Core point of view
The first-half results were in line with expectations. In the first half of the year, operating income reached 280 million yuan, down 27.5% from the same period last year; net profit from home was 39 million yuan, down 45.8% from the same period last year; net profit from non-return was 35 million yuan, down 49.3% from the same period last year; operating income in the second quarter was 147 million yuan, down 32.7% from the same period last year, up 9.8% from the same period last year; and net profit from home was 16 million yuan, down 62.8% from the same period last year and 31.2% from the previous year The non-return net profit was 14 million yuan, down 65.0% from the same period last year and 32.6% from the previous month. In the first half of the year, Volkswagen, the company's main customer, was seriously affected by the lack of core. FAW-Volkswagen and SAIC-Volkswagen successively announced production cuts, reducing production by 27.2% and 24.7% respectively in the second quarter, resulting in a sharp decline in revenue and net profit.
The gross profit margin has gone down. The gross profit margin in the first half of the year was 29.8%, down 5.0 percentage points from the same period last year, mainly due to the weakening of economies of scale caused by the decline in The gross profit margin in the second quarter was 28.1%, down 7.0 percentage points from the same period last year and 3.7 percentage points from the previous quarter. During the first half of the year, the expense rate was 15.3%, up 4.5% from the same period last year, of which the management expense rate was 7.1%, 1.8% higher than the same period last year, and the R & D expenditure rate was 8.0%, 2.4% higher than the same period last year. This is mainly due to the company's increased investment in research and development of new technologies and products. The net cash flow of operating activities in the first half of the year was-43 million yuan, down 147.0% from the same period last year, mainly due to the decrease in net profit in the first half, the increase in stock preparation and the extension of customer payment cycle.
Deep ploughing in the field of automotive electronics and new energy, making a number of product and technological breakthroughs. In the first half of the year, the company signed a new order of 255 million yuan for automation equipment and industrial robot systems, an increase of 85% over the same period last The company's IGBT equipment technology has entered the United Automotive Electronics and SAIC Infineon, the motorized spindle assembly and test production line has won the Shanghai Volkswagen MEB supporting project, the car body stabilization system equipment has been successfully cut into Bosch, and the intelligent electric steering equipment has developed new customers such as Yilong Mechatronics, Hengjin Mechatronics, engine degree Automobile and so on. Developed a series of advanced technologies related to automotive electronics and new energy, such as flat wire motor automatic assembly technology, hydraulic fluid related product testing technology, hydrogen fuel cell dynamic stack testing technology, etc., and obtained 24 new patents in the first half of the year. The lack of core is expected to improve marginally in the second half of the year, and it is expected that the recovery of production and sales in the automobile market and the release of orders will lead to a sustained recovery in
Give full play to business coordination, carbon dioxide air conditioning pipeline is expected to become a new growth point of steam zero business. The company acquired Shanghai Zhongyuan in 2018 to develop auto parts business. The company actively gives full play to the advantages of business coordination, applies automobile flexible automation services to Shanghai Zhongyuan, greatly improves production capacity and production efficiency, and becomes the main supplier of engine parts such as Volkswagen fuel distributor, fuel pipeline and so on. In recent years, Shanghai Zhongyuan actively laid out new energy thermal management system, successfully developed carbon dioxide heat pump air conditioning pipeline products and passed Volkswagen MEB certification, filled the domestic gap in this field, and is expected to become a new growth point of steam zero business.
Financial forecast and investment suggestions: due to the lack of core, slightly adjust the supporting income of passenger car products, etc. It is predicted that the EPS of the company in 2021-2023 will be 0.56,0.85,1.08 yuan respectively (formerly 0.70,0.95,1.17 yuan). The comparable company is a company related to machinery and equipment, new energy vehicle industry chain and auto parts. The average PE valuation of the comparable company in 21 years is 73 times, and that of the company in 21 years is 73 times. The corresponding target price is 40.88 yuan, maintaining the buy rating.
Risk hint: the matching quantity of Zhongyuan automobile parts is lower than expected, the matching quantity of automobile automation equipment is lower than expected, and the matching quantity of heat pump air conditioning pipeline is lower than expected.