\u3000\u3 China Vanke Co.Ltd(000002) 233 Guangdong Tapai Group Co.Ltd(002233) )
Event:
Guangdong Tapai Group Co.Ltd(002233) released the 2021 annual report: during the reporting period, the company achieved a revenue of 7.713 billion and a net profit attributable to the parent company of 1.836 billion, with a year-on-year increase of + 9.46% and + 3.04% respectively.
Key investment points:
The rise of coal price reduced the profit margin, and the improvement of production and sales contributed to the year-on-year increase of net profit. During the reporting period, the company achieved a slight year-on-year increase in cement production and sales, and the annual cement sales price increased more than that of the same period last year, realizing a revenue of 7.713 billion, an increase of 9.46% at the same time. In the same period, the year-on-year increase of coal price was greater than that of sales price, resulting in the pressure on the company's sales gross profit margin, which fell from 39.66% to 37.22%, and the net profit attributable to the parent company was 1.836 billion, an increase of 3.04% at the same time, highlighting the excellent operation ability under the pressure of the industry as a whole.
The integrated project of distributed photovoltaic power generation and energy storage is progressing smoothly, and it is expected to open up more revenue space after all of them are put into operation. The company invested 1.339 billion yuan to build the distributed photovoltaic power generation and energy storage integration project, and implemented the project construction in Jiaoling area, Huizhou tower and Fujian tower, with a total planned capacity of 230mwp. According to the company's power consumption in 2021 and the latest TOU price policy in Huizhou, after all the above projects are completed and put into use, the power consumption cost can be reduced by at least 143.9 million yuan, and it is expected to open greater growth space for the company after the cement industry is included in carbon trading.
Profit forecast and investment rating: the company's performance is stable and good, with obvious competitive advantages in its main business areas and considerable growth space. We expect that the cost side coal price is expected to continue to decline next year, while the cement price will maintain the current level and tend to be stable. It is predicted that the company's revenue from 2022 to 2024 will be 8.114, 8.859 and 9.606 billion yuan respectively, and the net profit attributable to the parent company will be 2.198, 2.526 and 2.848 billion yuan respectively, corresponding to 5.77, 5.02 and 4.45 times of PE, maintaining the "overweight" rating of the company.
Risk tip: the implementation progress of distributed photovoltaic power generation and energy storage projects is less than expected; Coal prices continued to rise; The demand for cement shrank and the price fell sharply; The negative impact of the epidemic on the economy has exceeded expectations.
