\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 170 Shanghai Construction Group Co.Ltd(600170) )
Core view:
Event: the company released the annual report of 2021. In 2021, the company achieved a revenue of 281055 billion yuan, a year-on-year increase of 21.50%; The net profit attributable to the parent company was 3.769 billion yuan, a year-on-year increase of 12.47%; The net profit attributable to the parent company after deduction was 2.766 billion yuan, a year-on-year increase of 7.68%.
The performance increased steadily, and the operating net cash flow increased. In 2021, the company achieved a revenue of 281055 billion yuan, with a year-on-year increase of 21.50%, mainly due to the expansion of business scale such as construction, building materials industry and real estate development, and the increase of main business income. Among them, the revenue from construction / design consulting / building materials industry / real estate development / urban construction investment was 238171/52.41/166.55/138.53/1.295 billion yuan, a year-on-year change of 22.81% / – 3.04% / 11.95% / 119.51% / – 9.55%. In 2021, the gross profit margin of the company was 9.43%, a year-on-year decrease of 0.23pct, of which the gross profit margin of construction of core business was 8.21%, a year-on-year increase of 0.74pct, and the gross profit scale of construction increased by 35.1% compared with the same period of last year. In 2021, the company’s net operating cash flow was 10.368 billion yuan, a year-on-year increase of 318123%, mainly due to the increase in cash received from the purchase and sale of goods and the provision of labor services over the same period of the previous year.
New contracts for real estate development and urban construction investment increased rapidly. In 2021, the newly signed contract amount of the company was 442506 billion yuan, with a year-on-year increase of 14.41%. Among them, by region, the cumulative newly signed contracts in Shanghai market / provincial market / overseas market are 272065/162947/7.494 billion yuan respectively; According to the business division, among the five main business segments, the newly signed contract amount of construction, design consulting and building materials industry continued to maintain double-digit growth, with the newly signed contract amount of 352774 billion yuan, 23.543 billion yuan and 24.218 billion yuan respectively, with a year-on-year increase of 12.74%, 12.29% and 17.56% respectively; The newly signed contracts for real estate development and urban construction investment business increased significantly year-on-year, with the newly signed contract amount of 16.137 billion yuan and 14.846 billion yuan respectively, an increase of 74.61% and 74.11% year-on-year respectively; Among the six emerging businesses, the newly signed contracts in urban renewal / water conservancy and water affairs / ecological environment / new infrastructure field / industrial construction / construction service industry are RMB 23 / 191 / 80 / 161 / 276 / 3.4 billion respectively. Emerging businesses maintained rapid development, and the scale effect was gradually reflected.
Based in Shanghai, share the dividends of regional development. From January to February 2022, the investment in fixed assets in Shanghai increased by 12.6% year-on-year, and the investment in urban infrastructure increased by 10.7% year-on-year. The growth rate was 0.4pct and 2.6pct higher than that of the whole country respectively. In 2021, the investment in major projects in Shanghai was 195.75 billion yuan, a year-on-year increase of 14.6%. It is expected to exceed 200 billion yuan in 2022. The company is based in Shanghai. The Shanghai market accounted for 61.48% of the newly signed contracts in 2021. It is expected to continue to share the development dividends of Shanghai in the future.
It is suggested that the investment per share of the parent company will be RMB 352.9 billion, with a year-on-year growth of 1.93% and a year-on-year growth of 1.19% respectively, and the recommended net profit per share is expected to be RMB 2023.2%, with a year-on-year growth of 1.46% respectively.
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.
