\u3000\u3 China Vanke Co.Ltd(000002) 483 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) )
Event: the company released the annual report of 2021, and the net profit attributable to the parent company increased by 36.45% year-on-year. In 2021, the company achieved an operating revenue of 3.847 billion yuan, a year-on-year increase of 6.42%; The net profit attributable to the parent company was 349 million yuan, a year-on-year increase of 36.45%; The gross profit margin of sales was 25.33%, with a year-on-year increase of 2.85pct. Among them, 21q4 company achieved an operating revenue of 961 million yuan, a year-on-year increase of 13.06%; The net profit attributable to the parent company was 85 million yuan, a year-on-year decrease of 23.89%.
Steady progress was made in high-end equipment business and environmental protection business. In 2021, the company’s material handling equipment, marine engineering equipment and hazardous and medical waste disposal business achieved operating revenue of RMB 1.321/13.23/632 billion respectively, with a year-on-year increase of – 21.70% / + 49.97% / + 38.95%; Gross profit margin 17.44% / 19.02% / 48.06%, year-on-year + 21.07% / – 17.75% / 12.15%. The company’s marine equipment business benefited from rush loading, and its revenue increased significantly.
The offshore wind power equipment business continues to make efforts. In 2021, the company delivered nearly 170000 tons of offshore wind power equipment products such as various offshore wind power foundation piles and stable pile platforms to customers, and the production and sales reached a new high. 1) The company has scarce resources such as relevant docks and shorelines. The company has a 50000 ton Wharf in Taicang Runhe and a 50000 ton Wharf in Qidong in Jiangsu. The wharf coastline resources will help promote the development of the company’s sea breeze equipment business. 2) Expand and strengthen the offshore wind power equipment business and improve the market share. It is estimated that during the “14th five year plan” period, the new installed capacity of China’s sea breeze will exceed 50gw. Based on the calculation that the installed capacity of a single GW of sea breeze requires 1.5-2 billion pile foundations, the average annual market scale of China’s foundation piles during the “14th five year plan” period is nearly 20 billion. The company’s production capacity of 300000 tons of sea breeze foundation pile and jacket is in the leading position in the industry.
Material handling equipment shows global competitiveness. Koch company of Germany, the holding company of the company, and the UAE Meteorological Bureau signed bulk material equipment contracts with a total price of 242 million euros (about 1.855 billion yuan) and 911 million euros (about 6.559 billion yuan) respectively in July 21 and January 22, demonstrating strong brand competitiveness. We expect the company to achieve revenue of 5.048/62.617763 billion yuan and net profit attributable to parent company of 485624/783 million yuan from 2022 to 2024, corresponding to pe1.2 billion yuan 28 / 9.54/7.60x.
Risk warning: price fluctuation of raw materials; The development of sea breeze is less than expected.
