Event: the company released its mid-2021 report
Financial data
21H1: the company realized revenue of 280 million yuan, yoy-27%; return net profit of 39 million yuan, yoy-46%; deduction of non-return net profit of 35 million yuan, yoy-49%. The main reasons are: 1) the global shortage of automotive chips has led to a decline in the output of the company's downstream car factories and reduced sales of the company's auto parts business; 2) the improvement in orders for automation products has not yet been translated into an increase in output value. The gross profit margin of sales is 29.83% yoymure 4.97pct; the net profit margin of sales is 14.49% fuyoymuri 6.83pct. The cash flow of operating activities-43 million yuan is mainly due to: 1) the net profit decreased compared with the same period last year; 2) the number of newly signed orders increased, and the company's advance stock occupied cash flow; 3) the automobile industry was affected by the shortage of chips, and the speed of industrial chain payback slowed down. The time for customers to pay in advance is prolonged.
21Q2: the company realized revenue of 146.5645 million yuan, year-on-year-32.68%, month-on-month ratio + 9.81%; return-to-mother net profit 15.7078 million yuan, year-on-year-62.78%, month-on-month ratio 45.35%; deduction of non-return net profit 14.1122 million yuan, year-on-year-65.01%, month-on-month ratio-32.61%. Sales gross margin 28.08%, year-on-year-7.02pct; net sales margin 12.40%, year-on-year-9.38pct.
Newly signed order
21H1: the company's flexible automation intelligent equipment and industrial robot system business newly signed orders of 255 million yuan, yoy+85%, is mainly concentrated in new energy vehicle electronics (motor, electronic control, energy recovery, etc.), automobile interior and other fields.
During the period, the overall cost was relatively stable, and the R & D cost increased steadily.
21H1: the company's sales expense rate, management expense rate, financial expense rate and R & D expense rate are 1.37%, 7.12%,-1.17% and 7.97% respectively, compared with + 0.57pct, + 1.77pct,-0.27pct and + 2.2pct, respectively. The sharp increase in the R & D expense rate compared with the same period last year is mainly due to the increase in the company's R & D investment, and the management fee is mainly caused by the change of consulting fees.
Company card high-quality track, CO2 heat pump air conditioning pipeline can be expected in the future 1) permeability continues to improve, is the first batch of mainstream car factory designated and put into production of carbon dioxide thermal management system parts suppliers, while actively increasing other categories of research and development, including carbon dioxide system in the electronic expansion valve, globe valve, pressure relief valve and so on. 2) carbon dioxide high pressure pipeline system (refrigerant conduit) has passed the fixed-point certification of Volkswagen MEB and is now in pre-production, while actively carrying out research and development and testing with other mainstream new energy vehicle companies in this technology, and strive to promote the technology in more brands of car companies.
Profit forecast: we expect the company's 21-23 net profit to be 130 million / 220 million / 320 million respectively (the previous value is 150 million / 220 million / 320 million, mainly due to the lower-than-expected 21-year performance due to chip shortage, etc.), corresponding to a PE of 59.6 pounds, 36.2 pounds, 24.5X, respectively, maintaining the buy rating.
Risk tips: shortage of automotive chips, lower-than-expected car sales, lower-than-expected new business development, etc.