\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 17 Jiangsu Ankura Smart Transmission Engineering Technology Co.Ltd(300617) )
Non net profit deducted in 2021 increased by 45.6% year-on-year, and the performance continued to grow high
In 2021, the company achieved a revenue of 806 million yuan, a year-on-year increase of 52.4%, and a net profit attributable to the parent company of 200 million yuan, a year-on-year increase of 50.9%; The non net profit deducted was 170 million yuan, a year-on-year increase of 45.6%. Among them, Q4 achieved a revenue of 167 million yuan in 2021, a year-on-year increase of 7.4%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 701.6%. As the epidemic may affect the progress of order confirmation, the profit forecast for 20222023 is lowered and the profit forecast for 2024 is added. It is estimated that the net profit attributable to the parent company in 20222024 will be 3.00 (- 14.0%) / 4.26 (- 11.0%) / 581 million yuan respectively, and the EPS will be 1.79 (- 14.0%) / 2.54 (- 11.2%) / 3.46 yuan / share respectively. The current share price corresponding to PE is 24.8/17.5/12.8 times respectively. Considering the high growth of Gil business, the "buy" rating will be maintained.
Gil's business orders have expanded steadily and its profitability is expected to rebound
The company's 571 million orders for Caoshan project and 179 million orders for Nanjing Yanziji project are gradually recovered according to the construction progress. Only part of the revenue can be recognized in 2021. At present, the company has relatively abundant orders on hand. We believe that multiple favorable factors such as good order expansion and signing a strategic cooperation agreement with lvfa group will jointly help the company open up space: the company signed a new order of 25.78 million yuan with Shandong Huaxing Petrochemical Group Co., Ltd. in December 2021. With the gradual implementation of subsequent new orders, it is expected that the company's performance will continue to maintain a high-speed growth level in 2022; The company signed a strategic cooperation framework agreement with China lvfa Investment Group Co., Ltd. in November 2021. Lvfa group is one of the few central enterprises in China that operate land resource revitalization business. The cooperation with lvfa will provide greater help for market development. The company's equity incentive fee in 2022 is expected to be significantly lower than that in 2021. With the expansion of the project scale, the company's profitability is expected to be further improved.
Smart modular substation has significant advantages and is expected to become the second growth pole
The company can undertake many types of projects such as substation design and general contracting projects below 220kV, underground substations and large enterprise user substations. The company's intelligent modular substation solution takes the intelligent equipment of primary and secondary integration as the module, and is prefabricated in factory production and constructed in field modular assembly, which can shorten the construction cycle on the one hand and save urban land resources on the other hand, The company saves a lot of space compared with the traditional substation by virtue of the all-in-one switching machine technology, which highlights its value under the background of increasingly scarce urban space. In the future, with the implementation of multiple scenarios such as urban communities, 5g, IDC and large chemical plants, smart modular substation is expected to become the second growth pole of the company.
Risk warning: downstream demand is less than expected; Overseas market expansion is less than expected
