\u3000\u3 China Vanke Co.Ltd(000002) 483 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) )
Key investment points
Event: the company released its annual report for 2021. In 2021, the company achieved a revenue of 3.85 billion yuan, a year-on-year increase of 6.4%; The net profit attributable to the parent company was 350 million yuan, a year-on-year increase of 36.5%. Q4 achieved a revenue of 960 million yuan in a single quarter, with a year-on-year increase of 13.1% and a month on month decrease of 3.6%; The net profit attributable to the parent company was 85 million yuan, a year-on-year decrease of 23.9% and a month on month increase of 40.5%. The rapid growth of profits is in line with our expectations.
In terms of business segments: 1) offshore wind power equipment: the sales volume in 2021 is about 170000 tons, and the revenue is 1.32 billion yuan, with a year-on-year increase of 50.0%. The proportion of revenue increases from 24.4% in 2020 to 34.4% in 2021; According to the income and profit data of subsidiary Runbang ocean in 2021, the profit per ton of Runbang pipe pile exceeds 900 yuan, and the actual profit margin (considering the impact of impairment) exceeds 13%, maintaining a high profit level. 2) Material handling equipment: the revenue was 1.32 billion yuan, a year-on-year decrease of 21.7%, mainly affected by the rhythm of delivery and delivery; 3) Ship supporting equipment: the revenue is RMB 60 million, with a year-on-year decrease of 69.7%. Ships have strong periodicity. There is a time lag in the transmission of ship orders to supporting equipment orders. It is expected that the ship supporting equipment will increase year-on-year in 2022. 4) Environmental protection business: the revenue was 910 million yuan, a year-on-year increase of 32.5%; Among them, lvwei environmental protection and CNPC environmental protection achieved net profits of 39million yuan and 155million yuan respectively, and the completion rate of committed performance was 113% and 97%, basically in line with expectations.
The comprehensive gross profit margin increased slightly, the period expense rate decreased, and the net profit margin improved significantly. In 2021, the company's comprehensive gross profit margin was 25.3%, with a year-on-year increase of 2.9 percentage points; Q4 was 28.7% in a single quarter, a slight decrease of 0.3 percentage points year-on-year and an increase of 5.8 percentage points month on month. In 2021, the company's expense ratio was 14.3%, a year-on-year decrease of 0.9 percentage points; Q4 was 17.0% in a single quarter, a slight increase of 0.2 percentage points year-on-year and 1.3 percentage points month on month. In 2021, the company's net interest rate was 9.8%, with a year-on-year increase of 3.4 percentage points; Q4 was 10.3% in a single quarter, a year-on-year decrease of 3.8 percentage points and a month on month increase of 4.2 percentage points.
The continuous expansion of basic capacity of offshore wind power will fully benefit from the vigorous development of offshore wind power. The large-scale development of offshore wind power has significantly increased the unit weight of pipe piles, and the annual production capacity of pipe piles in Nantong base of the company has been increased to 300000 tons. Recently, the company announced that it plans to acquire Yangjiang Shanhe and obtain its wharf base in Yangjiang, Guangdong. It is expected that the production capacity of offshore wind power foundation pipe piles will exceed 400000 tons. At present, the project is being actively promoted. After the completion of the construction of the new capacity, the company will have a basic wind power capacity of 700000 tons in Shanghai, with obvious first mover advantage and leading scale advantage, which will fully benefit from the vigorous development of China's offshore wind power.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 500 million, RMB 720 million and RMB 1.11 billion respectively, and the compound growth rate of net profit attributable to the parent company in the next three years will be 46.8%. Give the company 20 times PE in 2022, with a target price of 10.60 yuan, and maintain the "buy" rating.
Risk tip: manufacturing investment has fallen sharply; The company's capacity expansion is lower than expected; The competition pattern of the industry has deteriorated.
