\u3000\u30 Ping An Bank Co.Ltd(000001) 57 Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) )
Events
The company released the annual report of 2021. The annual operating revenue increased by 3.11% and the net profit attributable to the parent decreased by 13.88%: 1) in 2021, the company achieved a revenue of 67.131 billion yuan, a year-on-year increase of + 3.11%, and Q4 achieved a revenue of 12.703 billion yuan, a year-on-year decrease of – 36.05%; 2) In the whole year, the net profit attributable to the parent company was 6.270 billion yuan, a year-on-year increase of – 13.88%, and the net profit attributable to the parent company in Q4 was 519 million yuan, a year-on-year increase of – 67.44%; 3) In the whole year, the non net profit deducted was 5.828 billion yuan, a year-on-year increase of – 7.61%, and the non net profit deducted in Q4 was 528 million yuan, a year-on-year increase of – 60.98%; 4) The net operating cash flow of the company in the whole year was 2.625 billion yuan, a year-on-year increase of – 64.63%.
Comments
In terms of splitting the company’s business, the product echelons have developed steadily: the sales revenue of the four major product lines of concrete machinery, hoisting machinery, earth moving machinery and agricultural machinery in the whole year was 163.803649432.372907 billion yuan respectively, with a year-on-year increase of -13.72% / 4.57% / 21.47% / 9.92% respectively, and the gross profit margin was 24.23% / 23.29% / 18.93% / 13.92% respectively, which was -2.11pct / – 7.73pct / + 2.90pct / – 2.87pct compared with the same period last year. The performance of the major product lines stabilized, Help the company develop with high quality.
Affected by the rise in the price of raw materials, the profitability of the company has declined: the annual gross profit margin of the company was 23.61%, year-on-year -4.98pct, and the gross profit margin of Q4 was 20.42%, year-on-year -8.35pct; The annual net interest rate was 9.51%, year-on-year -1.79pct, Q4 net interest rate was 4.50%, year-on-year -3.65pct; Under the implementation of the company’s new development concept, the expense rate has been continuously optimized. The expense rate of the company in the current period is 13.47%, with a year-on-year decrease of 1.16pct, Q4 expense rate is 16.58%, with a year-on-year decrease of 0.33pct, of which the sales / management / R & D / financial expense rate in the current period is 5.17% / 2.49% / 5.76% / 0.05%, with a year-on-year change of -1.04pct / – 0.51pct / + 0.62pct / – 0.23pct respectively.
The collection ability continued to improve: the company’s Receivable / revenue in 2021 was 64.09%, year-on-year + 13.85pct, and Q4 receivable / revenue was 8.08%, year-on-year -7.87pct; The inventory was 13.501 billion yuan, a year-on-year increase of – 7.85%, maintaining a good collection level under periodic fluctuations.
Further promoting the global “localization” strategy, the overseas market has made breakthrough progress: the overseas market of construction machinery products continued to grow rapidly, and the company’s overseas revenue increased by more than 51.05% year-on-year in 2021; Accelerate the reform of overseas management and complete the construction of localized business and operation system in 17 key countries; Accelerate the expansion and upgrading of overseas manufacturing bases, expand and upgrade Italian CIFA into a comprehensive global company, and fully put into operation the Belarus base, creating new business growth points overseas; The construction of Indian Industrial Park has been started, radiating markets in the Middle East, South Asia and so on.
Acquisition of Shenzhen Roadrover Technology Co.Ltd(002813) , Industrial Synergy and intelligent supporting: in February, the company plans to use its own and / or self raised funds of 780 million yuan to acquire Shenzhen Roadrover Technology Co.Ltd(002813) 2999% equity, and it is expected to continue to acquire about 18.83% equity in the future, which has ensured that the company’s shareholding in Shenzhen Roadrover Technology Co.Ltd(002813) is not less than 48.82% Shenzhen Roadrover Technology Co.Ltd(002813) is mainly engaged in the development, production, sales and services of automotive informatization, intellectualization and intelligent travel related products. The main products are intelligent cockpit, intelligent cockpit, intelligent assisted driving and vehicle networking related products. The acquisition will help the company achieve synergy in the informatization and intellectualization of engineering vehicles such as cranes, excavators and concrete machinery, and the improvement of intelligent cockpit and man-machine environment.
Profit forecast and investment rating: due to the obvious decline in the overall data of construction machinery, the growth rate of various incomes is reduced. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 6.761 billion (former value of 8.32 billion), 7.268 billion (former value of 9.32 billion) and 8.12 billion respectively, and the corresponding PE will be 8.52, 7.93 and 7.10x respectively, maintaining the buy rating.
Risk warning: there is uncertainty in the macroeconomic situation; The production cost of the company has the risk of rising.
