increase of net profit was mainly due to the increase of investment income of joint ventures / associates.
The net interest rate in the first quarter of 2022 was better month on month. In 2021, the gross profit margin of the company was 7.9%, with a year-on-year increase of 1.4 percentage points, and the net profit margin was 9.7%, with a year-on-year increase of 0.2 percentage points. On a quarterly basis, in the fourth quarter of 2021, the company's gross profit margin was 10.3%, an increase of 0.8 / 2.4 percentage points on a month on month basis, and the net profit margin was 10.2%, an increase of 5.4 / 5.6 percentage points on a month on month basis; In the first quarter of 2022, the company's gross profit margin was 6.1%, a year-on-year increase of 0.6 percentage points, a month on month decrease of 4.2 percentage points, and the net profit margin was 12.9%, a year-on-year decrease of 1.8 percentage points and a month on month increase of 2.8 percentage points. In 2021, the company overcame the shortage of automobile chip supply and the rise of raw material prices, and the cost and scale benefits increased accordingly, improving the company's gross profit margin.
Good cost control during the period. In 2021, the company's sales / management / R & D / financial expense ratio was 5.7% / 5.2% / 1.3% / 0.2% respectively, with a year-on-year ratio of - 0.0 / - 0.1 / - 0.2 / + 0.2 percentage points respectively. In the fourth quarter of 2021, the company's current sales / management / R & D / financial expense ratio was 5.8% / 6.2% / 1.1% / 0.3% respectively, with a year-on-year ratio of - 0.6 / - 0.8 / - 0.6 / + 0.4 percentage points and a month on month ratio of + 0.0 / + 1.6 / + 0.0 / + 0.1 percentage points; In the first quarter of 2022, the company's sales / management / R & D / financial expense rates were 5.0% / 4.1% / 1.0% / 0.0% respectively, with a year-on-year decrease of 0.2/0.2/0.6/0.3 percentage points and a month-on-month decrease of 0.9/2.1/0.1/0.3 percentage points. During the first quarter, the cost rate decreased by 3.3 percentage points month on month.
In the first quarter, the sales volume of the company's main brands increased year-on-year, and the sales volume of ai'an significantly outperformed the industry. In 2021, the company's total automobile sales volume was 2144400, with a year-on-year increase of 4.9%, of which the sales volume of GAC Toyota / GAC Honda / GAC passenger cars / GAC EA was 82.80/78.03/32.42120200 respectively, with a year-on-year increase of 8.2% / - 3.2% / - 8.4% /. In the first quarter of 2022, the company's total automobile sales volume was 608200, with a year-on-month increase of 22.5% / - 6.5%, of which the sales volume of GAC Toyota / GAC Honda / GAC passenger car / GAC EA was 24.70/21.24/9.0444900 respectively, with a year-on-year increase of 23.4% / 16.7% / 21.8% / 154.3%, and a month-on-month increase of 1.0% / - 8.2% / - 12.2% / 7.8%. The sales volume of GAC EA in the first quarter significantly outperformed the industry.
Risk tip: the epidemic repeatedly affects production and delivery, and the sales volume of new models does not meet expectations.
Investment suggestion: the company's performance in the first quarter was brilliant. We slightly raised the profit forecast. It is expected that the EPS in 2022 / 2023 / 2024 will be 1.13/1.25/1.59 yuan (formerly 1.12 / 1.19 / -), corresponding to 10 / 9 / 7 times of PE, maintaining the "buy" rating.
