Brief comment on performance
On February 27, the company disclosed its annual performance for 22 years, KuaiBao, with annual revenue of 3.48 billion yuan, + 64% compared with the same period last year; net profit of 155 million yuan, + 18.75% over the same period last year; of which, Q4 realized revenue of 1.318 billion yuan, an increase of 84% over the same period last year; realized net profit of 58 million yuan and became a regular profit.
Business analysis
The rapid growth of the company's revenue is mainly due to the coordinated development of the company's two-wheel drive strategy: (1) in the field of intelligent equipment, the company continues to develop power battery intelligent equipment and assembly line, powertrain (electric drive system and hybrid system) intelligent equipment and assembly line, lightweight car body intelligent connection equipment and production line and other areas of business, to achieve double helix optimization of products and customers. Cooperation with customers in the field of new energy vehicles continues to deepen, and customer stickiness continues to enhance. The delivery of smart equipment business orders and the number of new orders increased significantly compared with the same period last year. (2) New energy vehicle motor and electronic control parts business: the new energy vehicle industry continues to develop rapidly, the company's downstream customer demand is strong, and the company's new energy vehicle motor and electronic control parts business is growing rapidly. the annual delivery of 159000 sets of products (including the joint venture Hefei Daoyi Power Technology Co., Ltd., 219600 sets), an increase of 92.49% over the same period last year. The company gives full play to the synergy advantage of "two-wheel drive" business layout, realizes the rapid landing of the new energy vehicle motor and electronic control parts business market development, and lays a good foundation for future business development.
The reason why the company's profit growth rate is lower than the revenue growth rate is mainly due to the decrease in the gross profit margin of the company's equipment business and the increase in the proportion of revenue from the new energy motor electric control business with low gross margin.
Earnings forecast, valuation and rating
We estimate that the company's 2022Universe 2023Universe net profit for 2024 will be 1.55plus 2.61 / 488 million yuan (originally 1.35,2.69 and 438 million yuan), and the current price of the company's shares will be valued at 38-23-12 times the PE valuation, maintaining the "overweight" rating.
Risk hint
The risk of raw material price fluctuation; the risk of intensified competition; product development is not as expected; the risk of lifting the ban on restricted shares.