Event: the company released its annual report in 2011and quarterly report in 2022. In 2021, the company achieved an operating income of 1.615 billion yuan, an increase of 16.53% over the same period last year, a net profit of 122 million yuan, an increase of 0.76% over the same period last year, and a net profit of 90 million yuan, down 19.95% from the same period last year.
In the first quarter of 2022, the operating income was 407 million yuan, down 3.72% from the same period last year, the net profit was 18 million yuan, down 62.54% from the same period last year, and the net profit was-7 million yuan, down 117.28% from the same period last year.
Revenue is growing steadily and non-recurrent factors disturb net profit. In 2021, the company's annual revenue increased by 16.5% year-on-year to 1.61 billion yuan, of which sales of new energy auto parts and auto transmission parts increased by 43.2% and 36.1%, respectively. The company's full-year net profit increased slightly by 0.76% to 120 million yuan compared with the same period last year, while the net profit after deducting non-return was 90 million yuan, down 20.0% from the same period last year. The gross profit margin was basically unchanged at 20.8% from the same period last year, and the net profit margin fell by 1.2pct to 7.5%. The pressure on the profit side of the company is mainly caused by the rise in the price of raw materials, the substantial increase in international sea freight, the appreciation of RMB and other factors. In the first quarter of 2022, the company's revenue decreased slightly compared with the same period last year, and its net profit and net profit after deduction fell by 62.5% and 117.3% respectively, mainly due to rising prices of raw materials and natural gas, increased investment in research and development of new projects, and the impact of the epidemic, which led to sales falling short of expectations.
Based on the traditional steam zero business, closely follow the trend of electrification. The company's core products, such as transmission parts, have won customer orders such as BYD and Great Wall for high quality performance, and the penetration in the traditional auto parts market has been further improved. at the same time, the customer structure has gradually transformed from a single Tier 1 to a mainframe factory with equal emphasis on Tier 1. In addition, in the face of the trend of automobile electrification, the company actively arranges the new energy steam zero business and, on the basis of the superior products of motor and electric drive shell, expands to the battery field and obtains the customer location of a number of battery component projects. at present, it has achieved full coverage of the "three electricity business", and the scale of the business is expected to be improved.
Layout integrated die-casting to achieve business breakthrough. Aluminum die-casting parts industry to the trend of integration, the company increased investment in research and development, focusing on large-scale die-casting technology. At present, the company has made a breakthrough in materials, moulds and technology, and related technologies have been applied to integrated battery pallets and other fields.
Some products of aluminum alloy die casting business have been mass produced.
Earnings forecast and rating: it is estimated that the return net profit of the company from 2022 to 2024 is 154 million, 228 million and 321 million respectively, the earnings per share are 0.76,1.13,1.60 yuan respectively, and the price-to-earnings ratio is 22.66,15.29,10.82 times respectively. Cover for the first time, giving a "buy" rating.
Risk tips: lower-than-expected market demand, rising prices of raw materials and the risk of the impact of the epidemic
