Depth-Company-Huayu Automotive (600741): Intelligent electric space with performance in line with expectations is broad

Depth * Company * Huayu Automobile (600741): Intelligent electric vehicles with broad performance meet expectations

The company released its 2018 annual report and achieved a total of 1,571 operating income over the long term.

7 ppm, an increase of 11 in ten years.

9%, the net profit attributable to shareholders of the listed company is 80.

30,000 yuan, an annual increase of 22.

5%; net profit after deduction is 63.

100 million US dollars, basically flat for a year; income 2.

55 yuan, the performance is in line with expectations.

The company completed the acquisition of Xiaoying Car Lights and renamed Huayu Vision, confirming a one-time premium of 9%.

26 ppm, driving rapid company performance growth.

The industry is under pressure as a whole, and the company is a domestic component giant. It is expected to surpass the overall performance of the industry and is currently expected to correspond to August 2019.

5xPE with an index rate of 5.

2%, long-term allocation value is outstanding.

The company has integrated and perfected its layout in the fields of new energy and intelligent driving. It is at the forefront of the industry and has huge room for future development.

The company’s estimated earnings for 2019-2021 are 2 respectively.

39 yuan, 2.

58 yuan and 2.

86 yuan, maintain BUY rating.

Key points of support level Q4 performance is under pressure, and gross profit margin has decreased.

Based on the aggregate caliber, the company’s operating income in 2018 was 58.

4% comes from SAIC Group. SAIC Group’s sales in 2018 increased by 1.

8%, previous industry 2.

At the same time, the company completed the acquisition of Koito’s car lights and changed its name to Huayu Vision, confirming a one-time premium of 9%.

26 ppm, driving the company’s rapid growth in revenue and net profit.

Due to rising raw material prices and product structure adjustments, the company’s overall gross profit margin was 13.

8%, a decline of 0 per year.

7 units.

Huayu Vision consolidated sales, management, and R & D expenses, and the four expense ratios increased.

8%, rising by 0 every year.

2 units.

Among them Q4 realized income 383.

700 million, an annual increase of 4.

4%; net profit attributable to mother 16.

6 ppm, with a ten-year average of 4.

3%, the Q4 car market was sluggish, and every 12 sales increased.

3%, SAIC pricing 9.

7%, leading to the company’s Q4 revenue growth rate; gross profit margin 13.

7%, down 2 every year.
There are 0 singles; the consolidation and continuous expansion of R & D have increased R & D expenses, but the overall cost control is good, and the four expense ratios are 10.
5%, reduced by 0 every year.

3 units.

A number of businesses have been steadily advancing, and Xiaoping’s consolidation has driven rapid growth in performance.

In 2018, the company’s internal and external trim parts, metal parts, functional parts, and electronic and electrical device revenue increased by 11 respectively.

3%, 36.

5%, 8.

6%, 11.

2%, only the income of hot-worked parts decreased slightly by 12.


Koito’s consolidation and confirmation of fair premiums contributed to the net profit contribution of the interior and exterior trim business41.

7 ppm, an increase of 48 in ten years.


The net profit of metal parts, functional parts and hot-worked parts was 22.

2%, 5.

3%, 24.

Better growth of 8%, only the net profit of electronic and electrical devices decreased by 25.

3%, overall performance is good.

Huayu Vision achieved revenue of 138 in 2018.

300 million US dollars, a year-on-year growth of 15%, and expanded many new customers such as GAC Honda, is expected to become the company’s new growth point in the future.

杭州桑拿网 Actively promote R & D and industrialization in areas such as intelligent interconnection and new energy, with broad development space.

The company’s 24GHz backward millimeter-wave radar achieved mass production. In 2018, it produced a total of 16,922 units, becoming the first domestic millimeter-wave radar supplier to independently develop and achieve mass production, and accelerate the development of 77 / 79GHz and other products; Yanfeng’s interior fast intelligent cockpitR & D of system domain controllers, intelligent decorative parts and other products; Huayu Magna’s electric drive system has been designated by the Volkswagen MEB platform, and development and production preparations are being promoted; Huayu Electric is the first in China to achieve mass production of drive motor flat copper wiresIt has been supplied to various models of SAIC passenger cars. In 2018, it supplied 58,000 drive motors and 8,200 power electronics boxes. It also received SAIC-GM and MEB platform fixed points.

The company promotes the strategic orientation of “zero-level, neutralization, and internationalization”, and actively expands other customers and overseas markets except SAIC, which has huge room for future development.

It is estimated that the prosperity of the automotive industry is down, and the forecast is slightly lowered. The company’s 2019-2021 earnings are expected to be 2 respectively.

39 yuan, 2.

58 yuan and 2.

86 yuan, currently expected to correspond to August 2019.

5xPE with an index rate of 5.

2%, smart interconnection, new energy and other fields have broad future development space, maintain Buy rating.

The main risks faced by the rating are: 1) market competition intensifies, car sales and profit margins decline; 2) cost of raw materials and other costs increase.