Event: The company released its 2022 annual report: the company achieved revenue of 2.67 billion yuan in 2022, +14.47% year on year, and achieved net profit of 123 million yuan, +34.90% year on year; realized net profit of 87.218 million yuan, +17.84% year on year; of these, Q4 achieved main business revenue of 859 million yuan in a single quarter, +9.78% year on year; achieved Guimo's net profit of 167.495 million yuan, +242.15% year on year.
The company's development strategy is clear, and its performance has increased dramatically: the company's performance growth is mainly due to continuous breakthroughs in the automotive thermal management business. In 2022, the company's main product, automotive thermal management system components, achieved sales of 1.62 billion yuan, +30.96% year on year, EGR systems and sensors achieved sales of 440 million yuan, +33.02% year on year, and automotive rubber and plastic parts sold 550 million yuan, compared to -20.33% year on year. Its domestic sales were 2 billion yuan, +20.79% year on year; foreign sales were 6.2 billion yuan, +1.49% year on year. The company firmly focuses on the main automotive thermal management business, implements the “1+2+N” development strategy, focuses on the basic vehicle thermal management air conditioning pipeline business, vigorously develops EGR and automotive hose business, and continuously invests in R&D resources. Focusing on changes in its segments, closely follows national industrial policy trends and customer needs, forming a multi-category thermal management single product layout. Single product companies such as gas-liquid separators and electronic water pumps have successively achieved mass production or project targeting, further promoting R&D and sales of integrated thermal management modules, combining innovation and breakthroughs in hydrogen fuel cells and other fields. domestic, Two foreign markets have been built into auto parts companies with brand reputation, international influence, and R&D innovation.
The company's product matrix continues to improve, and the company strategically lays out integrated thermal management modules and core components: Based on automotive thermal management pipeline system products, the company has expanded to products such as sensors, electronic water pumps, and vehicle wireless charging, and strategically lays out thermal management modules. The company started with the European public's heat pump valve group integrated module product project to further improve the integration of the company's thermal management products and accelerate the deployment of integrated thermal management modules and core components. On the one hand, the company expanded from traditional thermal management components to new energy thermal management products, and on the other hand, developed from previous thermal management components to heat management assemblies.
The company has further improved its production capacity layout: the company has steadily promoted the construction of various production capacity, adding new production capacity in Anhui, Guangdong, Hubei and other places, which will help the company further increase the production capacity of its advantageous products and expand market space. At the same time, during the reporting period, the company deliberated and passed a bill to publicly issue convertible corporate bonds. It is proposed to build a new thermal management integrated module and core component project for new energy vehicles. After delivery, the project can produce 2.45 million sets (pieces) of NEV thermal management integrated modules and other core components per year. The implementation of the project will greatly strengthen the company's leading position in the field of thermal management of new energy vehicles, and will also drive an increase in the value of the company's bicycle support and an increase in the gross margin of the company's products.
Profit forecast: We expect the company to achieve revenue of 33.81/42.65/5.362 billion yuan in 2023-2025, YOY 26.64%/26.15%/25.72%, net profit of 193/2.49/317 million yuan, YOY 56.35% /28.80 %/ 27.41%, EPS 0.39/0.51/0.65 yuan, maintaining the company's “recommended” rating.
Risk warning: The global economic climate falls short of expectations, the penetration rate of new energy falls short of expectations, sales of major customers falls short of expectations, and the company's new customer expansion falls short of expectations