Event: the company released its annual report for 2020, with total operating income of 3.384 billion, year-on-year-0.65%, operating profit of 227.4 million, year-on-year + 20.48%, net profit attributable to shareholders of listed companies 247 million yuan, year-on-year + 39.97%. Deducting non-net profit 121 million, year-on-year-1.80%. Q4 realized sales revenue of 1.063 billion yuan, + 17.84% year-on-year, + 24.75% month-on-month, and net profit of 98.3971 million, + 12568.61%, and + 31.60%, respectively.
1. The sales revenue is basically flat, and the net profit maintains the growth momentum: the company released that the total operating income for the whole year reached 3.384 billion, which was-0.65% last year, and the operating profit was 227.4 million, + 20.48% compared with the same period last year. On the basis of ensuring that the sales revenue is basically the same as that in 2019, the company's net profit in 2020 continues to maintain the growth momentum. During the reporting period, the company completed the acquisition of Jingbin Dayang Cold and warm Industry (Dalian) Co., Ltd., and became its controlling shareholder. Through this transaction, the company fully entered the supporting systems of Volkswagen and Honda. It has created a good foundation for further opening up the market of joint venture brand car enterprises. At the same time, the company's rail transit air conditioning business sector continues to maintain the momentum of development, on the one hand, to open up new line orders, on the other hand, through overhaul projects to enter the new urban subway market.
2. The air-conditioning business of large and medium-sized buses has declined, and the thermal management business has increased: during the reporting period, due to the epidemic situation and macroeconomic reasons, public transport is running at a low level. In 2020, the delivery volume of large and medium-sized bus air-conditioning system products decreased by 22.55% compared with the same period last year; the delivery volume of independent battery thermal management products for large and medium-sized buses increased by more than 23.53% compared with the same period last year. In addition, based on existing products, the company began to enter the field of energy storage power stations to provide customers with battery thermal management-related products, which is expected to become a new business growth point of the company.
3. The car thermal management business has recovered, and the production capacity is sufficient to cover new orders: during the reporting period, China's passenger car industry was under greater pressure at the beginning of the year due to the impact of the epidemic, and showed a good momentum of recovery with the improvement of the epidemic in our country. At present, the company has entered the supplier system of a number of joint venture brand car companies and high-end electric vehicle companies, with new life week orders of more than 3 billion yuan in 2020, including SAIC, Changan Automobile, Sany Group, Guangzhou Automobile Group and other customers.
At present, the company's car thermal management business plate has a total of 9 production bases, which can basically meet the order needs of the current market and customers.
4. The delivery volume of refrigerated refrigeration units has increased significantly: during the reporting period, the company delivered more than 3500 refrigerated units of various types, an increase of more than 60% over the same period last year, and sales revenue exceeded 70 million yuan, an increase of 27% over the same period last year. The expansion of customer scale and the improvement of customer quality have laid a good foundation for the business development of this sector and the localization of large units.
Investment suggestion: the company has been committed to automobile thermal management for a long time, not only in passenger cars and commercial vehicles, but also in passenger cars and cold chain logistics. It is estimated that the 22-year net profit of 2111 will be 2.74 and 296 million respectively.
Risk hint: customer sales fall short of expectations, market expansion falls short of expectations, and competition intensifies.
