\u3000\u3 China Vanke Co.Ltd(000002) 483 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) )
Event:
The company released its annual report for 2021. The annual operating revenue increased by 6.42%, and the net profit attributable to the parent company increased by 36.45%: 1) in 2021, the company achieved a revenue of 3.847 billion yuan, a year-on-year increase of + 6.42%, and Q4 achieved a revenue of 961 million yuan, a year-on-year increase of + 13.06%; 2) In the whole year, the net profit attributable to the parent company was 349 million yuan, a year-on-year increase of + 36.45%, and the net profit attributable to the parent company in Q4 was 85 million yuan, a year-on-year increase of – 23.89%; 3) In the whole year, the non net profit deducted was 285 million yuan, a year-on-year increase of + 35.87%, and the non net profit deducted in Q4 was 49 million yuan, a year-on-year increase of – 48.09%; 4) The net operating cash flow of the company in the whole year was 327 million yuan, a year-on-year increase of + 7.72%.
From the perspective of splitting the company’s business, each product echelon has developed steadily:
In the whole year, the three main businesses of material handling equipment, marine engineering equipment and supporting equipment and hazardous and medical waste disposal achieved sales revenue of 1.321/13.23/632 billion yuan respectively, with a year-on-year increase of – 21.70% / 49.97% / 38.95% respectively, and the gross profit margin was 17.44% / 19.02% / 48.06% respectively, which was + 21.07pct / – 17.75pct / + 12.15pct compared with the same period last year. The performance of each major product line stabilized and helped the high-quality development of the company.
The scale of production and marketing was further expanded and the overall profitability was improved:
The annual gross profit margin of the company was 25.33%, year-on-year + 2.85pct, and the gross profit margin of Q4 was 28.66%, year-on-year -0.25pct; The annual net interest rate was 9.76%, year-on-year + 3.35pct, and the net interest rate of Q4 was 10.33%, year-on-year -3.84pct; Under the implementation of the company’s new development concept, the cost rate has been continuously optimized. The cost rate of the company in 21 years is 14.27%, with a year-on-year decrease of 0.89pct, and the Q4 cost rate is 16.96%, with a year-on-year increase of 0.14pct. Among them, the sales / management / R & D / financial cost rate in this period is 2.26% / 6.37% / 4.16% / 1.48%, with a year-on-year change of -0.45pct / – 0.08pct / – 0.13pct / – 0.23pct respectively.
The acquisition of Yangjiang Shanhe yacht and the gradual landing of the South Base:
Through Yangjiang Shanhe yacht, the company will quickly obtain scarce resources such as relevant docks and shorelines, focus on expanding relevant markets in the field of high-end equipment business, and build the company’s southern high-end equipment manufacturing base, which will help the company further expand and strengthen the offshore wind power equipment business such as offshore wind power foundation piles and jackets, and significantly improve the capacity scale of the company’s offshore wind power equipment business. At the same time, it will help the company to further extend to wind power industry chain related segments such as wind power tower, enrich the company’s product line of wind power equipment business and improve the company’s market share in the field of wind power equipment.
Guangdong is rich in sea breeze projects, and the south base is conducive to the development of sea breeze resources in Guangdong:
According to the 14th five year plan of each Haifeng base, we expect that the new installed capacity of Haifeng will be more than 50gw by 2025, especially in Guangdong Province, which still has considerable supplement. The planned capacity during the 14th Five Year Plan period is about 17-18gw. At present, several projects have opened bidding. The company can greatly reduce freight and shorten delivery time by building a high-end equipment manufacturing base in the South and obtaining orders from Guangdong and Fujian nearby, It is conducive to the continuous landing of the company’s orders after 2022.
Under the condition of large-scale fan and far sea, the pile foundation has obvious benefits, and the value of single MW continues to increase:
According to our previous calculation, under the large-scale fan, most parts of the main engine have significantly reduced the cost. After considering the price adjustment coefficient, the single MW income of 18-21h1 pile foundation has increased from 1332400 to 1828200, and cagr11 12%, a small number of people benefited from the large-scale and offshore links.
With the concerted efforts of subsidiaries, there are sufficient orders on hand as a whole:
At present, the company has sufficient orders on hand. In July 2021, Koch, a German company controlled by the company, obtained an order of 242 million euros for bulk material handling equipment from UAE customers; In January 2022, it obtained an additional order of 911 million euros for bulk material handling equipment from UAE customers; Runbang ocean has undertaken nearly 30000 tons of orders for various offshore wind power foundation piles and offshore wind power supporting equipment products; The subsidiary Runbang industry won the order for Ningbo Zhoushan Port Company Limited(601018) five sets of Tire Container Cranes and other projects. After the south base is put into operation, the order scale of the company may be further improved.
Profit forecast: considering the prosperity of the wind power industry, the expansion of the company’s production and orders on hand, we predict that the net profit attributable to the parent company from 2022 to 2023 will be 505 million (the former value is 470 million) and 719 million (the former value is 670 million) respectively, and the corresponding PE will be 11.55 and 8.11x respectively, maintaining the buy rating.
Risk warning: the risk of deterioration of macroeconomic environment, market competition risk, contract performance risk, etc
