\u3000\u3 China Vanke Co.Ltd(000002) 405 Navinfo Co.Ltd(002405) )
Event:
The company issued the annual report of 2021 and the first quarter report of 2022 after the closing on April 29, 2022.
Comments:
The long-term high R & D investment entered the harvest period, and the net profit attributable to the parent increased by 139.45% year-on-year
In 2021, the company’s long-term high R & D investment entered the harvest period, realizing an operating revenue of 3.06 billion yuan, a year-on-year increase of 42.48%, a new high since its listing; The net profit attributable to the parent company was 122 million yuan, a year-on-year increase of 139.45%, and the performance inflection point was established. Relying on its industrial capacity and core advantages, the company has formed a new business system of smart cloud, smart driving, smart cabin and smart core through the layout of the whole stack. In 2021, the business revenue of smart cloud, smart cabin, smart core and smart driving was RMB 1.997 billion, 678 million, 352 million and 06 million respectively, with a year-on-year growth rate of 53.89%, 32.84%, 15.72% and 10.68% respectively. The company accelerated the improvement of independent R & D capacity. The annual R & D investment was 1.432 billion yuan, a year-on-year increase of 16.50%, accounting for 46.79% of operating revenue.
Ac8015 was shipped on mass-produced models of many customers, and the shipment of vehicle specification MCU increased year-on-year
1) SOC chip: maintain a leading position in China’s afterloading market and constantly sign mass production orders in the front loading market. The new generation of intelligent cockpit chip ac8015 has been carried and shipped in mass-produced models of many customers. The cumulative supply has exceeded 200K, and the monthly shipment has continued to grow. It is expected that the shipment will exceed the target of one million by the end of 2022. Facing the future, the company focuses on promoting the research and development process of the second generation high-performance intelligent cockpit chip AC8025. 2) Vehicle specification MCU chip: the shipment volume and revenue contribution increased by more than ten times year-on-year in 2020; The first MCU chip 7840 meeting the requirements of vehicle regulation level functional safety was lit up in Q1 in 2022. The company’s low-cost and small node MCU project in cooperation with local wafer foundry was officially launched. In 2021, the company’s direct cooperative car factories include Chinese head OEMs such as SAIC, FAW, Byd Company Limited(002594) , Chang’an and new power enterprises. 3) TPMS / Amp chip: the customer base of TPMS chip has been steadily expanded, and the amp vehicle power amplifier chip has been equipped with mass-produced models of China’s leading new power car enterprises.
22q1 has a beautiful performance, and maps, compliance and automatic driving have entered China’s independent brand
In the first quarter of 2022, the company achieved an operating revenue of 622 million yuan, a year-on-year increase of 19.78%; The net profit attributable to the parent company was 12 million yuan, a year-on-year increase of 126.08%; The net cash flow from operating activities was 109 million yuan, a year-on-year increase of 160.96%. In terms of expenses, sales, management and R & D expenses were 38 million yuan, 100 million yuan and 309 million yuan respectively, with a year-on-year growth rate of 36.07%, 19.33% and 19.49% respectively. Following the announcement of BMW, Daimler and other orders in 2021, the company successively made great achievements in major car factories and new forces in 2022, and its map, compliance, automatic driving and other businesses entered China’s head independent brands.
Profit forecast and investment suggestions
The company firmly promotes the “smart car brain” strategy and has broad growth space in the future under the background of great changes in the automotive industry. It is predicted that the operating revenue from 2022 to 2024 will be RMB 3.950, 4.989 and 6.190 billion, the net profit attributable to the parent company will be RMB 360, 605 and 833 million, the EPS will be RMB 0.15, 0.25 and 0.35/share, and the corresponding PE will be 81.88, 48.77 and 35.41 times. The company has made great efforts to layout the era of intelligent driving, with more R & D investment, which has a great impact on the net profit. Therefore, the PS valuation method is more appropriate. Over the past five years, the company’s PS has mainly operated between 8-20 times, maintaining the company’s target PS of 13 times in 2022, with the corresponding target price of 21.63 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; Global chip supply is tight; The progress of new product research and development is less than expected; The implementation progress of automatic driving function L3 and above is less than expected: the industry competition is intensified.
