Events:
The company released its annual report for 2021: operating income in 2021 was 2.394 billion yuan, an increase of 7.08 percent over the same period last year; net profit was 153 million yuan, up 1.78 percent over the same period last year; and net profit after deducting non-return was 144 million yuan, an increase of 8.52 percent over the same period last year.
Comments:
In 2021, the operation quality of the company continues to improve, and the overall operation is stable and good. The operating income of electronic and electrical appliances is 1.276 billion yuan (+ 14.44%), that of sealed system is 532 million yuan (+ 8.35%), and that of heat exchange system is 497 million yuan (- 6.93%). ① aviation products business has maintained a strong growth momentum: it has maintained rapid growth for two consecutive years, and various measures have been taken to meet product development and delivery. The delivery rate of key supporting varieties, key mainframe products, scientific research plan completion rate and batch production plan completion rate are all 100% and 99.6% respectively. ② new energy orders made a breakthrough: new orders for the whole year increased by 32% compared with the same period last year, of which 57 were new energy.
Profitability fluctuates in the short term, and investment in R & D is increasing. During the reporting period, the company's sales gross profit margin was 23.69%, a decrease of 1.30pct compared with the same period last year, due to the company's reporting of transportation costs related to the performance of the contract to the cost of the main business; the net sales margin was 6.73%, a decrease of 0.51pct compared with the same period last year. On the expense side, the company's sales expense rate in 2021 was 1.93%, which was reduced by 1.66pct compared with the same period last year, mainly because the company reported the transportation expenses related to the performance of the contract to the main business cost; the management expense rate was 9.57%, which decreased by 0.27pct in the same period; the R & D expense rate was 4.28%, which increased 0.32pct in the same period, and the new product development projects and R & D investment increased in this period. During the period, the expense rate was 15.13%, which was reduced by 0.96 pct in the same period, and the work of "reducing cost and increasing efficiency" achieved certain results.
The company's core competitiveness and cost advantages are still maintained. In the high-end car parts market, compared with domestic enterprises, especially private enterprises, the company has stronger product development ability, design, manufacturing and management capabilities of the whole industry chain, and has technical advantages such as synchronous design and development with automobile mainframe factories; compared with foreign-funded auto parts enterprises, the customer base of foreign-funded enterprises is relatively single and is easily affected by market fluctuations. In addition, the company is located in the west, labor and energy costs are relatively low, compared with foreign-funded enterprises have a certain cost advantage.
Investment suggestion: the operating income of the forecast company from 2022 to 2024 is 3.29 billion yuan, the net profit of the parent is 1.61 million, the net profit of the parent is 1.61 million, and the corresponding EPS is 0.40, 0.44 and 0.49 yuan. corresponding to PE44.46/40.47/36.39 X, the company is given the rating of "overweight" for the first time.
Risk hint: the impact of the epidemic on the risk of demand contraction, performance forecasts and valuation judgments are not up to expectations
