Announcement: according to the company's quarterly report for 2021, 2021Q1 achieved revenue of 430 million yuan, an increase of 81% over the same period last year, a net profit of 45.75 million yuan, an increase of 29% over the same period last year, and a deduction of 43.36 million yuan for non-return net profit, an increase of 138% over the same period last year.
The main business of pumps continued to increase in the first quarter, supporting the continuation of the high growth trend. In the first quarter, the company achieved revenue of 430 million yuan, an increase of 81% 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, which expanded 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. Looking forward to 2021, the motor / gearbox pump business is expected to continue to grow high, and the diesel engine / gasoline engine oil pump business is expected to grow steadily.
21Q1 deduction non-home net profit margin reached a new high, the company actively expand production with abundant orders on hand. (1) the non-parent net profit margin of 2021Q1 reached 10.1%, a year-on-year increase of 2.4pct and a month-on-month growth of 2.8pct, which was high over the past seven quarters of innovation, mainly due to the rapid recovery of revenue. The gross profit margin increased by 0.5pct to 29.3% compared with the same period last year, and the management expense rate decreased by 2.2pct. (2) in addition, the company's other non-current assets (mainly prepaid project payments) increased by 98% to 35.16 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 2021Q1 Capex of about 41.92 million yuan, maintaining a high level of cooperation with orders.
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.
Maintain earnings forecasts and buy ratings. The order exceeds the expected release, and the operating income of the company from 2021 to 2023 is forecast to be 17.2,21 and 2.52 billion yuan, and the corresponding net profit is 2.3,2.8,330 million yuan, corresponding to 18,15,13 times of PE. Continue to recommend and maintain the buy rating!