\u3000\u3 Shengda Resources Co.Ltd(000603) 458 Guizhou Transportation Planning Survey&Design Academe Co.Ltd(603458) )
Event: the company released the annual report of 2021. The company achieved an operating revenue of 3.039 billion yuan, a year-on-year increase of 8.63%; The net profit attributable to the parent company was 343 million yuan, a year-on-year decrease of 33.21%.
The performance meets the expectation, and the impairment loss is accrued based on the principle of prudence. In the whole year of 2021, the company achieved an operating revenue of 3.039 billion yuan, a year-on-year increase of 8.63%; The net profit attributable to the parent company was 343 million yuan, a year-on-year decrease of 33.21%; The non net profit deducted was 316 million yuan, a year-on-year decrease of 32.89%. During the reporting period, the company made provision for impairment of 303763500 yuan based on the principle of prudence, and reversed the provision for impairment of 8354700 yuan in the current period, which will reduce the total profit of the company in 2021 by 295408800 yuan. During the reporting period, the net operating cash flow of the company was 140 million yuan, an increase of 110 million yuan year-on-year. It is mainly due to the increase in cash paid for purchasing goods and receiving labor services in the current period. At the end of the reporting period, the company’s asset liability ratio was 55.95%, an increase of 0.14 PCT year-on-year. At the end of the reporting period, the company’s gross profit margin was 36.63%, a year-on-year decrease of 5.28pct. The net interest rate was 11.55%, a year-on-year decrease of 6.92pct. The expense rate during the period was 13.8%, a year-on-year decrease of 1.79pct.
High growth of newly signed contracts and guaranteed future performance. During the reporting period, the total amount of new contracts signed by the company was 4.057 billion yuan, a year-on-year increase of 40.35%. Among them, the newly signed contracts for business in Guizhou Province amounted to 2.756 billion yuan, accounting for 67.94% of the total newly signed contracts; The newly signed contracts for businesses outside Guizhou Province amounted to 1.3 billion yuan, accounting for 32.06% of the total newly signed contracts. In terms of business, the newly signed contracts for engineering consulting business were 2.238.5 billion yuan, accounting for 55.18%; The newly signed contracts for engineering contracting business amounted to 1.818 billion yuan, accounting for 4.482 billion yuan. By industry, the newly signed contracts in the highway industry amounted to 2.304 billion yuan, accounting for 56.8%; The newly signed contracts in the construction industry amounted to 1.023 billion yuan, accounting for 25.21%; Newly signed contracts in the municipal industry amounted to 598 million yuan, accounting for 14.74%. Environmental protection, water transportation and other industries signed 132 million yuan of new contracts, accounting for 3.25%.
Develop new energy charging piles, and promote the development of the western region and transportation power in the new era. Guizhou jiunengxing Energy Technology Co., Ltd., the holding subsidiary of the company, arranged the charging and replacement field of electric vehicles in Guizhou Province in the mode of “pile with vehicle”, and won the bidding project of 29 charging stations of Guiyang public transport (Group) at the end of 2020. With the gradual increase of the penetration rate of new energy vehicles, the company is expected to benefit. The State Council issued the opinions of the State Council on supporting Guizhou to blaze a new path in the western development in the new era, which deployed seven main tasks for Guizhou: first, build a comprehensive reform demonstration zone for the western development; second, comprehensively promote rural revitalization and new urbanization; third, promote the construction and upgrading of inland open economic pilot zones; fourth, accelerate the construction of a modern industrial system led by digital economy, Fifth, we will continue to promote the construction of ecological civilization. Sixth, we will improve the level of ensuring and improving people’s livelihood. Seventh, we will strengthen security and risk prevention in key areas. The western development in the new era is expected to bring greater development opportunities to the company. According to the plan, by 2035, China will basically become a transportation power and build a modern and high-quality national comprehensive three-dimensional transportation network. As the leader of Southwest Transportation Survey and design, the company is expected to develop at a high speed.
Investment suggestion: it is estimated that the company’s EPS will be 1.42 yuan / share in 2022, and the corresponding dynamic P / E ratio will be 9.51 times respectively, maintaining the “recommended” rating.
Risk warning: the landing of newly signed orders is less than expected; The risk that the recovery of accounts receivable is less than expected; The risk of declining growth rate of fixed asset investment.
