Announcement: the company announced that its revenue was 1.27 billion yuan, an increase of 32.2% over the same period last year, the net profit of 130 million yuan, an increase of 0.7% over the same period last year, and the deduction of 126 million yuan of non-return net profit, an increase of 59% over the same period last year. Of this total, Q3's revenue in a single quarter was 410 million yuan, an increase of 7.2% over the same period last year, while the non-net profit deducted by its mother was 37.3 million yuan, an increase of 5.1% over the same period last year, which is in line with market expectations.
In the face of the lack of core in the industry, the growth rate of production and sales of passenger vehicles and commercial vehicles are under pressure, and the order support companies of incremental pumps exceed the growth rate of the industry. The company's 21Q3 revenue grew by 7.2% year-on-year, far exceeding the growth rate of 36% of the commercial vehicle industry's 21Q3 year-on-year / month-on-month ratio, and also better than the passenger car industry's 21Q3 growth rate of 2% year-on-year / month-on-month ratio of-12%. This is mainly due to the continuous fulfillment of the company's incremental orders for diesel engine oil pump, gasoline engine oil pump and gearbox pump. On the client side, the customer expansion of different pump products is very smooth. Automatic gearbox pump already has customers such as Toyota New Energy, Volvo, FAW, Geely, Great Wall, etc., the electronic pump has opened up customers such as Peca in the United States, BYD, Qingdao Yueda, etc., and vacuum pump products have developed Nanjing Iveco, Weichai Power and so on. Based on the above estimates of on-hand orders, it is estimated that in the next 2-3 years, the corresponding increase in income will reach 8-1 billion yuan. At the same time, 2021Q3 deducted 37.3 million yuan in non-return net profit, still maintaining an increase of 5.1% over the same period last year, which is commendable under the general pressure on the industry.
Adhering to the strategic goal of "electrification, intelligence and energy saving", the company has created five basic platforms of "electronic control, motor drive, advanced manufacturing, high-tech research and intelligent equipment". Firmly grasp the development theme of the rapid transformation of energy conservation, environmental protection, electrification and intelligence in the passenger and commercial vehicle industry.
1) electrification and energy saving: pump products are extended to new energy electronic pumps, hydrogen fuel cell commercial vehicles, high-pressure electronic pumps, hydrogen circulation pumps and other products, which will be supported in FAW new energy commercial vehicles, American PACCAR and European DAF electric truck projects, and are expected to be mass produced in 2022 and 2023 respectively. At the same time, Dongxingchang Technology, a subsidiary of the company, has a professional motor technology research and development team with independent intellectual property rights as the core, advanced scientific research and test facilities and intelligent testing system, which has formed a batch supply capacity of high-performance brushless DC motors to serve domestic and foreign customers such as Panasonic, French SEB, British Powakaddy, American CISCO, Israel Roboteam, etc.
2) Intelligent: the company and Zhuzhou Yi Lida set up Dongjia Intelligent, forward-looking layout intelligent driving solution. 1) the company's smart driving executive products will benefit from the volume increase under the import substitution breakthrough. Dongjia Intelligence, a joint venture between the company and Yilida in 2019, has achieved the application of more than 5 million vehicles in a single product, whose core product is the intelligent driving executive layer control unit ECU. Due to the slow response speed in the cooperation between the system and the executive end of foreign manufacturers, in the context of the rapid development of domestic autopilot, it can be predicted that domestic suppliers with technical strength and response speed will also have the opportunity to break through. Yilida is the leader of domestic EPS, and has been broken through by Changan Automobile, Dongfeng Xiaokang and other customers, and has been qualified as a supplier of joint venture manufacturers such as Volkswagen Group and Dongfeng Peugeot. It is expected that supporting customers will contribute income in the future. 2) Dongjia Intelligence locates in the operation scheme of intelligent driving. At present, its self-developed intelligent driving execution system (L4 adaptation EPS) and control module (ECU), which are suitable for L4 intelligent driving, have been matched and sold on unmanned ferries / intercity unmanned buses. At present, this is suitable for application scenarios such as airports and smart cities, which can generate operating revenue in the future.
Maintain earnings forecasts and buy ratings. The operating income of the maintenance company from 2021 to 2023 is forecast to be 17.2,21 and 2.52 billion yuan, and the corresponding net profit is 2.3,2.84 and 330 million yuan, corresponding to 14, 11 and 10 times of PE.
