On January 26, 2022, Huayang Group (002906) issued an announcement that CITIC Securities Li Jingtao Jian Zhixin, Licheng Asset Guo Jun, Jinhuayang Investment Li Jie, Shicheng Investment Xia Jun Ni Ruichao, Singularity Asset Liu Chang, Jin Zhihao Chen Feiyun, Zhongrong Huixin Futures Wang Qi, GF Securities Yu Yang Lin Junlong, Jingling Investment Zou Wei Song Jiuwei, Fubon Investment Huang Yonghan, Morgan Stanley Wang Bingyu Ge Suhuai, Minsheng Canada Bank Fund Wang Xiaoyan Wang Liang Chen Jiexin Sun Wei Jin Yao, White Rhino Asset Qiu Shanlong Wang Yijia, CITIC self-operated Liu Wenshu Liang Qinzhi, Prudential Investment Lin Zheyu, Jingjing Investment Zhou Jiexin, Ruitian Investment Luan Yu, Marco Polo Kuang Jingle Huang Chen Deng Yongmei, Shanghai Investment Morgan Fund Liu Hui Zang Yunfei, Taikang Hong Kong Olivia Lu, Luyong Asset Yang Jie, Changxin Fund Chen Jiabin, Kaisbo Zong Jiaying, Kaiyu Capital Neil Fu Nick Feng, BOC Asset Management Hu Xiaohang Zhang Yansong, Shengang Securities Cui Xiaojin Xue Yubing, Invesco Great Wall Fund Zhang Qingze, Yinhua Fund Jia Peng, Fengyang Asset Zhang Liang Shi Jinhao, Zhikai Investment Lv Feifei, Golden Eagle Fund Zeng Jiacheng Wu Haifeng, ICBC Credit Suisse Fund Cui Yuehan MaLina Huang Bingyan Chen Han, Taiping Asset Chen Tianyun Zhao Yang, Fuguo Fund Yu Bo, Jinguang Asset Liu Bo, Shenzhen Wanfu Shuntong Xu Rongzheng, Guoyuan Securities Yang Jun, Shanghai Jinli Investment Management Co., Ltd. Cao Jianfei, Hexu Zhiyuan Fund Cheng Huichao, E Fangda Fund Han Yuechuan, Heju Investment Qiu Ying, Bank of Jiangsu Gao Hao, Taikang Asset Cheng Xiang, Danyi Investment Zhu Liang, Samsung Investment Feng Chen, China Life Security Fund Qi Shanbin, Changsheng Fund Zhang Junping Zhang Yiran, Shenzhen Xiaoyang Technology Investment Co., Ltd. Liu Yang, Chengsheng Investment Yongdong Shi Yingchao, Hengsheng Hongding Dai Ming, Fusheng Asset Yuan Fei, Yiluo Investment Deng Junjie, Hangzhou Zhexin Industrial Co., Ltd. Bao Jianhuan, Boshi Fund Zeng Peng Fu Wei, Changlehui Capital Lai Jianqing, Guodu self-operated Li Yun, PICC Assets Zhang Xianning, Chongshan Investment Liao Siying, Tonghe Investment Zhang Tingting, Huashan Investment Tian Xingxing, Duration Investment Zheng Ziwen Liao Yi, Mars Asset Management Lu Bin, Xingyin Wealth Management Li Li, Zhongan Huifu Dai Chunping, Shiva Assets Cui Jianming, CICC Asset Management Feng Da Li Chen, Haiyan Investment Chen Yongqiang, Wudi Investment Zhang Xiangying, Xishan Capital Longchanghui, Shanghai Aidong Industrial Co., Ltd. Jian Jia, Yongan Guofu Xu Xiaoming, Fuanda Fund Sun Shaobing, Unity Investment Zheng Zongjie, Xingquan Fund Gao Qunshan Yu Xiyang, Yide Asset Zhu Zhixing, British Smick Industry Li Yixin, China Galaxy Investment Management Co., Ltd. Lv Yunlong, TEDA Manulife Fund Zhang Xun, Dunhe Asset Management Gai Tingting Chen Liangyuan, Chenghuai Investment Cai Junlin, Huaxia Wealth Innovation Cheng Haiyong Ma Yue, Shanghai Juming Investment Huang Yang Guo Xuanhong, Yudi Investment Chen Jie, Wanfeng Friend Zhang Rongfu, BlackRock Institutional Trust Christine Shi, Zhicheng Jinglun Asset Sun Shouyong, Haiya Financial Holdings Yang Jing, ABC Huili Fund In the Morning, Guotai Investment Research Xu Chengcheng, Shanshi Fund Xu Jincai, Shanyuan Investment Tang Cong, Hongdao Investment Duan Ran Qingshuiyuan Wu Wei, Everyone Asset Xu Biao, Huaan Fund Li Yang, Huaxia Jiuying Zhao Jia, Debon Asset Management Han Weiqi, BOC Securities Zhu Peng, Tianfeng Securities Qi Tianxiang, Tuopu Fund Yu Haihai, Silver Leaf Investment Li Yue, Huashang Fund Gao Bing, AROHI Asset Management Co., Ltd. Vivien Cao, Dunyi Asset Management Zhu Mingrui, Soochow Fund Zhu Bingbing, Qinghe Quanliu Chaoran, HSBC Jinxin Fund Tao Yutao, Nord Fund Yan Anqi, Schroder Fund Sun Yu, Chengquan Capital Wang Wenjun, Fengchi Asset Sun Guan Shiyi, Shenwan Hongyuan Securities Deng Xiangwei, ICBC Wealth Management Chen Nan, Ceibal Ruibo Zhou Dan, Nanxi Asset Management Wu Zexia, Credit Suisse Securities Dong Xiaoyi, Qianhai Shengyao Yang Hao, China Merchants Fund Wang Qiwei, Shanghai Quanshang Investment Management Co., Ltd. Zhang Yanpeng, GF Fund Liao Jin , Hu Yujing of Talent Capital Management Co., Ltd., He Renke of CITIC Construction Investment, Ge Junjie of Baoying Fund, Li Han of Chuangjin Hexin, Ning Ning of CNCBI Wealth Management, Yu Zhonghua of China Overseas Fund Management Co., Ltd., Yang Yanyu of China Development Bank Securities, Liu Fenghua of Galaxy Fund, Chen Junbin of Gao Yi Asset, Chen Jinhong of Yuexin Asset, Wang Xiangyang of Chunde Investment, Wang Jun of Industrial Securities, Li Lingling of Jinyi Asset, Yang Zhen of Yimi Fund, Dan Tangchao of Shuangan Asset, Liu Xiang of Guangdong Zetai Investment, Huang Peng of Minzu Securities, Ma Yanren of Shanghai Xiansheng Investment, Ge Hao of Shibei Investment, Shanghai Puxin Investment Management Lu Bin, Yuanle Shenghong Li Feixuan, Wukong Investment Chen Tiannuo, Yixin Investment Dou Zhi, Manulife Hong KongEmily Liao, CITIC Asset Management Yan Xujian, Jinglin Asset Qian Bing, Daoren Asset Management Chen Yuexiong, Yude Investment Li Hao, CMB Wealth Management Mo Weige, Great Wall Fund Zhang Jian on January 25, 2022 to investigate our company.
