21Q3:
1) Revenue side: 21Q3 achieved revenue of 156 million, yoy-15.79%.
2) profit side: 21Q3 Company realized 11 million of net return profit, yoy-56.03%; deducted non-return net profit of 11 million, yoy-55.83%.
3) fee side: the gross profit margin of 21Q3 company is 24.11% and the net profit is 7.87% and 6.02pct respectively. Among them, the rates of sales, management, R & D and financial expenses are 1.14%, 6.34%, 7.50% and-0.99%, respectively, compared with the same period of last year + 0.19pct/ + 0.81pct/ + 1.15pct/-0.03pct, respectively.
21Q1~Q3:
The company realized cumulative revenue of 436 million, yoy-23.67%; return net profit of 50 million, yoy-48.47%; deduction of non-home net profit of 46 million, yoy-51.03%. The net cash flow of operating activities is-90 million.
The gross profit margin of sales is 27.78% and the net profit margin is 12.12% and 6.79pct, respectively, and the profit margin is 5.18pct and 12.12% respectively.
Automation business and fuel distributor are expected to resume gradually.
1) Automation business: the performance release slows down due to the influence of downstream orders. With the increase in automation orders, the company's performance is expected to gradually increase. 2) fuel distributor: affected by the lack of core downstream, the parts business is under pressure. in the future, with the recovery of parts supply in the downstream vehicle factory, the company's fuel distributor sales are expected to pick up.
The pipeline and valve business of CO2 heat pump air conditioning is ready to go.
1) the permeability of the industry continues to increase, and it is the first batch of carbon dioxide thermal management system parts suppliers that have been designated by mainstream vehicle factories and put into production, while actively increasing the research and development of other categories, including electronic expansion valves, globe valves and pressure relief valves in the carbon dioxide system.
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, which is expected to gradually contribute to the performance increment.
Profit Forecast:
We estimate that the company's net profit for 2021-2023 will be 0.86-2.62 billion, respectively (the previous value is 1.3-2.2 million, mainly due to the fact that the company's automation performance is lower than expected), and the corresponding PE is 99.83-55.4939.15X, maintaining the buy rating!
Risk tips: shortage of automotive chips, lower-than-expected car sales, lower-than-expected CO2 heat pump air-conditioning pipelines, new business expansion, etc.