\u3000\u3 China Vanke Co.Ltd(000002) 402 Shenzhen H&T Intelligent Control Co.Ltd(002402) )
Key investment points
Due to the epidemic situation and other factors, the first quarterly report was affected
In the first quarter of 2022, the company realized a revenue of 1.24 billion yuan, a year-on-year decrease of 2.7%; The net profit attributable to the parent company was 71.48 million yuan, a year-on-year decrease of 33.8%; The non net profit attributable to the parent company was 57.4 million yuan, a year-on-year decrease of 42.6%; The comprehensive gross profit margin was 17.0%, a year-on-year decrease of 2.9pct. In the first quarter, the domestic and foreign economic environment continued to fluctuate. With the multi-point spread and local outbreak of the epidemic in many places in China, the company was faced with various pressures such as the price rise of upstream raw materials, difficulties in logistics and transportation and the appreciation of RMB. Although the company flexibly deployed production materials and delivery methods to meet the delivery needs of clients, it was still greatly affected.
Orders are still full, and coke is still popular throughout the year
At present, the customer structure is stable, the customer demand is full, and the order growth is good. In particular, the cooperation between the automotive electronic intelligent controller business and Chinese vehicle manufacturers has made further breakthroughs and won orders for multiple independent R & D projects of Chinese vehicle manufacturers. The company has been committed to the global industrial layout, with capacity layout in Vietnam, Italy and Romania. Part of the capacity of overseas production bases can undertake the production and delivery of some emergency orders. At the same time, the company actively formulated response strategies to improve the company’s capacity utilization, reduce production costs and help the company develop steadily.
With the gradual mitigation of the impact of the epidemic, it is expected that the upstream supply of the industrial chain, product production and delivery, logistics support and other aspects will gradually improve, and it is still expected to achieve good performance growth throughout the year.
Chengchang’s spin off and listing will be conducive to thickening performance
The spin off and listing of Chengchang technology under the company was approved by the CSRC on April 7, 2022. Chengchang technology has the core competitiveness of independent design and R & D of millimeter wave T / R RF chips. The spin off and listing is expected to introduce capital market forces, expand R & D investment, obtain more high-quality projects, accelerate the progress of 5g millimeter wave communication and satellite Internet application, and realize mass production.
Release the employee stock ownership plan and deepen the incentive system
The company issued the employee stock ownership plan, which plans to raise a total of no more than 200 million yuan. The target objects are the company’s directors, supervisors and senior officials (3), core managers and core backbone personnel of the company and its holding subsidiaries, with a total of no more than 500 people. It is conducive to mobilizing the enthusiasm and creativity of the company’s core backbone, attracting and retaining excellent management talents and business backbone, and improving the cohesion of the company’s employees and the company’s competitiveness.
Profit forecast and investment suggestions
At present, the company’s customer demand continues to be optimistic, with full orders in all business sectors, and is expected to maintain high growth throughout the year. It is estimated that the net profit attributable to the parent company in 202224 will be RMB 700, 940 and 1.24 billion, with pe18, 13 and 10 times, maintaining “buying”.
Risk warning: the impact of the epidemic exceeds expectations; The gross profit margin fell more than expected; Order acquisition is not as expected.
