\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 766 Crrc Corporation Limited(601766) )
In 2021, the performance declined slightly due to the influence of the industry
Crrc Corporation Limited(601766) 2021: the operating revenue reached 225.73 billion yuan, a year-on-year decrease of 0.9%; The net profit attributable to the parent company was 10.3 billion yuan, a year-on-year decrease of 9.1%; Earnings per share is 0.36 yuan. The comprehensive gross profit margin was 20.6%, a year-on-year decrease of 1.7 percentage points; The net interest rate was 5.5%, down 0.6 percentage points year-on-year. The company plans to pay a dividend of 0.18 yuan per share, with a dividend rate of more than 41%.
Railway equipment and Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) revenue increased steadily and slightly, and the gross profit margin of Urban Rail business increased against the trend
In 2021, the company’s revenue from railway equipment business / Urban Rail business / Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) business / modern service business was 906.9/545.6/718.2/8.67 billion yuan respectively. The revenue of railway equipment business increased by 0.2% year-on-year, mainly due to the increase of revenue from locomotive and passenger car business; The revenue of Urban Rail business decreased by 6.0% year-on-year, mainly due to the decline in the revenue of urban rail vehicles, but the gross profit margin of Urban Rail business bucked the trend and increased from 19.4% to 20.4% Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) business revenue increased by 0.1% year-on-year, mainly due to the increase in the revenue of general electromechanical business; The revenue of modern service business increased by 17.2% year-on-year, mainly due to the growth of rental and logistics business revenue.
Remarkable achievements in technology research and development, and actively promote the development of overseas business
The company’s R & D expenditure in 2021 was 13.09 billion yuan, with a R & D expenditure rate of 5.8%. The company implemented 13 national “key projects of advanced rail transit” and carried out 346 R & D projects of key systems and parts; 600 km / h high-speed maglev, 400 km / h variable gauge transnational interconnection high-speed EMU, 350 km / h Freight EMU and the first Chinese standard subway train have been offline successively; Progress has been made in the “product +” system + “mode supported by digital intelligence; The first fully autonomous roof photovoltaic project and industry finance interactive wind power system solution project realize grid connected power generation.
The company actively expands overseas business. The first overseas PPP Mexico Metro Line 1 project was well implemented; The “green giant” and “Lancang” are put into operation in the old fellow railway. Zhuji foslow, the company’s first overseas vehicle acquisition enterprise, made a profit during the year and made a breakthrough in the European market.
Full orders, maintaining the “overweight” rating
During the “14th five year plan” period, the overall investment pattern of rail transit industry is expected to remain stable, but due to the impact of epidemic and other factors, the bidding of guotie group has been delayed, which has an impact on the company’s performance; We then lowered the company’s 22-23 year net profit forecast by 17.5% / 16.8% to 10.93/11.98 billion yuan, and introduced a 24-year net profit forecast of 13.04 billion yuan, corresponding to 0.38/0.42/0.45 yuan of EPS in 22-24 years. According to the annual report, the new orders signed by the company in 2021 were about 221 billion yuan, and the orders on hand at the end of the period were about 220.3 billion yuan. Sufficient orders will still ensure the sustainable and healthy development of the company; We maintain the “overweight” rating of the company’s A-Shares and H shares.
Risk tips: risk of changes in industrial policies, risk of product price reduction, and risk of unfavorable new business development
