In 2021, H1 realized operating income of 251 million yuan (yoy+26.54%) and net profit of 41.3801 million yuan (yoy+12.15%).
Main points of investment:
External factors disturbed, revenue growth slowed down in the second quarter: from a quarterly point of view, the company's Q2 realized operating income of 116 million yuan, down 12.37% from the same period last year and 13.64% from the previous quarter. Since the second quarter, the growth rate of vehicle sales of downstream customers began to decline, which put great pressure on the company's business; the shortage of major chips and electronic materials affected the company's supply, resulting in a slowdown in revenue growth in the second quarter.
Intelligent business to achieve double growth, pre-installed models, customers continue to expand: in the first half of the company's intelligent business revenue of 51.1694 million yuan (yoy+103.54%). The Advanced Auxiliary driving system has made a major breakthrough in the field of preloading. At present, it has covered the slag trucks, cement mixers, engineering dump trucks and other models of Sany, Shaanxi Automobile, Geely Commercial vehicles and other main engine factories. In addition, the company entered the field of active security in the first half of the year, and has entered the supplier catalogue of intelligent video surveillance terminals in Guangdong, Henan, Jiangsu and other places, and is expected to start bulk supply in the second half of the year. It fully shows that the scope of application of intelligent commercial vehicles is getting wider and wider, and the market acceptance is getting higher and higher.
Continuously strengthen R & D investment and accelerate product innovation: the company has maintained high-intensity R & D investment for a long time, with a total R & D expenditure of 48.015 million yuan (yoy+32.46%) during the reporting period, accounting for 19.14% of operating income (yoy+0.86pct). The number of R & D personnel increased to 337, accounting for 58.41% of the company's total employees at the end of the reporting period. In the first half of the year, we continued to promote the layout of new products and technologies, and achieved phased results in multi-machine coordination, controller, integrated navigation and other aspects.
Open up controller business and open up room for growth: in February this year, the company established Beijing Yubo Automotive Control system Co., Ltd., which is mainly engaged in the research and development, production and sales of automobile intelligent controllers.
Since its establishment, Beijing Weibo has continuously signed technical development agreements with a number of mainframe factories, and BCM (body controller) products have been shipped in small batches to a large mainframe factory, which is expected to be supplied in bulk in the second half of the year. At present, there are plenty of projects in Beijing Weibo, which is expected to open up a new growth space for the company.
Profit forecast and investment advice: it is estimated that the company's homing net profit in 2021-2023 will be RMB 1.05 million, respectively, and PE will be 38.34X/24.97X/18.34X corresponding to the closing price of RMB 40.2 on August 20, maintaining a "buy" rating.
Risk factors: decline in output of downstream mainframe factories; shortage of raw materials and price increases; policy implementation is not as strong as expected; technology research and development is not as expected.