Quanfeng Automobile released results KuaiBao: 2021 revenue + 16.53%, home net profit + 0.81% year-on-year revenue 1.615 billion yuan, year-on-year + 16.53%, home net profit 122 million yuan, year-on-year + 0.81%; company 2021Q4 single-quarter revenue of 426 million yuan, year-on-year-10.5%, month-on-month + 11.1%; return-home net profit of 11 million yuan, year-on-year-80.8%, month-on-month-65.6%. The rising price of raw materials, rising international sea freight and other factors put pressure on the company's 2021H2 performance. We lowered the company's revenue forecast for 2021-2022 and raised its revenue forecast for 2023. It is estimated that the company's revenue for 2021-2023 will be 16.15pm 23.08max 33.49 (the original value is 18.05pm 23.24pm 30.06), considering the large increase in raw materials. We have reduced the company's 2021-2023 net profit to 1.22Universe 1.78Universe 2.86 (original value is 1.72Universe 2.43) million, EPS is 0.61 shock 0.88 per share, corresponding to the previous share price PE is 40.0max 27.5pm 17.1 times, the company has abundant orders on hand, leading the pace of integrated die casting layout, we believe that short-term performance fluctuations do not change the company's long-term upward trend. Maintain a "buy" rating.
Transmission, new energy automobile parts business rapid growth, raw materials and other factors lead to the company's performance pressure according to the company's 2021 performance KuaiBao, benefiting from the advance layout in the field of new energy automobile parts and the improvement of market penetration of transmission parts business, the company's new energy automobile parts business achieved business income of 324 million yuan in 2021, + 43.25% year on year The company's transmission parts business achieved business income of 565 million yuan, + 36.09% compared with the same period last year. The two core businesses drive the steady growth of the company's operating income. According to the National Bureau of Statistics, the price of domestic aluminum ingots rose greatly in the second half of 2021. Due to the lag of the company's price adjustment mechanism and the superposition of factors such as the rise of international sea freight and the appreciation of RMB, the company's performance was under pressure in the second half of 2021.
Integrated die casting gives birth to new opportunities, the company is ahead of the pace, and large die casting machines are in place one after another. according to the company's investor Q & A records, the company's 5000T die casting machine has been put into use. mainly used in the honeycomb "five-in-one" transmission shell assembly business, 6000T and 8000T die-casting machines are expected to arrive in June and August 2022. The company's layout in the field of integrated die-casting is relatively early, leading in the domestic die-casting manufacturers. It is expected to usher in greater development opportunities.
Risk hints: the sales of new energy vehicles are not as expected, the progress of capacity construction is not as expected, and the epidemic situation is repeated.
