\u3000\u3 Shengda Resources Co.Ltd(000603) 018 China Design Group Co.Ltd(603018) )
Event: the company released the annual report of 2021. The company achieved an operating revenue of 5.822 billion yuan, a year-on-year increase of 8.74%; The net profit attributable to the parent company was 618 million yuan, a year-on-year increase of 6.1%.
The performance improved steadily as scheduled. In the whole year of 2021, the company achieved an operating revenue of 5.822 billion yuan, a year-on-year increase of 8.74%; Among them, the survey and design business realized an operating revenue of 5.093 billion yuan, a year-on-year increase of 6.96%. The net profit attributable to the parent company was 618 million yuan, a year-on-year increase of 6.1%; The non net profit deducted was 599 million yuan, a year-on-year increase of 6.53%. During the reporting period, the net operating cash flow of the company was 392 million yuan, a year-on-year decrease of 12 million yuan. At the end of the reporting period, the company’s asset liability ratio was 62.71%, an increase of 0.2pct year-on-year. At the end of the reporting period, the company’s gross profit margin was 31.86%, a year-on-year decrease of 1.12pct. The net interest rate was 10.93%, a year-on-year decrease of 0.36pct. The expense rate during the period was 14.87%, with a year-on-year decrease of 0.14pct.
The number of newly signed contracts increased steadily. During the reporting period, the group’s new business volume was 1068565 million yuan, a year-on-year increase of 4.42%; Among them, the newly undertaken business volume of survey and design business was 719853 million yuan, a year-on-year increase of 2.09%. The comprehensive transportation system development plan of Jiangsu Province in the 14th five year plan puts forward the overall idea of realizing “eight transformations and eight new”. By 2025, Jiangsu will take the lead in building a transportation modernization demonstration area, and put forward the development goal of “32121”, that is, by 2025, it will achieve three-hour access to major cities in China, two-hour access between provincial districts and cities, and one-hour access to Nanjing and Suzhou Wuxi Changzhou metropolitan areas. The ratio of total social logistics cost to GDP will drop by about 2pct, and strive to complete the investment of 1 trillion yuan. As the leader of Jiangsu transportation design, the company is expected to benefit in the future.
Transportation power helps development. The outline for the construction of a transportation power proposes to basically build a transportation power by 2035. A modern comprehensive transportation system has been basically formed, people’s satisfaction has been significantly improved, and the ability to support the country’s modernization has been significantly enhanced; It has a developed fast network, a perfect trunk network and a wide basic network, and the coordinated development of urban and rural regional transportation has reached a new height; Basically form a “national 123 travel traffic circle” (one hour commute in metropolitan areas, two-hour access in urban agglomerations and three-hour coverage in major cities in China) and a “global 123 fast cargo logistics circle” (one-day delivery in China, two-day delivery in neighboring countries and three-day delivery in major cities in the world). The connecting transportation of passengers is convenient and smooth, and the multimodal transport of goods is efficient and economical; The outline of the national comprehensive three-dimensional transportation network planning clearly establishes a perfect national comprehensive three-dimensional transportation network. By 2035, the total scale of the physical line network of the national comprehensive three-dimensional transportation network will be about 700000 kilometers. The outline of the Yangtze River Delta regional integration development plan proposes that by 2025, the Yangtze River Delta on the track will be basically completed, the railway network density will reach 507 km / 10000 square kilometers, and the expressway density will reach 5 km / 100 square kilometers. The construction of a transportation power is expected to open up growth space for transportation design enterprises.
Investment suggestion: it is estimated that the company’s EPS will be 1.09 yuan / share in 2022, and the corresponding dynamic P / E ratio will be 7.63 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.
