\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 817 Yutong Heavy Industries Co.Ltd(600817) )
Event: the company released its annual report for 2021, and achieved an operating revenue of 3.757 billion yuan in 2021, with a year-on-year increase of 7.82%; The net profit attributable to the parent company was RMB 393 million, with a year-on-year increase of 33.55%. The net profit not attributable to the parent company was RMB 239 million, and the performance commitment for 2021 (RMB 224 million) was completed.
Equipment + service two wheel drive, and the development momentum of environmental sanitation business is good. The company’s two major businesses in the environmental sanitation sector increased significantly. In terms of environmental sanitation equipment business, 4450 sets of environmental sanitation equipment were sold in 2021, with a year-on-year increase of 64.15%, and the operating revenue was 1.599 billion yuan, with a year-on-year increase of 33.17%; Among them, 1278 new energy sanitation equipment were sold, with a year-on-year increase of 41.84%, and the operating revenue was 738 million yuan, with a year-on-year increase of 18.5%. The revenue of sanitation service business in 2021 was 605 million yuan, with a year-on-year increase of 22.57%. By the end of 2021, the annual amount of environmental sanitation service projects operated by the company was 760 million (including value-added tax), an increase of 20.4% over the end of 2020. The construction machinery business segment achieved an operating revenue of 1.349 billion yuan in 2021, a year-on-year decrease of 7.88%, mainly due to the slowdown of fixed asset investment and other factors. The cycle of the construction machinery industry decreased, and the company’s product sales were affected to a certain extent.
Continue to focus on sanitation business, and the market share of new energy sanitation vehicles is 28.5%. According to the retail data of China automobile data terminal, 102000 sanitation vehicles were insured in China in 2021, and the compound growth rate of demand scale in the six years from 2015 to 2021 was 10.5%. The company seized the industry opportunity to further expand the sales scale of environmental sanitation equipment, and the sales and after-sales network covers more than 80% of cities and county-level cities in China. In 2021, the demand for new energy sanitation vehicles will gradually evolve into a trend of “blooming everywhere” from “Beijing and Shenzhen accounting for more than 60% in 2020”. In 2021, the company insured 1156 new energy and sanitation vehicles, accounting for 28.5% of the market. It is the first brand in the sanitation and new energy market. In terms of sanitation services, the development of urbanization in China has driven the continuous increase of sanitation operation area and the continuous growth of China’s sanitation service market. The company continued to promote the multi-dimensional development and application of “man-machine combination” process, “intelligent detection + precision operation” mode, overall new energy solutions and intelligent sanitation. The annualized amount of the winning project in 2021 was 191 million yuan, and was rated as “the most growing service enterprise for sanitation” by E20 environmental platform for five consecutive years.
The company is committed to independent research and development of key technologies in the field of environmental sanitation equipment, with significant advantages in core competitiveness. The company’s new energy sanitation vehicles take the R & D and industrialization of pure electric and fuel cell sanitation equipment as the main line, and take the independent research on the common key technologies of the industry “electric drive, battery and electronic control” as the starting point. After years of technical research, the company has been engaged in the development and application of high-efficiency electric drive system, automatic driving and intelligent sanitation, fuel cell vehicle development, high-end sanitation vehicle development, high-reliable loading power system Significant progress has been made in power battery integration and management.
Profit forecast, valuation and rating: the company is one of the main suppliers of specialized sanitation equipment in China. It is expected to achieve rapid growth of its core business by relying on strong scientific research strength. Maintain the company’s forecast net profit of RMB 451 / 531 million in 202223, increase the forecast net profit of RMB 605 million in 2024, and the current share price corresponds to 12 times of PE in 2022. The company maintains a dominant position in the field of environmental sanitation and maintains the “buy” rating.
Risk warning: the electrification process of sanitation vehicle is not as expected; The expansion of sanitation market-oriented operation projects was less than expected.
