\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 629 Arcplus Group Plc(600629) )
The granting of restricted shares was completed, demonstrating confidence in future development. On March 2, 2022, the company completed the registration of restricted shares in the 2022 restricted stock incentive plan. The company granted 217318 million restricted shares to 99 incentive objects at a price of 3.19 yuan / share, including 99 general managers, deputy general managers, chief engineers, chief financial officers, engineering directors, operation directors and other management and technical backbones. After 36 months from the date of completion of the grant registration, the restricted shares granted this time shall be lifted in batches after meeting the conditions for sale restriction. According to the draft of the company’s restricted stock incentive plan, the company has set assessment indicators at the levels of net profit attributable to the parent, operating income, weighted average return on assets and R & D expense rate. Among them, the assessment indicators at the level of net profit attributable to the parent are based on the net profit attributable to the parent in 2020, and the growth rate from 2022 to 2024 is not less than 95%, 125% and 132%, that is, the net profit attributable to the parent is not less than 339 million, 392 million and 404 million yuan; And not lower than the industry average or the 75th percentile level of benchmarking enterprises. The completion of the company’s restricted stock incentive plan has deeply bound the interests of the company and the interests of the management, demonstrating the company’s confidence in future development.
The growth rate of newly signed contracts for engineering technology management services is high. In 2021, the newly signed contract amount of the company was 12.622 billion yuan, a year-on-year increase of 2.09%. Among them, the newly signed contract amount of engineering design was 6.44 billion yuan, a year-on-year decrease of 4.61%, accounting for 51.03%; The newly signed contract amount of engineering technology management services was 1.017 billion yuan, a year-on-year increase of 34.84%, accounting for 8.05%; The newly signed contract amount of project contracting was 4.995 billion yuan, a year-on-year increase of 7.28%, accounting for 39.57%; The newly signed contract amount of engineering survey was 171 million yuan, a year-on-year decrease of 15.41%, accounting for 1.35%. Among the newly signed contracts, the engineering design sector accounts for the highest proportion and is also the main source of income of the company; The volume of newly signed contracts for engineering technology management services is small and the growth rate is high. It is expected to continue to grow at a high rate in the future.
High performance in 2021. According to the pre increase announcement of the company’s performance in 2021, the net profit attributable to the parent company is expected to be 304339 million yuan in 2021, with a year-on-year increase of 75% – 95%; The net profit attributable to the parent company after deduction was 240273 million yuan, with a year-on-year increase of 185% – 225%. In 2020, affected by the overseas epidemic, the operation of Wilson, a subordinate overseas company, was significantly affected. It applied for bankruptcy liquidation in March 2021. Based on the operating losses of Wilson in 2020 and the provision for impairment of various relevant assets caused by bankruptcy liquidation, it had a great impact on the net profit of the company’s consolidated statements in 2020. In 2021, the company firmly grasped the opportunities of national key strategic regions, the integrated development of the Yangtze River Delta, “five new towns”, urban renewal and green double carbon, made every effort to promote various key work, and achieved a certain increase in performance in 2021 compared with the previous year.
Investment suggestion: it is estimated that the company’s revenue from 2021 to 2022 will be 10.336/12.094 billion yuan respectively, with a year-on-year increase of 20% / 17%, and the net profit attributable to the parent company will be 330 / 367 million yuan, with a year-on-year increase of 90% / 11%. The corresponding PE of the current stock price will be 15 / 14 times respectively, maintaining the “recommended” rating.
Risk warning: the risk of intensified market competition; Risk of covid-19 epidemic affecting project progress; The risk that the recovery of accounts receivable is less than expected.
