\u3000\u3 China Vanke Co.Ltd(000002) 960 Jade Bird Fire Co.Ltd(002960) )
Event: Recently, the company released its 2021 annual report. In 2021, the company achieved an operating revenue of 3.863 billion yuan, a year-on-year increase of 53.03%; The net profit attributable to the owners of the parent company was 530 million yuan, a year-on-year increase of 23.21%. The basic earnings per share is 1.53 yuan.
Comments:
Performance growth accelerated and cash flow was good. In 2021, the company achieved a revenue of 3.863 billion yuan, an increase of 53.03% and a net profit attributable to the parent of 530 million yuan, an increase of 23.21%, higher than the performance forecast center, and a net profit attributable to the parent after deduction of non-profit of 513 million yuan, an increase of 36.63% and a significant acceleration of performance growth. In 2021, the gross profit margin was 37.14%, a year-on-year decrease of 2.05 PCT, and the net profit margin was 14.35%, a year-on-year decrease of 3.04 PCT, mainly due to product structure factors. The proportion of intelligent evacuation business continued to increase. At the same time, the company expanded its layout strategically, the sales force continued to expand, and the expense rate increased (the sales expense rate increased by 1.36 PCT, and the management expense rate and financial expense rate decreased by 0.55 PCT and 0.19 PCT respectively). In addition, the cash flow of the company has improved significantly. In 2021, the proportion of cash received from sales and goods and services in revenue was 92.01%, up 7.10 PCT year-on-year, which has rebounded for two consecutive years.
The main business of general alarm has achieved rapid growth and the global layout has been accelerated. The general alarm business achieved a revenue of 2.471 billion yuan, an increase of 30.88% over the same period last year, with a gross profit margin of 39.81%, maintaining strong resilience; The Chinese market implements the dual brand strategy, and the markets with different gradients are fully covered. The year-on-year growth rates of Qingniao and Jiuyuan brands are more than 20% and 50% respectively. The company’s competitive advantage has been continuously enhanced, and the market share of the main business of general alarm has increased steadily. Overseas business is progressing smoothly, with an overseas revenue of 330 million yuan in 2021. French finsecur company and its subsidiaries and companies have successfully integrated in R & D, production and market, with a year-on-year increase in revenue. At present, the company’s overseas sector has gradually formed a multi brand matrix of “maplearmor” in Canada + finsecur “in France + detnov” in Spain + MPOWER in the United States, and the global layout has been accelerated.
Intelligent evacuation, industrial fire protection and other fields continue to make efforts to create a multi growth pole. The revenue of intelligent evacuation business was 660 million yuan in 2021, with a growth rate of 266%. At present, multiple brands such as ” Jade Bird Fire Co.Ltd(002960) ,” left lighting “and” Zhongke Zhichuang “have been formed to give play to the coordination of channels and brands and strengthen competitive advantages. It is expected to maintain a high growth in the next 2-3 years. In 2021, the industrial fire fighting business income was 35.6 million yuan, an increase of 226% at the same time, which was implemented in Zhongtian iron and steel, Hejin sunshine group, Qingdao BAIC, State Grid Jiangsu and other projects. At the same time, the research reserves are abundant, the industrial fire fighting product system is constantly improved, and there is a large space for domestic substitution. Other fields such as energy storage and fire protection are laid out in advance, giving full play to the advantages of comprehensive alarm faucets, and accelerating the promotion of energy storage and fire protection solutions based on battery modules. At present, it has won the bid for broadreach power independent power producer project and multi specification energy storage container gas fire extinguishing system project in the United States, which will fully benefit from the general trend of energy storage and fire protection in the future.
Profit forecast and investment rating: we expect the company to achieve net profits of 726 million yuan, 923 million yuan and 1198 million yuan from 2022 to 2024, with corresponding EPS of 2.08 yuan / share, 2.65 yuan / share and 3.44 yuan / share respectively, and corresponding PE of current stock price of 20 times, 16 times and 12 times respectively. Maintain the “buy” rating.
Risk factors: the risk of changes in industrial policies, the risk of intensified industrial competition, the risk of fluctuations in the price of raw materials, the risk that new business expansion does not meet expectations, etc.
