\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 104 Saic Motor Corporation Limited(600104) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the total operating revenue was 779846 billion yuan, a year-on-year increase of + 5.08%; The net profit attributable to the parent company was 24.533 billion yuan, a year-on-year increase of + 20.08%; 21q4 achieved a total operating revenue of 227133 billion yuan, a year-on-year increase of – 6.71%; The net profit attributable to the parent company was 4.183 billion yuan, a year-on-year increase of + 10.57%; 22q1 achieved a total operating revenue of 182472 billion yuan, a year-on-year increase of – 3.50%; The net profit attributable to the parent company was 5.516 billion yuan, a year-on-year increase of – 19.44%.
Comments:
In the 21st year, the revenue recovered and the performance was in line with expectations. The company achieved a total operating revenue of 779846 billion yuan in 21 years, a year-on-year increase of + 5.08%. Over the past 18 years, China’s auto industry has experienced “three consecutive declines” in production and sales; In the past 21 years, the company realized the restorative growth of revenue in the face of a series of challenges such as epidemic situation and core shortage. In the whole year of 21, the company sold 5.464 million units, a year-on-year increase of – 2.45%; Among them, the sales volume of new energy vehicles was 733000 units, a year-on-year increase of + 128.93%; The export sales volume was 697000 units, a year-on-year increase of + 78.93%. The company realized a net profit attributable to the parent company of 24.533 billion yuan in 21 years, a year-on-year increase of + 20.08%; The non net profit deducted was RMB 18.575 billion, a year-on-year increase of + 4.68%; The annual gross profit margin was 9.63%, year-on-year -1.13pct, and the net profit margin was 4.47%, year-on-year + 0.43pct. The investment income in 21 years was 27.164 billion yuan, a year-on-year increase of + 29.29%, of which 3.712 billion yuan was realized through the disposal of the equity of global auto enjoyment and Yanfeng andotto in 21 years.
Disturbed by epidemic factors, the company’s performance is under pressure in the short term. 22q1 company achieved a total operating revenue of 182472 billion yuan, a year-on-year decrease of – 3.5%; The net profit attributable to the parent company was 5.516 billion yuan, a year-on-year increase of – 19.4%; 22q1 gross profit margin was 9.37%, year-on-year -1.72pct, and net profit margin was 4.20%, year-on-year -0.97pct. We believe that the pressure on the performance of 22q1 company is mainly due to the disturbance of Shanghai epidemic. As the epidemic situation is gradually controlled, the production and marketing of the company will gradually recover. From April 18, Saic Motor Corporation Limited(600104) has started the pressure test of resumption of work and production; SAIC’s Lingang passenger car factory rolled off the production line of the first car under the pressure test on April 19, while by April 23, it had produced more than 700 complete vehicles; By April 30, Saic Motor Corporation Limited(600104) of the vehicle manufacturers have steadily realized the off-line of vehicle batches.
Layout innovative technology and deeply cultivate intelligent electric track. Facing the competition of “new track” of electric intelligent Internet connection, the company mainly focuses on the research and development of core technologies in new fields such as new energy, software, chip, artificial intelligence, big data and Internet of things. At present, the group has many “small giants of science and innovation” enterprises such as zero beam software, Czech hydrogen technology, Lianchuang Electronic Technology Co.Ltd(002036) , zhonghaiting, SAIC Infineon, SAIC intelligence, fanyishanghang, California innovation center and Israel innovation center; Among them, jiehydrogen technology took the lead in launching the spin off and listing in 2021. The company enables industrial transformation and upgrading through innovation and technology, and will actively promote the industrialization and commercialization of innovation achievements with the help of the capital market.
Bright new energy models help the company’s intelligent electric transformation. ① Zhiji L7 positioning flagship pure electric car, with a wheelbase of 3100mm, equipped with four-wheel steering all drive system, IMO multi screen unbounded intelligent interactive system, Imad intelligent driving system, etc., has officially opened the “b-wheel user seat” ordering channel. At present, there are two models on sale, with prices of 368800 yuan and 408800 yuan respectively. ② Feifan R7 positioning extremely intelligent high-order pure electric SUV with a wheelbase of 2950mm. The whole vehicle has up to 33 high-performance sensing sensors and luminar high gauge sensing lidar. The battery can be charged, replaced and upgraded. At present, limited time reservation has been opened. ③ Cadillac luxury pure electric medium and large suvlyriq is the first model produced by SAIC GM ultium super factory. At present, the reservation has been opened, and the pre-sale price of the first model is 439700 yuan. ④ SAIC Volkswagen Id family, including pure electric crossover car id.3 and pure electric suvid 4X and seven seat pure electric suvid 6X and 2022 models have been newly launched to help SAIC Volkswagen’s electric transformation.
Investment suggestion: with the gradual mitigation of the epidemic, the company’s performance is expected to accelerate the recovery; The company is optimistic about the layout and transformation of intelligent electrification in the medium and long term. Due to the short-term impact of the epidemic on the company’s performance, we adjusted the forecast of the company’s net profit attributable to the parent company for 22-23 years from 29.95 and 35.32 billion yuan to 26.39 and 29.75 billion yuan, the corresponding EPS was 2.26 and 2.55 yuan / share, and the corresponding PE was 7.1 and 6.3 times, maintaining the “buy” rating.
Risk tip: macroeconomic downturn, sluggish auto demand, new business expansion less than expected.
