The performance in 2021 was the same as that of the previous year, the new car sales declined greatly, and the inventory decreased significantly.
In 2021, the company's total operating income was 158.437 billion yuan, the same as that of the previous year (0.005%), and the net profit was 1.609 billion yuan, an increase of 6.13% over the same period last year. The revenue in the first quarter of 2022 was 35.139 billion yuan, down 16.78 percent from the same period last year, and the net profit returned to the mother was 667 million yuan, an increase of 2.38 percent over the same period last year.
New car sales: affected by chip supply in the second half of 2021, the passenger car market declined sharply. The company's annual new car sales were 696700, down 7.24% from the same period last year, lower than the overall year-on-year changes in the market (+ 6.5%). Maintenance service: 753.69 after-sales maintenance visits, an increase of 12.50% over the same period last year, and a gross profit margin of 38.61%, a decrease of 0.74% over the same period last year. Financial leasing: there were 199200 financial leases in 2021, an increase of 5.01% over the same period last year, with a gross profit margin of 53.92%, an increase of 12.65% over the same period last year.
Inventory: due to the shortage of chips, the company's inventory decreased by 26.25% in 2021 compared with the same period last year.
The new energy vehicle business continues to develop and actively participate in the layout of the new energy market. The company set up the New Energy Division to obtain the authorization of the mainframe factory. The company has established cooperation and authorized communication relations with more than 20 new energy brands, and authorized 5 Great Wall Euler and 4 Cyrus in 2021. The company also set up Guanghui, a joint venture with State Grid Electric vehicles, to operate and build 100 and more than 400 charging stations respectively, and to build a new energy vehicle aftermarket service system through charging piles, light storage, car piles and other business. integrate a number of mainframe factories, dealers, industrial and commercial enterprises and other high-quality resources to lay the foundation for the company's comprehensive layout in the new energy post-market.
The structure of used car business has been adjusted, and the volume of retail business has increased significantly. In 2021, the company transformed its second-hand car business, vigorously developed offline retail services, and greatly increased the weight of retail business. For the whole year, the company traded 213000 used cars, down 20.43% from the same period last year, while the number of used car retail sales reached 50,000, accounting for 25% of the total, up from 8% in 2020.
Investment advice and rating: affected by the recurrence of the domestic epidemic, the company's performance in the second quarter is expected to suffer a certain impact. We are optimistic that as the impact of the epidemic decreases and the volume of sales and after-sales business picks up in the second half of this year, it will further improve in 2023. It is estimated that the return net profit from 2022 to 2024 will be 21.61 pound 31.92 / 3.839 billion yuan, EPS 0.27, 0.39, and PE 8.11, 5.49 and 4.56 times, respectively.
Rating.
Risk tips: repeated epidemic situation, macroeconomic decline, car demand decline and so on.