Revenue grew slightly in 2021, while 21Q4 and 22Q1 revenue came under short-term pressure. The company released the 2021 annual report and the first quarter report of 2022, the company achieved revenue of 1.615 billion yuan in 2021, + 16.53% year-on-year; net profit of 122 million yuan, + 0.76% year-on-year. Of this total, Q4 achieved revenue of 425 million yuan,-10.47% year-on-year, and a net profit of 11 million yuan,-80.93%, compared with the same period last year. In 2022, the company's Q1 achieved revenue of 407 million yuan, year-on-year-3.72%, and net profit of 18 million yuan,-62.54%.
The price of raw materials is rising and the gross profit margin is under pressure. The company's gross profit margin in 2021 was 20.80%, down 5.27pct from the same period last year, and the net profit rate was 7.55%, down 1.18pct from the same period last year. Q4 gross profit margin in 2021 was 8.77%, down 21.02pct from the same period last year, 14.30pct from the previous year; net profit rate was 2.61%, down 9.63pct from the same period last year and 5.84pct from the same period last year. Q1 gross profit margin in 2022 was 15.93%, down 11.72pct from the same period last year, rising 7.16pct from the same period last year; net profit rate was 4.35%, down 6.82pct from the same period last year, and rising 1.74pct from the same period last year.
The prospect of aluminum for car body is broad, the company has obvious first-mover advantages, and the battery construction business develops smoothly. Lightweight as one of the key technologies of automobile energy saving, aluminum alloy is the best solution material for lightweight. Since the layout of the new energy vehicle business in 2013, the company has obtained rich technology accumulation and customer resources accumulation in the field of new energy vehicle parts, and achieved a certain industry first-mover advantage. In 2021, the company successfully became a major battery supplier to Ningde Times, Xinwanda, Yiwei Lithium Energy, Guoxuan Hi-Tech and other major battery manufacturers, and was designated by a number of battery end plates, battery trays and other battery components, so as to achieve full coverage in the business field of new energy "three electric systems".
Strategic layout die-casting integration, medium-and long-term development strategy is clear. In 2021, the company will make every effort to lay out the related business of die-casting integration, and will focus on expanding the fields of new energy "all-in-one" aluminum alloy die castings, battery components and car body components. At present, the company's "multi-in-one" aluminum alloy die casting business, some products have begun mass production, technology and technology are gradually mature, central feeding and other processes have been put into application, and strive to break through the process substitution of battery tray integrated die casting business. as well as the technical attack and business development of the car body structure business. The company expects to complete the installation and commissioning of 7 large die-casting machines above 3000T by the end of 2022.
Risk hint: the epidemic is a drag on automobile production, customer and category expansion is not as expected, and the new energy policy is tightened.
Investment advice: downgrade earnings forecasts and maintain ratings. Taking into account the continuing core shortage in the industry in 2022 and the impact of rising prices of raw materials, we downgrade the company's profit forecast. It is estimated that the company will achieve a net profit of RMB 166,252cm in 2022-2024 (compared with the previous forecast of RMB 254,000,000 in 2022-2023). As a high-quality aluminum die-casting enterprise, the company has high-quality new energy customers, early layout and full product expansion, renewing its one-year target stock price of 18.8-22.5 yuan (the previous target price is 38-44 yuan) to maintain "buy".
Rating.
