\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 741 Huayu Automotive Systems Company Limited(600741) )
Key points of announcement: the company released the annual report of 2021 and the performance report of the first quarter of 2022. In 2021, the company achieved a revenue of 139944 billion yuan, a year-on-year increase of + 4.8%, and a net profit attributable to the parent company of 6.469 billion yuan, a year-on-year increase of + 19.7%, including an investment income of 3.556 billion yuan, a year-on-year increase of – 0.53%; The net profit deducted from non parent company was 5.001 billion yuan, a year-on-year increase of + 18.7%. Q4 achieved a revenue of 39.610 billion yuan in 2021, a year-on-year increase of – 5.4% and a month on month increase of + 17.5%; The net profit attributable to the parent company was 1.767 billion yuan, with a year-on-year increase of – 23.2% and a month on month increase of – 10.4%;; In 2022, Q1 achieved a revenue of 37.370 billion yuan, a year-on-year increase of + 7.2% and a month on month increase of – 5.7%; The net profit attributable to the parent company was 1.707 billion yuan, up + 32.1% year-on-year and – 3.4% month on month; The net profit deducted from non parent company was 1.255 billion yuan, with a year-on-year increase of + 6.3% and a month on month increase of – 10.3%.
Adhere to the “neutral” strategy and continuously optimize the customer structure. The company continues to strengthen its existing core customers and actively seeks new customer cooperation. In 2021, the company is a luxury brand / high-end brand of new energy / independent brand, and the total sales revenue of China’s foreign exchange is 30 / 12 / 9 billion yuan respectively. In 2021, according to the summary statistics, 49.2% of the main business came from Saic Motor Corporation Limited(600104) foreign vehicle customers, with a month on month ratio of + 3.2pct. The customer structure has been continuously optimized for four consecutive years. In 2022, the core customers of Q1 company, SAIC Volkswagen / SAIC GM / SAIC passenger car / SAIC GM Wuling / SAIC Maxus, achieved a total output of 1.229 million units, with a month on month ratio of – 32.2%. Benefiting from the optimization of customer structure, the company’s revenue is better than that of core customers.
Accelerate the integration of global interior business and optimize the product structure in an orderly manner. In 2021, the company completed the acquisition of 49.99% equity of Yanfeng andotto seats, realizing the full and independent control of the seat business. Promote the business cooperation between secoli and Huayu body, give full play to the synergy and accelerate the transformation and development; Sell 27% equity of Shanghai Valeo automobile motor wiper, launch non core business, and orderly optimize the product structure through M & A and exit.
Promote the layout of new energy business and strive to achieve double-digit growth. In 2021, the company actively participated in the R & D and manufacturing of core components of new energy vehicles: 1) electric drive: Huayu electric and Huayu Magna sold 210000 / 60000 sets respectively; 2) Batch supply of electric Compressors: 510000 sets; 3) Thermal management: the shipments of malere system and Yanfeng Visteon electronics were 2617 / 159000 sets respectively; The company plans to achieve a revenue of RMB 154 billion in 2022, with a gross profit margin of 14.3%.
Profit forecast and investment rating: Based on the epidemic situation and the possible continuation of chip supply shortage, we adjusted the company’s revenue forecast from 156821 / 174761 million yuan in 20222023 to 154093/168155 billion yuan, and 182527 billion yuan in 2024, with a year-on-year increase of + 10.1% / + 9.1% / + 8.6% respectively. Based on the company’s thickened performance in completing the equity acquisition of andotto, the net profit attributable to the parent company was adjusted from RMB 7.431/8.586 billion to RMB 7.666/8.534 billion in 20222023 and RMB 9.550 billion in 2024, respectively 18.5% / 11.3% / 11.9% year-on-year, corresponding to EPS of RMB 2.43/2.71/3.03 and PE of 7.7/6.9/6.2 times, maintaining the “buy” rating.
Risk warning: core shortage and supply shortage exceed expectations; The recovery of downstream passenger car demand was lower than expected.
