The company announced its performance on the evening of February 26, KuaiBao. The company achieved revenue of 3.4 billion yuan in 2020,-0.1% of the same period last year, and net profit of 240 million yuan, + 36.1% of the same period last year. Of this total, 2020Q4 achieved revenue of 1.08 billion yuan in a single quarter, + 19.9% of the same period last year, and a net profit of 90 million yuan, compared with 1 million yuan in the same period last year. The company's full-year results exceeded the forecast range of 170-210 million in the third quarter, exceeding market expectations. The leading position of the company's large and medium-sized bus air conditioners is stable, the development of battery thermal management products is smooth, the customer quality and product profitability of the car thermal management business plate continue to improve, and the company continues to make progress. Raise the company's annual EPS forecast on 2020-21-22 to 0.38Universe 0.44pm 0.57 yuan (the original forecast 0.31 Universe 0.42 plus 0.52 yuan), and maintain the "buy" rating.
The company released its 2020 results KuaiBao, which exceeded expectations. On February 26, the company released its performance KuaiBao. In 2020, the company achieved revenue of 3.4 billion yuan,-0.1% compared with the same period last year, and a net profit of 240 million yuan, + 36.1% of the same period last year.
Of this total, the revenue of Q4 in 2020 was 1.08 billion yuan, + 19.9% compared with the same period last year, and the net profit of returning to the mother was 90 million yuan, compared with 1 million yuan in the same period last year. The company's annual performance exceeded the 170-210 million range predicted in the third quarter, exceeding market expectations, mainly due to the stable position of the company's large and medium-sized bus thermal management business industry and the smooth development of battery thermal management products; the customer quality and product profitability of the car business segment continued to improve, and the landing of new customers and new orders in other business sectors made steady progress.
Customer structure optimization, business hit bottom upward. Since 2019, the company has adhered to the business strategy of "simultaneous development of passengers and businessmen" and increased customer development for passenger vehicles and commercial vehicles. The company's commercial vehicle business, especially construction machinery air-conditioning products, accounts for an increasing proportion of sales. at present, the main customers are Sany, Xugong, Futian and Shaanxi Automobile and other construction machinery manufacturers.
With high-quality product quality and fast service response, the company won the best cooperation award of Sany Group Strategic Alliance and the title of excellent supplier of Sany pump. In terms of passenger cars, the company mainly supplies condensers, air conditioners and other products, and gradually phase out low-end customers and expand high-quality independent and joint venture brand customers. At present, the company's main passenger car customers are Jianghuai, Changan, SAIC GM Wuling and SAIC passenger cars. In 2020, the company announced that it was designated by the air-conditioning box project of Lai and BAIC off-road vehicles, and the expansion of new customers and new products was smooth.
Continuous investment in R & D and rapid expansion of new business. Since 2014, the company's annual R & D expenditure has been more than 150 million yuan; in terms of patents, the company is the drafting unit of industry standards for automotive air-conditioning products, and the vehicle air-conditioning R & D technology is ahead of its domestic counterparts; as of the end of June 2020, the company has 540 national patents. And the company has two national accredited laboratories, Shanghai Songzhi Experimental Center and Jianghuai Songzhi Experimental Center.
The company invested 150 million yuan in 2018 to build an international advanced ring mold wind tunnel laboratory to speed up the cooperative development with a number of vehicle factories. The company is a leading enterprise in the field of large and medium-sized bus air-conditioning, air-conditioning products continue to iterate, product technology is leading, maintain a high share of stability. The new business of battery thermal management cooperates with the air-conditioning business and continues to provide increment. In terms of cold chain business, after the acquisition of Lumikko, the company localized its technology and products, and solidly promoted the business of refrigeration units, including the transportation of products such as drugs, fruits and vegetables, fully benefiting from the rapid growth of cold chain transport demand in the later stage of the epidemic.
Risk factors: the prosperity of the automotive industry is declining; the progress of product research and development is not as expected; the expansion of new products and new customers is not as expected.
Investment suggestion: as a leading enterprise in the production of mobile air conditioners in China, the operation of the company is constantly improving. The passenger structure of the passenger car business is gradually optimized, and the quality independent and joint venture customers are constantly expanding. At the same time, the company acquired Jingbin Dayang this year to further expand the customers of Volkswagen and Honda. The commercial vehicle business continues to expand, and the construction machinery business is developing rapidly. Large and medium-sized bus business to maintain a high share of stability, downstream bus prosperity is expected to pick up; and the rapid growth of new energy thermal management business, thickening the company's performance. The company is currently at the bottom of the business cycle and is expected to continue to rise in the future. Raise the company's annual EPS forecast on 2020-21-22 to 0.38Universe 0.44pm 0.57 yuan (the original forecast 0.31 Universe 0.42 plus 0.52 yuan), and maintain the "buy" rating.
