\u3000\u30 Ping An Bank Co.Ltd(000001) 57 Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) )
Event: the company released its annual report for 2021. In 2021, the company achieved a revenue of 67.13 billion yuan, a year-on-year increase of 3.11%, and a net profit attributable to the parent company of 6.27 billion yuan, a year-on-year decrease of 13.88%.
The demand of the industry fluctuates, the cost of raw materials rises, and the performance is under pressure in the short term. In the fourth quarter of 2021, the growth rate of real estate and infrastructure slowed down, and the construction machinery industry was greatly affected. However, it is not easy for the company to continue to maintain growth in revenue throughout the year. In terms of performance, affected by the high base of 2021q4 and the rise in raw material prices, the company's performance is under pressure in the short term. However, from the perspective of duration and demand intensity, the prosperity of the industry in this round is significantly higher than that in the first two rounds. Environmental protection and manpower substitution make the volatility of the industry cycle smoother. In terms of products, cranes and concrete machinery, as post cycle varieties, will continue to be in the peak period of renewal and replacement in the next two years. It is expected to relay excavators and prolong the business cycle of the industry. In terms of profitability, with the decline of raw material prices and the continuous improvement of the company's operation quality, the gross profit margin is expected to gradually rise.
The market position of leading products has risen steadily, and the potential business market continues to break through. In 2021, the company's competitiveness in the three major products of concrete machinery, engineering crane and construction crane continued to increase and maintained a leading position in the market. Among them, the sales volume of construction crane reached a record high and the sales scale ranked first in the world. The market share of medium and long boom pump truck and mixing station of concrete machinery ranked first in the industry. In terms of new business, the company has formed a "Weinan + Changsha" dual manufacturing base layout in the field of earth moving machinery, with a significant increase in the sales volume of Zhongda excavation and a steady increase in the market share. In addition, the company achieved a sales revenue of 3.35 billion yuan of aerial work platform in 2021, a year-on-year increase of 310.76%, and has achieved full coverage of 4-68 meters. It has become one of the most complete manufacturers of aerial equipment in China, and its market share ranks among the top three in the industry.
A full range of new energy products have been basically formed, and global initiatives have been achieved in many fields. As of December 2021, the company has released more than 50 new energy products, covering concrete pump truck, mixer truck, truck crane, aerial work platform, excavator, mining card, forklift, agricultural machinery, etc., and a full range of new energy products have been basically formed. Among them, pure electric concrete pump truck, 60m hybrid pump truck and 40m electric straight arm aerial work platform are the world's first. Under the background of "double carbon", as a leading enterprise of construction machinery, the company is expected to fully benefit from the dividends brought by electrification.
Further promote global "localization" According to the strategy, overseas revenue maintained a high growth. In 2021, the company achieved an overseas revenue of 5.79 billion yuan, with a year-on-year increase of 51.05%, and made breakthrough progress in the overseas market. Among them, large tonnage crawler cranes were exported in batches, concrete and lifting equipment were involved in the construction of Yawan high-speed railway project, and the network of high-altitude operation platform agents covered key markets on five continents. As for the manufacturing base, the European factory was officially completed in Italy, and tower cranes and automobile cranes Machines and aerial work platforms are produced and sold locally. In addition, the company is fully put into operation in Belarus, radiating Eastern Europe and Central Asia, and the construction of Indian Industrial Park is started, radiating the Middle East and South Asia. With the continuous improvement of the competitiveness of Chinese brands overseas, the overseas market of construction machinery has broad prospects, and there is still great potential to be tapped.
Investment suggestion: it is estimated that the company will realize an operating income of 67.517/74.136/82.984 billion yuan and a net profit attributable to the parent company of 7.101/82.02/9.406 billion yuan in 22-24 years, corresponding to 8 / 7 / 6 times of PE. The operation quality of the company has been continuously improved, diversified layout and overseas business have opened up growth space, and the "recommended" rating has been maintained.
Risk tips: macroeconomic fluctuation risk, raw material price fluctuation risk and exchange rate fluctuation risk