The main contents of this survey are:
Q: What are the company's 2021 annual operating results expected?
A: The Company expects net profit attributable to shareholders of listed companies in 2021 to be RMB280 million to RMB300 million, an increase of 54.66% to 65.70% over the same period last year, and net profit after deducting non-recurring gains and losses of RMB242 million to RMB262 million, an increase of 103.03% to 119.81% over the same period last year. The company's 2021 annual performance increased significantly over the same period of the previous year, mainly due to the company's sales revenue increased over the same period of the previous year, through the cost reduction to digest the impact of some raw material price increases, the company's operating profit increased significantly. In 2021, the company's non-recurring income decreased by approximately $22 million from the same period last year, and equity incentive expense increased by approximately $10 million from the same period of the previous year, of which the decrease in the second period of equity incentive expense and non-recurring income was mainly reflected in the fourth quarter.
Q: What is the new development of the company's automotive electronics business?
A: Since the fourth quarter of 2021, the company's automotive electronics business has continued to obtain new project targets for customers including Great Wall, Changan, GAC, Geely, Chery, Dongfeng, Changan Ford, Dongfeng Honda, Mazda, BYD, Jinkang Cyrus and other customers.
Q: What is the company's HUD product business progress and future outlook?
A: Since the fourth quarter of 2021, the company's HUD orders have increased significantly, and more than ten projects have been obtained from customers such as Great Wall, Changan, Dongfeng Honda, BYD, Dongfeng, and Jinkang Xilis. HuD market penetration is expected to increase rapidly.
Q: How are the company's cockpit domain controller products landing?
A: At present, the company has launched cockpit domain controller products equipped with Qualcomm, Renesas, XCHI and other chip solutions, and obtained project designations from many customers such as Changan. The company's cockpit domain controller products have the characteristics of rich configuration, unified interface, rapid diagnosis, rich ecology, etc., and integrate different operating systems into one platform through virtualization technology, which can realize multi-screen interconnection and cross-screen display such as instrumentation, central control, HUD, etc., and provide users with a rich interactive experience.
Huayang Group's main business: engaged in automotive electronics, precision die casting, precision electronic components and LED lighting and other businesses
Huayang Group's 2021 third quarter report shows that the company's main revenue was 3.131 billion yuan, up 47.78% year-on-year; net profit attributable to the mother was 208 million yuan, up 133.13% year-on-year; deducted non-net profit was 176 million yuan, up 189.26% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 1.08 billion yuan, up 19.2% year-on-year; single-quarter net profit attributable to the mother was 71.3362 million yuan, up 90.27% year-on-year. In the single quarter, the non-net profit was 62.4248 million yuan, up 96.12% year-on-year; the debt ratio was 33.76%, the investment income was 37.558 million yuan, the financial expense was 4.539 million yuan, and the gross profit margin was 22.96%.
A total of 14 institutions have given ratings, 10 buy ratings and 4 overweight ratings in the last 90 days; the average target price of institutions in the past 90 days has been 69.42. According to the Valuation Analysis Tool of Securities Star, Huayang Group (002906) has a good company rating of 3 stars, a good price rating of 2 stars, and a comprehensive valuation rating of 2.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
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