\u3000\u30003 Anhui Fuhuang Steel Structure Co.Ltd(002743) 00274)
The company's performance in 2021 was lower than expected, and Q4 net profit fell sharply. On April 19, 2022, the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the operating revenue was 24.137 billion yuan, a year-on-year increase of + 25.2%, and the net profit attributable to the parent company was 1.583 billion yuan, a year-on-year decrease of - 19.0%, of which the net profit attributable to the parent company in Q4 was 78 million yuan, a year-on-year decrease of nearly 90%. In 2022q1, the company achieved a revenue of 4.568 billion yuan, a year-on-year increase of + 36.5%, and a net profit attributable to the parent company of 411 million yuan, a year-on-year increase of + 6.3%, with a steady growth in performance at the beginning of the year.
The company's photovoltaic business is expanding steadily and is expected to rise again in 2022. In 2021, the company's inverter business revenue was 9.051 billion yuan, a year-on-year increase of + 20%, the gross profit margin was 33.8%, a year-on-year decrease of 1.2%, the global shipment volume of photovoltaic inverter reached 47gw, a year-on-year increase of about 34%, and the market share was further improved. The investment and development business of power station realized a revenue of 9.679 billion yuan, with a year-on-year increase of 17.6%, of which the annual installed capacity of sunshine home photovoltaic increased by more than 500%, effectively hedging the pressure faced by the ground power station business. With the gradual release of silicon capacity, the component price may fall in the second half of 2022, and the supply of IGBT chips is expected to be improved. It is expected that the company's photovoltaic inverter and power station development business will be further expanded in 2022.
The energy storage business grew brightly and its performance contribution continued to improve. In 2021, the company's global energy storage shipment volume reached 3gwh, realizing a revenue of 3.138 billion yuan, a year-on-year increase of 169%, and the revenue accounted for 13%. Affected by factors such as the rise of power cells and the delayed delivery of projects, the gross profit margin of the company's energy storage business was about 14.1% in 2021, down nearly 8% year-on-year. In 2022, the prosperity of China's foreign energy storage market continued, and the company's energy storage system shipments ranked first in China for many consecutive years, which is expected to fully benefit from the rapid growth of industry demand. We expect that the revenue scale and proportion of the company's energy storage business will continue to increase, and the profitability is also expected to rebound.
The investment in sales and R & D increased, and the periodic rise of expense rate dragged down profits. In recent years, the company has continuously increased its investment in sales system and product R & D at home and abroad. At the end of 2021, the number of sales / technical personnel increased by 45% / 50% year-on-year. The annual sales / management / R & D expense rate was 6.56% / 2.03% / 4.81% respectively, with a year-on-year increase of + 1.51% / - 0.02% / + 0.63%. The periodic rise of expense rate during this period has a certain drag on the company's net profit margin. We believe that the initial investment will lay a more solid foundation for the subsequent development of the company. With the rapid expansion of the company's business scale in the future, various expense rates are expected to gradually return to the normal level.
Investment suggestion: we expect the company to achieve an operating income of 36.9/48.1/59.3 billion yuan and a net profit attributable to the parent company of 3.24/41.4/4.97 billion yuan respectively from 2022 to 2024. It is rated as "Buy-A" investment, with a six-month target price of 109.04 yuan, corresponding to 50 times the P / E ratio in 2022.
Risk tip: the global PV installation is less than expected, there is a shortage of chips and other materials, and the market competition is intensified
