\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 886 Jangho Group Co.Ltd(601886) )
Key points of the report:
Curtain wall industry leader, construction + medical double wheel drive company performance growth
Jangho Group Co.Ltd(601886) is a leading enterprise in China's curtain wall industry. At the same time, the company actively extends its business to interior decoration and interior design to improve the pattern of architectural decoration business. The company has undertaken business in more than 20 countries at home and abroad, and won the bid for many overseas large-scale projects, including the Saudi kingdom tower, the world's tallest building. In 2015, the company entered the medical and health industry, acquired vision, the largest ophthalmic hospital in Australia, grafted the Chinese market through foreign high-end brands, and realized the leapfrog development of medical and health business.
The development potential of building decoration business is huge, and BIPV creates a new growth point
The development of the curtain wall industry shows the characteristics of "the stronger the stronger". As a leading enterprise in the curtain wall industry, the company has the largest revenue scale in the industry. In the future, it will consolidate its leading position with the accumulated advantages of rich brands, technology and talents. Driven by the policy, the growth space of BIPV curtain wall is expected to be opened. The company vigorously arranges the BIPV curtain wall business and has profound technical accumulation, manufacturing and installation experience. Since 2022, the company has obtained more than 500 million yuan of photovoltaic curtain wall orders, and it is expected that the annual bid winning orders will exceed one billion yuan. The company is expected to open the second growth main line with BIPV curtain wall. In the field of interior decoration, with the support of the policy for affordable rental housing, the company's actively expanded assembled interior decoration business is expected to benefit.
There are abundant orders in hand and the growth momentum of future performance is strong
In 2021, the company won about 26.434 billion yuan in the building decoration sector, with a year-on-year increase of 9.64%, including 14.536 billion yuan in the curtain wall system, with a year-on-year increase of 3.28%, and 11.898 billion yuan in the interior decoration system, with a year-on-year increase of 18.57%. The number of successful projects was 938, with a year-on-year increase of 0.32%. The company has sufficient orders on hand. With the real estate recovery in 2022, the future growth space is very considerable.
Investment advice and profit forecast
As a leading enterprise in the field of curtain wall, the company has actively arranged BIPV curtain wall to create a new growth point of performance. At present, it has successively won the bid for BIPV projects, which is expected to drive the performance growth of the company. At the same time, the company has abundant orders on hand, and the risks of various impairment losses have been fully released. It is optimistic about the future performance reversal of the company. We estimate that the operating revenue of the company from 2022 to 2024 will be 24.4942863732362 billion yuan respectively, with a year-on-year increase of 17.82% / 16.92% / 13.01%. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 801 / 10.02 / 1.252 billion respectively, with a year-on-year increase of 179.54% / 25.08% / 24.98%, corresponding to EPS of RMB 0.69/0.87/1.09 from 2022 to 2024, and the current share price corresponding to PE of 10.0/8.0/6.4 respectively.
Risk tips
The development progress of BIPV is less than the expected risk, the collection of receivables is less than the expected risk, and the downstream market continues to be depressed
