\u3000\u30003 Anhui Fuhuang Steel Structure Co.Ltd(002743) 00274)
Performance review
On April 19, the company announced the results of the first quarter of 2021 and 2022. In 2021, the revenue reached 24.1 billion yuan, with a year-on-year increase of 25%; The net profit attributable to the parent company was 1.58 billion yuan, a year-on-year decrease of 19%, lower than expected. In the first quarter of 2022, the revenue was 4.57 billion yuan, a year-on-year increase of 36%; The net profit attributable to the parent company was 410 million yuan, a year-on-year increase of 6%.
Business analysis
Inverter volume profit performance is brilliant: in 2021, the company's PV inverter shipment volume was 47gw, with a year-on-year increase of 34%, the global market share was about 30%, with a year-on-year + 3PCT, and the gross profit margin was 33.8%, with a year-on-year increase of - 1.2pct. The company still ensured the market share target and relatively stable profitability against the background of the rise of raw material prices, showing the supply chain advantages of leading enterprises.
EPC company's gross profit margin increased by 1.89 billion yuan year-on-year in 2029, dragging down the company's gross profit margin; The revenue of energy storage system business was 3.14 billion yuan, with a year-on-year increase of 168% and a gross profit margin of 14.1%. The company's EPC and energy storage revenue as a whole met expectations, but due to the impact of centralized provision for losses at the end of the year, the gross profit margin decreased by 1.1pct and 7.1pct respectively compared with the first half of the year, resulting in the drag on the company's annual performance.
The new business has entered the accelerated expansion period, and the rate of sales and R & D expenses has increased: the company's household inverter and energy storage system business are in the accelerated expansion period. In order to quickly seize the share and maintain the leading product technology layout, the company has increased the construction of sales channels and R & D team. The sales expense ratio was + 1.5pct and 2.58pct year-on-year in 2021 and 2022q1 respectively. In 2021, there were 2734 R & D personnel, with a year-on-year increase of 50%. The R & D expense continued to be more than 300 million yuan in recent four quarters, much higher than the average level of previous years.
Q1 profitability returned to normal, and the exchange loss affected the net interest rate: the profitability of all businesses of the company rebounded to the normal level in the first quarter, and the comprehensive gross profit margin was 29.48%, basically the same as that in the same period last year. However, affected by the depreciation of the euro, the company's Q1 financial expenses were 97 million yuan, 104 million yuan higher than the same period last year, mainly due to large exchange losses.
Inventory hit another record high, highlighting the advantages of the leading supply chain: the company's 22q1 inventory was 13 billion yuan, an increase of 2.3 billion yuan month on month, reaching a record high in a row. In order to ensure shipment, the company strengthened chip preparation and ensure continuous growth of performance.
Profit adjustment and investment suggestions
According to the expense level of the latest annual report of the company, the net profit forecast of the company from 2022 to 2023 is adjusted to 35.6 (- 21%) and 5.42 (- 13%) billion yuan. The net profit of the company in 2024 is expected to be 7.34 billion yuan, maintaining the "buy" rating.
Risk warning: the global covid-19 epidemic worsened more than expected; Deterioration of international trade environment; The development of new business is less than expected; RMB exchange rate fluctuation risk.
