\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 766 Crrc Corporation Limited(601766) )
The performance decreased slightly and the expense rate decreased during the period.
1) in 2021, the company achieved an operating revenue of 225732 billion yuan, a year-on-year increase of -0.85 PCT, of which Q4 revenue was 81.272 billion yuan, a year-on-year increase of -0.74 PCT. In 2021, the company realized a net profit attributable to the parent company of 10.303 billion yuan, a year-on-year increase of -9.08pct, of which the net profit attributable to the parent company of Q4 was 3.842 billion yuan, a year-on-year increase of -15.33pct. 2) The company’s gross profit margin increased by – 57.7pct in the reporting period, mainly due to the change of product sales structure in 2021. 3) In 2021, the four fee rates of the company decreased, and the fee rate during the period was 15.16%, with a year-on-year rate of -0.94pct. The company’s sales expense ratio was 3.22%, with a year-on-year increase of -0.6pct; The R & D expense ratio was 5.8%, with a year-on-year increase of -0.07pct.
The urban rail and urban infrastructure sectors declined, and the growth rate of modern services was rapid
In terms of products, in 2021, the company’s railway equipment, urban rail and urban infrastructure, Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , and modern services achieved revenue of 90.685 billion yuan, 54.556 billion yuan, 71.821 billion yuan, and 8.670 billion yuan respectively, with a year-on-year increase of + 0.22%, – 6.01%, + 0.14%, + 17.23% respectively, and gross profit margins of 23.14%, 20.35%, 16.60%, and 27.87%, with a year-on-year increase of + 1.64%, + 0.91%, – 4.51%, + 2.80% respectively. 1) In the railway equipment business, the revenue of locomotives, passenger cars, EMUs and freight cars was 22.905 billion yuan, 106.99 billion yuan, 41.099 billion yuan and 15.982 billion yuan respectively. The slight increase in the revenue of railway equipment business was mainly due to the increase in the revenue of locomotives and passenger cars. 2) In the urban rail and urban infrastructure business, the revenue of urban rail vehicles was 47.9 billion yuan, and the decline of urban rail vehicle revenue led to the decline of sector revenue. 3) the revenue from wind power business in Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) business was 30.242 billion yuan, and the revenue from general electromechanical business increased slightly. 4) Benefiting from the growth of leasing and logistics business income in the current period, the company’s modern service business revenue grew rapidly.
Expand the market, optimize the layout and consolidate the leading position in the industry
1) in terms of railway business, the opening of Lalin railway, the successful entry of “Fuxing” into Tibet, the official offline of high-speed maglev train with a speed of 600 kilometers per hour, and the intelligent “Fuxing” high-speed EMU of “Ruixue Yingchun” serve the Beijing Winter Olympics. 2) In terms of urban transportation, the company has made progress in the “product +” and “system +” modes supported by digitization and intellectualization. 3) In terms of international business, the first overseas PPP Mexico Metro Line 1 project has been well implemented. The “green giant” and “Lancang” are put into operation in the old fellow railway. As the company’s first overseas vehicle M & A enterprise, Zhuji foslow company made a profit during the year. 4) In terms of strategic emerging business, the company’s first fully autonomous roof photovoltaic project and the first industry finance interactive wind power system solution project realize grid connected power generation.
Profit forecast and maintain the “overweight” rating
To sum up, we expect that the company’s EPS will be 0.39, 0.43 and 0.46 yuan / share from 2022 to 2024, and the corresponding PE will be 14, 13 and 12 times respectively. As a leading enterprise of rail transit equipment, the company’s global competitiveness is expected to continue to improve and maintain the “overweight” investment rating.
Risk tips
Risk of global spread of the epidemic; Price fluctuation risk of raw materials; Overseas market development was less than expected.
