The Investment event Company announced its mid-2022 report: during the reporting period, the company achieved operating income of 510 million yuan, year-on-year-16.60%; net profit of 77 million yuan,-25.45%; deduction of non-return net profit of 85 million yuan,-15.35%; and basic EPS of 0.16 yuan per share, year-on-year-31.21%.
Our analysis and judgment
(1) the epidemic situation affects project delivery, and the company's short-term performance is under pressure. 2022H1 achieved revenue of 510 million yuan,-16.60% year-on-year. Among them, Q2 achieved revenue of 299 million yuan,-27.17% year-on-year and 41.31% month-on-month. The company's short-term income was under pressure, mainly due to the rebound of the epidemic in Shanghai and other automobile enterprises gathered in cities in the first half of the year. The offline flow of project team and marketing personnel was affected to a certain extent, and the project delivery acceptance and contract signing were delayed to varying degrees, affecting the normal release of the company's R & D business performance. With the easing of the epidemic, the company's R & D business has quickly recovered, Q2 business income has improved, and R & D business is expected to catch up in the second half of the year; the company's V6 fuel engine and reducer products are in regular mass production, and the world's first single-gear electromagnetic DHT (coupler) products are smoothly mass-produced, providing a solid foundation for the rapid climbing of annual parts.
(2) the high gross profit margin is firm, the orders on hand are full, and the performance is expected to be released. 2022H1's gross profit margin is 37.08%, year-on-year + 0.39pct, mainly due to the improvement of fuel vehicle design business gross profit margin of 1.40% Q2 single-quarter gross profit margin of 35.36%, year-on-year + 0.9pct, month-on-month-4.15pct, month-on-month gross profit margin is expected to be related to the company's revenue recognition lag. At present, the total R & D business order of the company's stock is 2.102 billion yuan. After the epidemic is stable, the company's operation recovers quickly, and the performance release can be expected. In terms of parts manufacturing, the company's first-generation V6 engine continued to be equipped with BAIC BJ80 in the first half of the year, and the next step is expected to achieve mass production for the special model of the car. In July, the company's DHT gearbox assembly has been supplied to SAIC GM Wuling, and new energy parts actively expand mass production customers such as mainland Germany, helping to diversify the growth of income.
(3) R & D + manufacturing two-wheel drive to build the ecology of the whole industry chain. The company is the pioneer of domestic independent automobile design company in vehicle research and development "turnkey" service and engine / powertrain R & D. it is one of the few independent development enterprises in China whose business modules can cover the whole industrial chain of vehicle development. the company has carried out a forward-looking layout in the direction of automobile platform, electrification, networking, intelligence and digitization, and mastered a series of key technologies. Many of these technologies or solutions are at the leading level. The parts manufacturing of the company has been in mass production one after another, and the production capacity of highly competitive parts such as reducers and couplers has climbed steadily. With the completion of the acquisition and production of Boxun in Tianjin in the future, it will help the company to achieve independent sales of complete solutions or mass-produced products in the field of vehicle research and development.
Investment suggestion: we expect the company's operating income in 2022 to 2024 to be 1.278 billion yuan, 1.723 billion yuan and 2.264 billion yuan respectively, with year-on-year growth rates of 0.44%, 34.87% and 31.35% respectively, and the return net profit is 212 million yuan, 270 million yuan and 356 million yuan respectively, corresponding to EPS 0.43 yuan, 0.54 yuan and 0.72 yuan respectively.
Risk tips: 1, the risk of adverse impact of the epidemic on the company's business; 2, the risk of rising prices of raw materials.