Announcement: the company announced the 2020 annual report that the revenue in 2020 was 1.41 billion yuan, an increase of 41% over the same period last year, the net profit of returning to the mother was 170 million yuan, an increase of 79% over the same period last year, and the net profit of non-return was 110 million yuan, an increase of 112% over the same period last year.
The main business of pumps continued to increase in the fourth quarter, supporting the continuation of the high growth trend. In the fourth quarter, the company achieved revenue of 450 million yuan, an increase of 43% over the same period last year and maintained a high growth, mainly due to the continuous realization of breakthroughs in the company's traditional pump products and clients. The product end extends from diesel engines and gasoline engine oil pumps to cooling pumps, gearbox pumps, vacuum pumps and other product systems. The client has achieved breakthroughs in high-quality passenger cars, overseas mainframe factories, global construction machinery and other customers. For the whole year, the revenue of the motor / gearbox pump business increased by 491%, 147% compared with the same period last year, with the fastest growth rate; the diesel engine / gasoline engine oil pump business increased by 12.9%, 22.3%, with a steady growth rate.
The company actively expands production to cooperate with abundant orders on hand, and its profitability remains stable. In 2020, the company's other non-current assets (mainly prepaid project payments) increased by 100% to 35.96 million yuan compared with the same period last year, confirming that there are plenty of orders on hand. At the same time, the company invests in Xineng vehicle parts technical renovation project, foundry molding workshop project and Tengzhi mechanical and electrical plant project with self-raised funds, with a total Capex of about 140 million yuan for the whole year, maintaining a high level of cooperation with orders. In addition, the company's gross profit margin remained stable at 28% in 2020, and the expense rate decreased by 16.7% compared with the same period last year. 1.73pct, the cost control effect is good, and the company's performance is expected to continue to increase.
Looking forward to the next two years, the company's traditional pump main business is in the stage of accelerating import substitution. ① commercial vehicles: diesel pump business continues to upgrade, into the United States Cummins, Caterpillar Inc, Scania, John Deere and other overseas leaders, as well as high-end horsepower generator sets, ship power and other high-end supply system, is expected to 2022-2023, the net income increment is expected to reach 400-500 million yuan.
② passenger cars: transmission pump business new customers Toyota Motor Corp (new energy), PSA, Changan Qingshan; oil pump business into Geely, Japanese Nissan, American Ford, France Peugeot Citroen and other global joint venture supporting system, and high value-added variable displacement engine oil pump put into production to promote the unit price up, is expected to 2022-2023, the net income increment is expected to reach 400-500 million yuan. In short, the company's main business in the context of import substitution acceleration, including Geely, Souter Transmission (Sany Group) and many other orders, looking forward to 2022-2023, in-hand orders corresponding to the new revenue of 8-1 billion yuan.
Dongjia Intelligent forward-looking layout EPS control system, open the intelligent driving executive entrance. Another core growth point of the company is Dongjia Intelligence, which is a joint venture between 2019 and Yilida, and its core product is the intelligent driving executive layer control unit ECU, which has been applied to more than 5 million vehicles. With the breakthrough of domestic self-driving in 2021, EPS as the executive side will fully benefit. Due to the slow response speed in the cooperation between the system of foreign manufacturers and the executive end, it can be predicted that the executive end will be replaced by domestic suppliers with technical strength and response speed. Yilida is the leader of domestic EPS, and has been broken through by Changan Automobile, Dongfeng Xiaokang and other customers to obtain the supplier qualification of joint ventures such as Volkswagen Group and Dongfeng Peugeot.
At present, Dongjia Intelligence is mainly equipped with EPS control system, intelligent driving promotes EPS upgrade + import substitution acceleration, and its EPS business is expected to rise in volume and price.
Raise earnings forecasts and maintain buy ratings. The release of orders exceeded expectations, raising the company's operating income forecast for 2021-2022 to 17.2yuan and 2.1 billion yuan (15.1yuan and 1.86 billion yuan before adjustment), corresponding to the corresponding net profit of 2.30yuan and 280 million yuan (2.2yuan and 280 million yuan before adjustment). The new revenue forecast for 2023 is 2.52 billion yuan, and the net profit is 330 million yuan, corresponding to 18,15,13 times of PE. Continue to recommend and maintain the buy rating!
