\u3000\u3 China Vanke Co.Ltd(000002) 483 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) )
Event: on April 18, 2022, the company issued its annual report for 2021. In 2021, the company achieved an operating revenue of 3.847 billion yuan, a year-on-year increase of 6.42%; The net profit attributable to shareholders of listed companies was 349 million yuan, a year-on-year increase of 36.45%.
Comments:
The performance rebounded in the fourth quarter, and the wind power business was the core of the whole year. In 2021, the company achieved an operating revenue of 3.847 billion yuan, a year-on-year increase of 6.42%; The net profit attributable to shareholders of listed companies was 349 million yuan, a year-on-year increase of 36.45%; The net profit attributable to the parent company after non deduction was 285 million yuan, a year-on-year increase of 35.87%. In the fourth quarter, the company realized a net profit attributable to the parent company of 85 million yuan, an increase of 41.7% month on month. At the same time, the gross profit margin and net profit margin increased from 22.82% and 6.17% in the third quarter to 28.66% and 10.33% in the fourth quarter respectively, and the performance rebounded significantly. In terms of breakdown, the company's revenue from offshore engineering equipment and supporting business was 1.323 billion yuan, with a year-on-year increase of 50%. Wind power pile business is the core growth point of the company.
Guangzhou industrial control takes the lead, and Haifeng business can be expected in the future. In March 2022, Guangzhou industrial control realized the holding of Jiangsu Rainbow Heavy Industries Co.Ltd(002483) . Guangzhou industrial control will provide all-round enabling support for the company's capital operation, market, capital and resources, which will effectively promote the construction of the company's south base. On March 7, the company issued the announcement on signing the equity acquisition framework agreement, and the south base is advancing in an orderly manner. The construction of the south base will help the company expand the relevant markets of offshore wind power equipment, material handling equipment and environmental protection business in the Great Bay area of Guangdong, Hong Kong and Macao, which is an important cornerstone of the company's future growth. During the reporting period, the subsidiary Runbang ocean delivered nearly 170000 tons of offshore wind power equipment products such as various offshore wind power foundation piles and stable pile platforms to customers, and the production and sales reached a new high. Guangdong is the key development area of offshore wind power during the 14th Five Year Plan period, and the company's wind power pile foundation business is expected to continue to increase its market share. The company's wind power technology in the deep-sea area also has technical reserves, and the company's sea wind equipment business can be expected in the future.
The lifting and material handling equipment business has blossomed at many points, and Koch has continuously obtained large orders. In 2021, the subsidiary Runbang heavy machinery delivered nearly 153 sets of material handling equipment products to customers, including stacker reclaimer, ship loader, grain ship unloader, pneumatic ship unloader, grab ship unloader, portal crane, heliostat cleaning equipment, full swing marine crane, mobile port crane, grab crane, grab loader and so on. Koch, a subsidiary of the National Meteorological Bureau of the United Arab Emirates, is expected to obtain orders of nearly RMB 5.9 billion in 2021, highlighting the competitiveness of Koch's National Meteorological Bureau in 2021.
Profit forecast and investment rating: we predict that the net profit from 2022 to 2024 will be 457 million yuan, 584 million yuan and 729 million yuan respectively, and the corresponding EPS will be 0.48 yuan / share, 0.62 yuan / share and 0.77 yuan / share respectively, corresponding to 13 times, 10 times and 8 times of the current share price PE respectively. Maintain the company's "buy" rating.
Risk factors: the construction of South base is not as expected; The epidemic control was not as expected; Raw material prices continued to rise.
