Event: on August 27, the company released a semi-annual report that the company's income of H1 in 2021 was 280 million yuan, down 27.45 percent from the same period last year, and the net profit of returning home was 39 million yuan, down 45.80 percent from the same period last year.
There has been a substantial increase in newly signed orders, and the automation + parts business is expected to reverse. The company's revenue declined in the first half of the year compared with the same period last year, mainly due to: 1) the global shortage of automotive chips has led to a decline in production in downstream vehicle factories since this year, and the company's auto parts business sales have decreased; 2) affected by the epidemic, the company's automation equipment orders have only reversed since the second half of 2020, but it is recognized that the revenue cycle is about 10 months, so income has not been reflected in the first half of the year In terms of products, the company's revenue from automation equipment reached 127 million yuan, down 29.92% from the same period last year, and auto parts reached 153 million yuan, down 25.27% from the same period last year.
According to the company announcement, the newly signed order for automation equipment in the first half of the year was 255 million yuan, an increase of 85% over the same period last year; at the same time, the company's contract debt reached 1.764 billion yuan, an increase of 70.27% over the previous month, reflecting that the company was full of orders on hand, and the impact of subsequent car core deficiency gradually faded, and the revenue performance in the second half of the year is expected to
Gross profit margin hit bottom and rebounded, and R & D costs increased sharply. The company's H1 gross profit margin and net profit margin in 2021 were 29.83% and 14.49% respectively, down 4.97% and 6.82pct from the same period last year, mainly due to fixed costs after the decline in income, and due to the rise in raw material prices in the first half of the year, and gross profit margin is expected to pick up as income picks up in the second half of the year.
The company's expense rate during the H1 period in 2021 was 15.29%, an increase of 4.48pct over the same period last year. Among them, the rates of sales, management, R & D and financial expenses were 1.37%, 7.12%, 7.97% and-1.17% respectively, with year-on-year changes of 0.57%, 1.77%, 2.41% and-0.27pct. The increase in expense rate is mainly due to the substantial increase in R & D expenses of the company, which is caused by projects such as EA888 high-pressure fuel distribution pipe for national Liub engine, CO2 air-conditioning parts for new energy vehicles, general assembly of electric spindle and performance test equipment for new energy vehicles. Lay the foundation for the follow-up new growth points.
CO2 penetration continues to improve, contributing to the flexibility of performance valuation. According to the information announced by various car companies, Volkswagen opened the process of popularizing CO2 heat pump air conditioners, followed by Tesla, Inc., NIO Inc., FAW, SAIC and so on. According to the announcement, the company to solve the core problem of high-pressure pipeline, is expected to become the core supplier of mainstream car companies, the growth space is open. With the domestic Volkswagen MEB ID.6 and other new models have been sold, the subsequent CO2 heat pump in the MEB model permeability is expected to continue to improve. According to the announcement, the company's carbon dioxide high-pressure pipeline system (refrigerant conduit) has passed the fixed-point certification of Volkswagen MEB, has achieved small batch production and supply, and is currently actively storing spare parts capacity, as more and more models are introduced into CO2 heat pumps, the business will further contribute to performance and valuation flexibility.
Investment suggestion: we predict that the net profit of the company from 2021 to 2023 is 1.36,2.57 and 407 million yuan respectively, and the corresponding EPS is 0.52,0.98,1.56 yuan respectively. Maintain the buy-A rating. The 6-month target price is 34.30 yuan, which is equivalent to the dynamic price-to-earnings ratio of 35X in 2022.
Risk hint: car sales fall short of expectations, downstream demand fluctuates, and new business expansion falls short of expectations.
