Revenue increased by 178% compared with the same period last year, and the volume of assembly products increased rapidly. The company achieved 869 million yuan in revenue in the first half of 2022, an increase of 178% over the same period last year. Among them, the income of power assembly / electric drive assembly / motor controller / electronic throttle pedal and other products is 2.95 and 2.90 billion yuan respectively, up 394% and 538% and 4% and 24.5% respectively over the same period last year. The return net profit was 27 million yuan, an increase of 64% over the same period last year. The sales revenue of assembly products accounted for nearly 70%. Among them, powertrain shipped 42400 units, revenue reached 290 million yuan, an increase of 538% over the same period last year, power assembly shipped 242100 units, revenue reached 295 million yuan, an increase of 394% over the same period last year.
Continue to increase investment in R & D, raw material costs affect short-term profits. In the first half of 2022, the company's gross profit margin / net profit margin was 14.50% and 3.15% respectively, down 6 percentage points from the same period last year. The company's sales expense rate, management expense rate, financial expense rate and R & D expense rate are 1.93%, 3.23%, 1.07%, 8.43%, respectively, which is 2.87 percentage points from the same period of last year. Due to the increase in new product R & D projects, the company's R & D expenses increased by 107% to 73 million yuan in the first half of the year compared with the same period last year. Affected by the sharp rise in the prices of rare earths, copper, aluminum and other raw materials, the company's profits are under short-term pressure.
"integrated core" technology iterative upgrade, power + electric drive two-wheel drive. The company has launched three-in-one and six-in-one "integrated core" drive assembly products. After many technical iterations, the volume / weight / cost is reduced by 30%, 30% and 20% respectively, and the technical advantage is outstanding. The company's main production capacity is located in Zhuhai, Guangdong and Heze, Shandong. We estimate that the existing production capacity is about 500000 sets per year, and the total additional production capacity in the future is expected to reach 1 million sets per year. The new designated projects of the company's power assembly products mainly include Great Wall good Cat series, Hezhong Naga series, Ankai Q5 series, etc., while the new fixed projects of electric six-in-one assembly mainly include a variety of models of SAIC Chase and Jianghuai Automobile.
The new energy vehicle market continues to be booming, and the company's products are used in pure electric / hybrid models. In the first half of 2022, under the pressure of overcoming core deficiency, rising costs and epidemic disturbance, the production and sales of new energy vehicles completed 2.661 million and 2.6 million respectively, an increase of 1.2 times over the same period last year, with a market penetration rate of 21.6%, and the industry continued to thrive. Pure electric side, the company deeply cooperates with XPeng Inc., Geely, Weima and other high-quality car companies; hybrid side, the company won SAIC GM Wuling Capitol / Star, FAW-Volkswagen next-generation SIC hybrid platform and other vertex projects.
Risk tips: chip supply is tight; raw material prices are rising; project landing progress is not as expected.
Investment advice: directly benefit from the accelerated infiltration of new energy vehicles and maintain the "buy" rating.
We maintain the profit forecast and expect the company's homing net profit for 22-23-24 to be 1.40 apiece 2.91 / 493 million, corresponding to EPS 0.84 plus 1.76 apiece 2.98, and corresponding to PE being 79-38-23 times, maintaining the "buy" rating.
