Events:
The company released three quarterly results: revenue in the first three quarters was 1.38 billion yuan, + 202.5% compared with the same period last year; net profit returned to the mother was 33 million yuan, + 91.4% compared with the same period last year; of which Q3 revenue in a single quarter was 510 million yuan, + 257.3% compared with the same period last year; net profit at home was 5 million yuan, + 16.3 times the investment points:
Q3 single-quarter revenue increased 2.6 times compared with the same period last year. The company's revenue in the first three quarters was 1.38 billion yuan, compared with the same period last year, which was 508 million yuan in a single quarter compared with the same period last year, and + 257.3% compared with the same period last year. The revenue share of the company's new energy supporting products increased to 78.87% of the revenue share of Class An and A+ models. The sharp increase in revenue is mainly due to the rapid development of the new energy industry. In the first three quarters of 22, domestic new energy vehicle sales were 4.567 million, + 1.1 times year-on-year, and 708000 in September, + 93.9% year-on-year.
The profitability is under short-term pressure, the potential for development is strong, and the cost during the Q3 period is lower than that of the previous month.
22Q3 gross profit margin of 11.2%, compared with the month-on-month-12pct/-2.2pct, short-term pressure, mainly due to rising commodity prices resulting in higher assembly product costs. It is expected that the company's gross profit margin is expected to rise as commodity prices fall. The 22Q3 sales / management / R & D / financial expense rates are 2.0%, 3.3%, 8.9%, 0.2%, respectively, compared with the same period last year-4.4pct/-5.8pct/-10.2pct/-1.9pct. Q3 R & D expenses reached 120 million yuan, + 89.5% compared with the same period last year, mainly due to the increase in new product R & D projects, personnel, testing, and so on.
Power system industry leading, product volume / weight / cost advantage is outstanding. The company has solutions covering the full system vehicle level and shelf product matrix, at present, hybrid dual motor controller, motor, power assembly, "integrated core" drive six-in-one and other new projects have entered the mass production period, taking the lead in delivering 100kW high-power six-in-one assembly, based on the platform construction of integrated core powertrain, and rapidly upgrading A-level and B-class market share based on the high market share of A00 models.
The production capacity has been increased and the construction project has been carried out steadily. The fixed increase was completed in July 2022, which is mainly used for technical transformation and capacity construction, in which the Zhuhai production base will have an annual production capacity of 300000 sets of drive assembly and 300000 sets of power assembly; Heze North Base will add 800000 sets of power system and power supply capacity. At present, the two production bases have a production capacity of 500000 sets of assemblies, and after all the new production capacity is put into production, it is expected that the annual production capacity of assembly products will reach 1 million sets, promoting the increase of new energy market share.
Profit forecast and investment rating: the company's main business is expected to continue to benefit from the high profile of the new energy vehicle industry. We estimate that the company's operating income in 2022-2024 will be 100 million yuan respectively; the return net profit will be 0.67 billion yuan and 2.38 billion yuan, respectively, and the corresponding EPS will be 0.41 billion yuan and 1.39 billion yuan respectively. Cover for the first time and give a "recommended" rating.
Risk tips: increased peer competition; shortage of core electronic components; growth of new energy vehicles is not as expected; capacity construction is not as expected.
