\u3000\u30 Shenzhen Guohua Network Security Technology Co.Ltd(000004) 25 Xcmg Construction Machinery Co.Ltd(000425) )
21 year performance:
The company released the annual report of 2021, with outstanding performance, operating revenue increased by 14.01%, and net profit attributable to parent company increased by 50.57%: 1) in 2021, the company achieved revenue of 84.328 billion yuan, a year-on-year increase of + 14.01%, and Q4 achieved revenue of 14.532 billion yuan, a year-on-year increase of - 35.93%; 2) In the whole year, the net profit attributable to the parent company was 5.615 billion yuan, a year-on-year increase of + 50.57%, higher than that of the notice center of 115 million yuan, and the net profit attributable to the parent company in Q4 was 1.005 billion yuan, a year-on-year increase of - 22.35%; 3) In the whole year, the non net profit deducted was RMB 5.12 billion, a year-on-year increase of + 45.27%, and the non net profit deducted in Q4 was RMB 822 million, a year-on-year decrease of - 25.77%. 4) In the whole year, the net operating cash flow of the company was 8.073 billion yuan, a year-on-year increase of + 189.43%, the ratio of cash flow to net profit was 142.96%, and the operation quality was high.
From the perspective of splitting the company's business, closely follow the main line of business and achieve high-quality development:
Throughout the year, the three major product lines of hoisting machinery, piling machinery, construction machinery spare parts and others accounted for more than 10% of the company's revenue, realizing sales revenue of 27.209/89.52/18.934 billion yuan respectively, with a year-on-year increase of 2.72% / 22.11% / 7.24% and gross profit margin of 22.46% / 21.30% / 5.34% respectively, with a year-on-year increase of -0.91pct / - 0.18pct / - 4.42pct.
Overall improvement of profitability and Realization of endogenous rapid development:
The annual gross profit margin of the company was 16.24%, year-on-year -0.83pct, and the gross profit margin of Q4 was 18.23%, year-on-year + 3.31pct; The annual net interest rate was 6.70%, year-on-year + 1.64pct, and Q4 net interest rate was 6.82%, year-on-year + 1.08pct; The improvement of profitability is due to the continuous optimization of expense ratio. The annual expense ratio of the company was 9.32%, with a year-on-year decrease of 0.64pct, and the Q4 expense ratio was 13.51%, with a year-on-year increase of 6.53pct. Among them, the annual sales / management / R & D / financial expense ratio was 4.66% / 1.45% / 3.17% / 0.04%, with a year-on-year change of 0.48pct/0.06pct / - 0.10pct / - 1.09pct respectively.
Record high contribution to international revenue:
Throughout the year, the company achieved overseas revenue of 12.94 billion yuan, accounting for 15.35% of revenue, with a year-on-year increase of 111.81%. Among them, the export of medium and large equipment, road machinery and truck crane increased by 110.4% / 92.1% / 59.1% year-on-year; "One belt, one road" has obvious advantages in the layout of the countries, and the 50.8%/129.8%/93.1% growth in the Asia Pacific region, Central Asia and Africa has increased year on year.
By industry:
1) with the strong leadership of the crane sector, mobile cranes continue to rank first in the world, lifting machinery ranks first in the world for the first time, and truck mounted cranes rank third in the world. 2) The export share of Zhongda loading has exceeded 30%, firmly occupying the first position in export, and the loader has risen to the top five in the world. Piling machinery ranks first in the world and horizontal directional drilling ranks first in the world. 3) For the first time, road machinery ranks third in the world. 4) The first position of lifting fire engines and boom aerial work platforms in the industry is more stable, and the profitability has been greatly improved; The revenue of small construction machinery increased by 50% year-on-year; Forklift revenue increased by 258% year-on-year; The new maintenance base was officially put into operation, and asphalt station and chassis maintenance products entered the top two in the industry.
Technological innovation capability has been continuously enhanced:
1) throughout the year, 817 valid authorized patents were added, 6337 in total, 145 invention patents were added, 1670 in total, and 34 PCT international patents were added, 122 in total. 2) Two international standards are being formulated, one of which is presided over, seven of which have been prepared and revised in total, and 56 national and industrial standards are being prepared and revised, 29 of which are presided over, 254 of which have been prepared and revised in total, 128 of which are presided over.
Profit forecast: considering the current downward cycle of construction machinery, we adjusted the downstream growth of all sectors in the revenue growth. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 6.42 billion (the previous value of 7.141 billion), 7.451 billion (the previous value of 7.800 billion) and 8.303 billion respectively, and the corresponding PE will be 6.61, 5.70 and 5.11x respectively, maintaining the buy rating.
Risk tips: economic fluctuation risk, market competition risk, supply chain security risk, etc
