Events:
The company publishes the annual report for 19 years and the quarterly report for 20 years. In 19 years, the revenue of yoy+0.4%, was 7.49 billion, the net profit of yoy-41.3%; was-585 million, the net profit of deduction was-618 million, which was in line with expectations; the revenue of 20Q1 was 1.35 billion, the net profit of yoy-13.9%, was 13 million, and that of yoy-41.3%; was 6 million, yoy-19%.
Revenue grew steadily and new energy vehicles performed brightly. In 19 years, the growth rates of home appliances-consumer electronics, car wire harness and automotive electronics-new energy business were-10.4%, + 4.7% and + 21.9%, respectively. The significant growth of new energy vehicle business stems from 19Q4 Chongqing meta mass production and delivery of OBC. Chongqing plant 300,000 capacity release, with the delivery of European PSA orders, will effectively improve the company's performance.
Gross profit margin increased and cash flow improved significantly. In 1919, the gross profit margin increased by 1.35 pct, of which the gross profit margin of home appliances-consumer electronics and automotive electronics-new energy business increased by 3.5,3.8 pct respectively. 20Q1 gross margin continued to improve, rising to 16.17% in a single quarter. In 19 years, the net inflow of OCF was 320 million, that of yoy+229%;20Q1 OCF was 120 million, and that of 19Q1 was only 1.2 million.
The performance has increased steadily in the past 19 years, and it has been loaded light after full impairment. In 19 years, the company set aside 670 million of impairment, including 230 million of asset impairment and 440 million of credit impairment. Among them, the impairment of receivables is mainly for BAIC Yinxiang and Zhongtai, which are in operational difficulties. It is expected that the customer structure of the company's automotive business will improve in 20 years, European electric car OBC shipments + FAW-Volkswagen wire harness business will be steadily expanded, and the performance is expected to turn upwards.
Investment suggestion: the company's meta subsidiary car charger has established the ability and business platform to supply to the global market, with European BMW, Volkswagen, Porsche, PSA and Dongfeng, Peugeot Citroen, SAIC, Geely and other important customer orders at home and abroad. The company's OBC Chongqing capacity release, 1.68 billion investment, helping the company to recover rapidly after the recovery of the epidemic. Under the influence of the epidemic, the company's overseas business has been damaged. We have lowered our revenue forecast for 20-21 years from 9010.6 billion yuan to 78Compare 9.2 billion yuan, estimated 22-year revenue of 11 billion yuan, and reduced 20-21 net profit forecast to 2.4 / 410 million from 3010 million yuan. It is expected to return to the mother of 530 million net profit in 22 years, maintaining the "buy" rating.
Risk hints: the recovery rate of the epidemic is not as fast as expected; the progress of non-public offering projects is not as expected; and the prosperity of the home appliance and consumer electronics industry is lower than expected.
