\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 800 China Communications Construction Company Limited(601800) )
Event:
China Communications Construction Company Limited(601800) released the annual report of 2021: in 2021, the company achieved an operating revenue of 685639 billion yuan, a year-on-year increase of 9.25%; The net profit attributable to shareholders of listed companies was 17.993 billion yuan, a year-on-year increase of 11.03%.
Key investment points:
Revenue grew steadily and the performance was in line with expectations. In 2021, the company's performance grew steadily, and the annual revenue was 685639 billion yuan. Among them, the revenue of infrastructure construction business reached 607412 billion yuan, with a year-on-year growth rate of 8.49%. Affected by the rise of raw material prices, the gross profit margin of infrastructure construction business was 11.31%, slightly lower than that in 2020. Driven by large-scale comprehensive projects and business transformation, infrastructure design business, dredging business and other businesses maintained rapid growth, with year-on-year growth rates of 18.99%, 12.66% and 24.61% respectively. In 2021, the net profit attributable to the parent company was 17.993 billion yuan, an increase of 11.03% at the same time, and the growth rate was more consistent with the growth rate of revenue. The total amount of new contracts signed by the company was 1267912 billion yuan, a year-on-year increase of 18.85%. In terms of breakdown, infrastructure construction business, infrastructure design business, dredging business and other businesses are 1125368 billion yuan, 44.508 billion yuan, 87.301 billion yuan and 10.735 billion yuan respectively.
"Big transportation" + "big cities" are basically stable, and REITs help large-scale development. The performance of infrastructure investment in 2021 was flat, and the new special debt was the main driving factor of infrastructure investment. The company focuses on the two businesses of roads and bridges and urban construction. In addition, based on the market demand of ecological and environmental protection, the company firmly seizes the opportunity of offshore wind power construction, expands to the upstream and downstream of the industrial chain, and comprehensively promotes the growth of infrastructure investment. With the deregulation of the company's infrastructure and the innovation of its infrastructure, the company has steadily promoted the scale of its pilot business and the sustainable development of its capital.
Profit forecast and investment rating: capital construction will be the main focus of steady growth in 2022. The company's capital construction business will grow steadily, and the business in other sectors will develop rapidly. We estimate that the company's revenue from 2022 to 2024 will be 801639 billion yuan, 889915 billion yuan and 969731 billion yuan respectively, and the net profit attributable to the parent company will be 22.241 billion yuan, 25.908 billion yuan and 29.014 billion yuan respectively, with corresponding PE of 7.01, 6.02 and 5.37 times respectively. The company will be given a "buy" rating for the first time.
Risk warning: the price of upstream raw materials increases; The investment progress of infrastructure projects is less than expected; The number of new orders for infrastructure decreased; The number of new orders for urban construction decreased; The impact of the epidemic on the economy exceeded expectations.
