Revenue in 2020 was 1.77 billion yuan (+ 16.87%), net profit was 201 million yuan (+ 50.47%), revenue in 2020 was 1.77 billion yuan, up 16.87% over the same period last year; net profit belonging to shareholders of listed companies was 201 million yuan, up 50.47% over the same period last year; diluted earnings per share was 0.34 yuan, an increase of 54.55% over the same period last year.
Enter the new energy vehicle market, products, customer structure continue to optimize the new market development: in new energy vehicles, in addition to the original supporting urban bus clutch shock absorbers, the 472 and 476 crankshafts developed by the company for BYD hybrid models have entered mass production, and the crankshaft blank forgings developed by SAIC GM will also be used in its hybrid new energy vehicles. New product development: SAIC GM, Mercedes-Benz, Cummins, Daimler, Volvo, Caterpillar and other key customers have made good progress in new product development.
With the continuous expansion of the company's market channels, the upgrading and transformation of product business, and the reasonable optimization of customer structure, the company's development space has also been further expanded. At present, the company's income share of non-road machinery supporting products and international customer income has reached 30%.
Joint venture with Germany Alfen to enter large crankshaft, excellent market development achievements in new market and new product development, MTU and Wasilan new product samples passed verification; Yuchai ship and electricity products achieved 3 mass production and 2 development; obtained the product development license of Dalian CRRC; completed the technical exchanges and quotations of Chongqing Cummins, Weichai, China Shipbuilding heavy Industry and other well-known engine manufacturers. In the aspects of process improvement, quality improvement and efficiency improvement, the domestic replacement of imported equipment tools and the autonomy of Landis equipment programming and product debugging have been realized, great breakthroughs have been made in medium frequency quenching and tempering, and the performance of crankshafts has been further improved. greatly save energy consumption and improve production efficiency.
With the steady growth of commercial vehicles, luxury cars and off-road are the bright spots of future growth. Based on the international strategy of business / talent / technology trinity and the leading advantages of process technology and equipment, the company expands precision forgings to reduce costs and increase income. continue to optimize customer structure, enter the high-end market. In terms of future growth, the company is expected to grow steadily in the field of commercial vehicles, have great potential in the field of luxury passenger car crankshafts, and increase in volume and price in the field of large crankshafts.
Earnings Forecast, valuation and rating
It is estimated that the company's homing net profit from 2021 to 2023 is 2.45 million yuan, 321 million yuan, and 437 million yuan, respectively, with a growth rate of 22.1%, 31.0%, 36.3%, 0.41, 0.54, 0.74 and 8.6 times, respectively, and the corresponding price-to-earnings ratio is 15.4, 11.7 and 8.6 times, respectively. The company's competitive advantage is obvious, and its share is expected to increase. The expansion of luxury passenger cars and the large crankshaft business of "stuck neck" opens more room for growth and maintains the "highly recommended" rating.
Risk tips: commercial vehicle market fluctuations, passenger car customer development, large crankshaft business not up to expectations
