In the first quarter of 2021, 2021Q1's revenue was 538 million yuan (+ 75.37%) and net profit was 62.1784 million yuan (+ 110.68%). In the first quarter of 2021, the company's revenue was 538 million yuan, an increase of 75.37% over the same period last year and an increase of 40.32% compared with 2019Q1; the net profit from its mother was 62.1784 million yuan, an increase of 110.68% over the same period last year and 34.51% compared with 2019Q1; and diluted earnings per share was 0.105 yuan, an increase of 110% over the same period last year.
Production and sales are booming in the first quarter, customers' internationalization and high-end products continue to promote in the first quarter of 2021, the heavy truck and luxury passenger car industry maintains a high boom, the company continues a good recovery, production and sales orders are exuberant. The company continues to promote customer internationalization and high-end products. at present, the completed intelligent production line design of BMW B48 crankshaft, Hino J08E crankshaft and Fukuda Cummins 13-liter crankshaft has been recognized by customers. the 472 and 476 crankshafts developed for BYD hybrid models have entered mass production and are expected to bring considerable performance increments to the company in the future. Take the BMW B48 crankshaft as an example, the domestic market capacity is about 800,000 units / year, assuming the company mass production supply of 50%, can bring more than 300 million yuan incremental income.
With Germany Alfen joint venture to enter large crankshaft, excellent market development achievements in the new market and new product development, MTU and Waxilan new product samples have been verified; Yuchai ship and electricity products have achieved 3 mass production and 2 development; has obtained Dalian CRRC product development license; has completed the technical exchanges and quotations of Chongqing Cummins, Weichai, China Shipbuilding heavy Industry and other well-known engine manufacturers. In terms of process improvement, quality improvement and efficiency improvement, the domestic replacement of imported equipment tools has been realized, Landis equipment programming and product debugging are independent, and great breakthroughs have been made in medium frequency quenching and tempering. The performance of the crankshaft has been further improved, greatly saving energy consumption and improving production efficiency.
With the steady growth of commercial vehicles, luxury cars and off-road are the bright spots of future growth. Based on the international strategy of business / talent / technology trinity and the leading advantages of process technology and equipment, the company expands precision forgings to reduce costs and increase income. continue to optimize customer structure, enter the high-end market. In terms of future growth, the company is expected to grow steadily in the field of commercial vehicles, have great potential in the field of luxury passenger car crankshafts, and increase in volume and price in the field of large crankshafts.
Earnings Forecast, valuation and rating
It is estimated that the company's homing net profit from 2021 to 2023 is 2.45 million yuan, 321 million yuan, and 437 million yuan, respectively, with a growth rate of 22.1 percent, 31.0 percent, 36.3 percent, and 0.41 million yuan, respectively, and the corresponding price-to-earnings ratio is 0.74 yuan, respectively, and the corresponding price-to-earnings ratio is 0.74 times that of 17-13-10. The company's competitive advantage is obvious, and its share is expected to increase. The expansion of luxury passenger cars and the large crankshaft business of "stuck neck" opens more room for growth and gives it a "recommended" rating.
Risk tips: commercial vehicle market fluctuations, passenger car customer development, large crankshaft business not up to expectations
