\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 585 Anhui Conch Cement Company Limited(600585) )
The net profit attributable to the parent company in 21 years was 33.27 billion yuan, a year-on-year decrease of 5.38%
The company released its annual report for 21 years. The annual revenue / net profit attributable to the parent company was 167.95/33.27 billion yuan, a year-on-year decrease of 4.73% / 5.38%, and the net profit deducted from non attributable to the parent company was 31.38 billion yuan, a year-on-year decrease of 5.41%. Among them, Q4 achieved a revenue of 46.24 billion yuan in a single quarter, a year-on-year decrease of 11.5%, and the net profit attributable to the parent company was 10.88 billion yuan, a year-on-year increase of 4.42%. In the past 21 years, the company’s cement clinker business revenue increased slightly, the average ton price further increased, and the aggregate revenue increased significantly. In addition, under the background of the sharp rise in coal prices, the overall net interest rate remained stable and the leading advantage was prominent.
The income of cement clinker has increased steadily, and the aggregate has increased significantly
The company’s self-produced cement clinker revenue in 21 years was 111.65 billion yuan, with a year-on-year increase of 4.5%, mainly driven by price growth. In 21 years, the self-produced and self sold cement was 304 million tons, with a year-on-year decrease of 6.53%, and the average price per ton increased by 38.4 yuan to 367.3 yuan / ton. Affected by the rise of coal price, the cost per ton increased by 31.7 yuan year-on-year to 206.1 yuan / ton, and finally realized a gross profit per ton of 161.2 yuan, with a year-on-year increase of 6.7 yuan / ton. In the past 21 years, the aggregate sales revenue of the company reached 1.82 billion yuan, with a significant year-on-year increase of 77.5% and a gross profit margin of 65.7%, still maintaining a high level. We expect that the aggregate business is expected to continue to grow rapidly in the future. In the 21st year, the company’s capital expenditure was 16.02 billion yuan, with a new clinker / cement / aggregate production capacity of 7.2/14.25/7.5 million tons and a concrete production capacity of 10.5 million cubic meters. At the end of the 21st year, the company had a clinker / cement production capacity of 269 / 384 million tons, 65.8 million tons of aggregate and 14.7 million cubic meters of concrete. In the 22nd year, the company plans to spend 23.5 billion yuan on capital expenditure, a year-on-year increase of + 47%. It is expected that the new clinker / cement / aggregate production capacity of 46 / 140 / 44 million tons and 10.2 million cubic meters of commercial concrete will be added, Capacity continues to expand.
The net interest rate attributable to the parent company remained stable and the cash flow remained abundant in 21 years
The overall expense rate of the company during the 21 years was 5.1%, with a year-on-year increase of + 1.2pct, of which the sales / management / R & D / financial expense rate was + 0.04/0.63/0.42/0.07pct year-on-year. The increase in the management expense rate was mainly due to the increase in the social insurance expenses paid by the company for employees compared with the year-on-year increase during the epidemic period last year. The increase in the R & D expense rate was mainly due to the year-on-year increase in technology development investment such as energy conservation and environmental protection, green and low carbon, and finally realized the net interest rate attributable to the, The year-on-year decrease was 0.14 PCT, and the profitability was basically stable. The asset liability ratio at the end of the period was 16.8%, basically unchanged year-on-year. In the past 21 years, the company realized a net inflow of operating cash flow of 33.9 billion yuan. At the end of the year, the monetary capital in hand was 69.5 billion yuan, and the cash flow was still abundant.
The industrial expansion was accelerated and the dividend yield remained at a high level
In the past 22 years, the company continued to increase capital expenditure. While accelerating the extension of upstream and downstream industrial chains, it vigorously promoted the development of new energy industry. In the past 21 years, the company’s installed capacity of photovoltaic power generation reached 200MW, and the installed capacity of photovoltaic power generation is expected to reach 1GW in the next 22 years, creating a new industrial growth pole. The company expects a dividend of 12.61 billion yuan in 21 years, with a dividend rate of 37.91%, a dividend of 2.38 yuan per share, and a corresponding dividend rate of 6.5%. Considering the decline of industry demand, the net profit forecast for 22-23 years was lowered to 35.1/36.5 billion yuan (the former value was 40.2/42.3 billion yuan), and the 24-year forecast was added to 37.4 billion yuan. Referring to comparable companies, the company was approved to give the company 7 times PE for 22 years, with the target price of 46.41 yuan (the former value was 48.86 yuan), maintaining the “buy” rating.
Risk tips: cement demand is less than expected, price rise in peak season is less than expected, coal cost rise, etc
