\u3000\u3 Shengda Resources Co.Ltd(000603) 960 Shanghai Kelai Mechatronics Engineering Co.Ltd(603960) )
Core view
The performance meets the expectations of the company's performance express. In 2021, the company's operating revenue was 561 million yuan, a year-on-year decrease of 26.8%; Net profit attributable to parent company: 50 million yuan (according to the company's performance express, in 2021, the net profit attributable to the parent company is expected to be 48-54 million yuan, with a year-on-year decrease of 61.4%, and the net profit after deduction of non-profit is 44 million yuan, with a year-on-year decrease of 64.9%. In the fourth quarter, the operating revenue is 125 million yuan, with a year-on-year decrease of 35.9% and a month-on-month decrease of 20.0%; the net profit attributable to the parent company is 003 million yuan, with a year-on-year decrease of 99.2%, a month-on-month decrease of 97.5%, and the net profit after deduction of non-0.02 billion yuan, with a year-on-year decrease of The decline was mainly due to the decline in the sales proportion of high-priced products due to the lack of core, the impact of the epidemic on the newly signed orders, the rise in the price of raw materials and freight, and the increase in investment in new product R & D. In 2021, the company plans to pay a dividend of 0.058 yuan per share to shareholders.
Disturbances such as lack of core, epidemic situation, rise in the price of raw materials and freight lead to pressure on the gross profit margin. The annual gross profit margin was 25.2%, a year-on-year decrease of 6.9 percentage points. It is expected that the epidemic and lack of core will affect the sales of high-priced products, and the price rise of raw materials and freight will drag down; The gross profit margin in the fourth quarter was 16.3%, down 13.5 percentage points year-on-year and 7.8 percentage points month on month. During 2021, the expense rate was 17.0%, with a year-on-year increase of 5.7 percentage points, of which the R & D expense rate was 9.5%, with a year-on-year increase of 3.7 percentage points. It is expected that the R & D investment increased, the management expense rate was 7.2%, with a year-on-year increase of 1.6 percentage points, and the financial expense rate was - 1.1%, with a year-on-year decrease of 0.2 percentage points. The net operating cash flow in 2021 was -80 million yuan, a year-on-year decrease of 147.5%. It is expected that the cash collection speed will slow down due to the preparation of goods in advance to meet the subsequent production, core shortage and epidemic situation.
Explore the electronic field of new energy vehicles, and the newly signed single emission will promote performance growth. Seizing the development opportunity of new energy vehicles and actively expanding new customers, the company has cooperated with many enterprises such as United Automotive Electronics, Bosch, Huayu magna, SAIC Volkswagen and FAW Volkswagen. In 2021, the newly signed order amount was 533 million yuan, an increase of 86.10% year-on-year. In the key field of new energy automotive electronics, we have successfully developed motor stator and rotor equipment for vehicles, supported United Automotive Electronics, Nissan, Weilai and Huayu magna, and actively expanded to Bosch, Magna International, Huawei and other customers; The market share of inverter and motor controller increased steadily; Good start and supply of new energy batteries and power management; ESP, IPB and other product assembly lines are supplied to Bosch worldwide, and the scale and output value of the production line have made an order of magnitude leap. In addition, the company has launched layout in other fields such as seat slide rail and driverless equipment, and is expected to obtain more new orders, which is expected to promote future performance growth.
Carbon dioxide air conditioning pipeline is expected to become a new growth point. The carbon dioxide high-pressure air-conditioning pipeline system developed by the company has passed the Volkswagen MEB experimental certification and entered the stage of pre batch production and supply. The company actively cooperates with other mainstream new energy vehicle enterprises and strives to promote the products in more brands. In addition to meeting the needs of Chinese Shanxi Guoxin Energy Corporation Limited(600617) Vehicle Enterprises, it will also carry out capacity construction and export to overseas markets such as Europe. The carbon dioxide air-conditioning pipeline system is expected to become a new growth point.
Profit forecast and investment suggestions
Affected by the epidemic, the output of downstream auto enterprises, adjusted revenue and gross profit margin, etc. it is predicted that the company's EPS from 2022 to 2024 will be 0.40, 0.53 and 0.67 yuan respectively (0.85 and 1.08 yuan in the original 22-23 years). The comparable companies are related to mechanical equipment, new energy vehicle industry chain and auto parts. The average PE valuation of the comparable company in 22 years is 41 times, and the company is given a valuation of 41 times in 22 years. The corresponding target price is 16.4 yuan, maintaining the buy rating.
Risk tips
The supporting quantity of Zhongyuan auto parts is lower than expected, the supporting quantity of auto automation equipment is lower than expected, and the supporting quantity of heat pump air conditioning pipeline is lower than expected.
