\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 970 Sinoma International Engineering Co.Ltd(600970) )
Core view
Steady growth in performance, solve the group's horizontal competition and further enhance business competitiveness. Since the acquisition of 98% equity of Nanjing Kaisheng / 100% equity of Beijing Kaisheng / 100% equity of Sinoma mining was completed in 21 years, the financial statements of 19 / 20 years were retroactively adjusted. According to the standard of preparation for examination, in 21 years, the company realized revenue / net profit attributable to parent company of 36.24/1.81 billion, yoy + 18.7% / 19.0%, of which the performance of acquired Sinoma mine increased rapidly, realizing net profit of 480 million yuan, yoy + 44.8%. The overall gross / net profit margin was 17.2% / 5.6%, with a year-on-year increase of 0.4/0.6pct, and the profitability was basically stable. The ratio of sales / management / Finance / R & D expenses during the period was 1.1/4.8/1.1/3.2% respectively, with a year-on-year increase of - 0.2 / + 0.0 / + 1.0 / + 0.4pct respectively. The financial expense ratio increased significantly, mainly due to the increase of exchange loss by 150 million. The increase in R & D expenses is mainly due to the increase in R & D investment related to low-carbon cement and digital intelligence. The revenue of Engineering / equipment / operation / environmental protection is 213.2/46.6/64.3/1.87 billion yuan, yoy + 8.4 / + 34.8 / + 36.3 / + 10.8%; The gross profit margin is 13.4 / 23.0 / 19.3 / 22.6%, yoy-0.8 / + 2.3 / + 3.3 / + 5.4pct respectively. In terms of sub regions, the domestic / overseas revenue is 22.68 billion / 13.27 billion respectively, yoy + 31.0 / 2.0%; Gross profit margin 17.3 / 16.7%, yoy-0.5 / + 1.7pct. The decline in gross profit margin of engineering and domestic business was mainly affected by the anti epidemic expenditure. The anti epidemic cost in 21 years was 670 million, yoy + 34%.
The newly signed contract reached a record high, and the acquisition target exceeded its performance commitment. In 21 years, the company signed 43.86 billion new orders, yoy + 18.2%, of which engineering / equipment / operation signed 32.69/48.1/6.36 billion yuan, yoy + 17 / + 16 / + 24% respectively. Cement reduction and replacement and engineering and equipment orders under the double carbon policy increased significantly. Benefiting from the improvement of intelligent operation demand of small and medium-sized enterprises, operation and maintenance orders increased rapidly. At the end of 21, the company provided operation and maintenance services for 207 cement mines in total. Domestic / overseas newly signed orders were 24.59/19.28 billion, yoy + 41 / - 2%, and domestic orders contributed significantly. In 2021, the net profit deducted by Nanjing Kaisheng / Beijing Kaisheng, the target of the company's M & A, was 170 / 60 million respectively, and the commitment completion rate was 118 / 107%; The net profit deducted from Sinoma Xi'an / Nanjing mine and Chongqing Shentian / mining right assets under Sinoma mine is 0.6/3.1/230 billion, and the commitment completion rate is 114 / 350 / 312%. The overfulfilled performance commitment of the acquisition target shows that the enterprise highly recognizes, actively integrates into the corporate culture and quickly realizes business integration.
There is a demand for the double carbon policy in the cement industry, and the trend of going to sea is expected to drive the company's orders. In the context of double carbon, the carbon emission of cement enterprises will be constrained, and the demand for production line upgrading will increase day by day. As the leader of China's cement production capacity construction, the company took the lead in benefiting. With the implementation of overseas cement companies' strategy, it is expected that overseas cement companies will gradually improve their orders.
Equity incentive has been approved by SASAC, and localization and diversification have been solidly promoted. The company issued the equity incentive plan at the end of the 21st year. The unlocking condition is that the net profit CAGR of 22-24 years is not less than 15.5% and the roe is not less than 14.9 / 15.4 / 16.2%. At present, it has been approved by the SASAC, which shows the company's business confidence. The company has firmly promoted localized diversified operation. At present, it has 36 overseas localized companies, and the proportion of local employment exceeds 60%. In 21 years, the newly signed diversified orders of overseas territories were 4 billion, yoy + 43%, and the revenue was 3 billion, yoy + 98%. The company and China Building Materials Group have jointly arranged globalization, realized cooperation at sea and improved overseas marketing system. It is the leader of the group's internationalization.
Profit and investment forecast
It is predicted that the company's net profit attributable to the parent company from 2022 to 2024 will be RMB 2.15/23.9/2.78 billion (originally predicted that the net profit attributable to the parent company from 2022 to 2023 will be RMB 1.87/2.12 billion). Referring to the level of Listed Companies in the same industry, we agree to give the company 11xpe, the corresponding target price is RMB 10.67, and maintain the "buy" rating.
Risk tips
The order conversion is less than expected, the overseas epidemic leads to the project construction is less than expected, the risk of asset impairment and the risk of exchange profit and loss
