\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 238 Guangzhou Automobile Group Co.Ltd(601238) )
In the first quarter, the net profit of the parent company was + 23.7 billion, with a year-on-year revenue of + 3.7 billion. Performance exceeded expectations.
1. The sales volume of ea'an and GAC motor increased significantly. The increase in the company's revenue was mainly due to the substantial increase in the sales volume of its own brands GAC motor and ai'an. The sales volume of ai'an in 22q1 was 4.49w units, a year-on-year increase of + 154.8%; GAC motor sold 9W units, with a year-on-year increase of + 21.8%, resulting in a significant increase in comprehensive income. The gross profit margin of the company in the first quarter was 6.61%, with a year-on-year increase of + 0.27pct, which remained relatively stable, mainly because the overall model structure and profit of its own brands GAC motor and ai'an remained relatively stable. Among them, the company alleviated the pressure of raw materials through the price rise of new energy.
2. Guangfeng guangben brings high investment income. Q1 Guangfeng sold 24.7w units, a year-on-year increase of + 23.44%; Guangben sold 21.2w units, a year-on-year increase of + 16.75%, so the Q1 investment income increased significantly, reaching 4.2 billion, a year-on-year increase of + 23%. We predict that the annual sales volume of guangben Guangfeng is expected to reach 100W units respectively, and the investment income is expected to reach 15 billion.
3. The company's independent + joint venture continues to make progress. As a representative of independent new energy, the development speed of ai'an is significantly faster than expected. Not only the TOC share has increased significantly, but also the company has made rapid progress in the pace of mixed reform. Through employee stock ownership, it is binding talents, breaking away from the traditional management mode, and the efficiency has been greatly improved. Guangfeng guangben's ultra-high cost performance and fuel-saving performance, on the contrary, kept the continuous growth of sales volume in the process of high oil prices and fuel vehicles being squeezed, becoming the biggest winner in the era of fuel involution.
Investment suggestion: in the first quarter of 2022, the market suffered a great impact. The outbreak of multi-point epidemic and geographical conflict led to a sharp rise in oil prices and raw material prices, which had a certain impact on the industry. However, the company achieved a significant increase in sales in a complex environment, constantly exceeding expectations. With the release of the company's new production capacity, the sales volume is expected to continue to rise. We expect the net profit attributable to the parent company in 2022 / 2023 to be 11 billion yuan / 13.5 billion yuan respectively, corresponding to pe1.0 billion yuan in 2022 About 9 times, give a "buy" rating.
Risk tip: the sales volume of passenger car industry is lower than expected, the price of raw materials continues to deteriorate, and the impact of the epidemic situation.
