Events:
The company released the results of the first three quarters: the company achieved operating income of 1.719 billion yuan in the first three quarters, + 20.66% year-on-year, and net profit of 104 million yuan, + 1.65% over the same period last year.
Among them, Q3 achieved an operating income of 650 million yuan in a single quarter, + 48.90% year-on-year, and a net profit of 48.8464 million yuan, + 76.19%, compared with the same period last year.
The company's performance in the third quarter increased significantly, and the thermal management business continued to optimize: the company's revenue in the third quarter increased by 48.9% compared with the same period last year, and its net profit increased by 76.19% over the same period last year. The company's performance growth mainly came from the breakthrough in the automotive thermal management business. At present, the main products of the company's automotive thermal management business plate are automotive air conditioning pipeline, carbon dioxide heat pump system valve group integration module, automotive thermal management system connection hard pipe and accessories. On the basis of the automotive air-conditioning pipeline market share has been firmly in the forefront of the industry, the company continues to develop other core components and integrated module products. At the same time, the company established Tenglong Research Institute to increase R & D investment in new categories, and with the support of strong R & D, the company's thermal management products expanded from traditional fuel vehicle thermal management components to new energy vehicle thermal management products. from the previous thermal management components to the direction of thermal management integration, and the layout of a number of new growth points.
The company has sufficient orders on hand, and the fixed point continues to break through: the company currently has sufficient orders on hand, with more than 10 billion yuan of new orders in 2021. The company has a large number of customers and a balanced customer structure. the main customers include international / joint venture customers, independent brands, new power and other automobile manufacturers and international well-known auto parts system suppliers. In 2021, the company's gas-liquid separator was designated by BYD, and the heat pump valve group integration module was designated by the European Volkswagen project.
The continuous breakthrough of the company's customers plays a great role in boosting the company's long-term performance.
EGR business is growing rapidly: the company has a complete industrial chain R & D production capacity from parts to EGR system, and the company's EGR business is expected to usher in a period of rapid growth due to the high growth rate of the sixth national policy window and hybrid market. With the bottom of the commercial vehicle market, the company's automotive hose business will also be stable and form a good synergy with the company's thermal management business.
Profit forecast: from 2022 to 2024, we expect the company to achieve operating income of 28.5 yuan, 37.17%, 48.78 billion yuan, 29.16%, 30.42%, 31.23%, 1.2 and 1.48 million, respectively, and YOY 32.96% / 23.19% / 38.35%, EPS0.25/0.30/0.42 yuan, maintaining the company's "recommended" rating.
Risk tips: the global economy is not as good as expected, the penetration rate of new energy is lower than expected, the sales volume of major customers is not as expected, and the company's new customer expansion is not as expected.