\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 636 Zhuzhou Kibing Group Co.Ltd(601636) )
Investment summary
Events
On April 8, the company released its annual report for 2021. In 2021, the company achieved an operating revenue of 14.573 billion yuan, a year-on-year increase of 51.12%; The net profit attributable to the parent company was 4.234 billion yuan, a year-on-year increase of 133.38%.
Main points
Profits doubled in 21 years, and Q4 performance was under pressure. The high growth of the company's annual performance mainly comes from the contribution of the first three quarters. The company achieved an operating revenue of 10.766 billion yuan in the first three quarters, a year-on-year increase of 64.24%, and a net profit attributable to the parent company of 3.658 billion yuan, a year-on-year increase of 200.85%; Affected by factors such as the decline in real estate demand and the rise in raw material costs, Q4 achieved an operating revenue of 3.807 billion yuan in a single quarter, a year-on-year increase of 23.26%, and a net profit attributable to the parent company of 575 million yuan, a year-on-year decrease of 3.79%.
Float glass grew steadily, and the performance of energy-saving building glass increased significantly. During the reporting period, the company's operating revenue of float glass was 12.419 billion yuan, a year-on-year increase of 47.36%; The operating revenue of energy-saving building glass was 2.032 billion yuan, a year-on-year increase of 83.16%. The production of original float glass reached 119.17 million boxes, a year-on-year increase of 2.07%, and the production of energy-saving building glass reached 33.35 million square meters, a year-on-year increase of 49.37%.
Accelerate the layout of photovoltaic glass, and the performance contribution is expected to improve. With the overall improvement of double glass permeability, the demand for photovoltaic glass continues to increase. The company is orderly promoting new photovoltaic material projects such as Chenzhou photovoltaic, Ningbo photovoltaic and Zhangzhou photovoltaic, as well as the investment and construction of 1200t / D photovoltaic glass production line, and the photovoltaic glass production capacity is expected to increase significantly.
Investment advice
Under the development strategy of "one body and two wings", the company has accelerated the expansion from high-quality float glass to photovoltaic glass, electronic glass, medicinal glass and other fields. In the long run, the company's profits are prominent. We expect that the company's operating revenue from 2022 to 2024 will be 16.179 billion yuan, 20.117 billion yuan and 25.625 billion yuan respectively, and the net profit attributable to the parent company will be 4.315 billion yuan, 4.778 billion yuan and 5.686 billion yuan. Corresponding to the stock price on April 11, PE will be 8x, 7x and 6x respectively, maintaining the rating of "overweight".
Risk tips
Risk of sharp rise in raw material costs; The expansion of new products is less than expected; The production capacity was lower than expected.
