\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 17 Jiangsu Ankura Smart Transmission Engineering Technology Co.Ltd(300617) )
Non net profit deducted in 2022q1 increased by 13.04% year-on-year, and the performance increased steadily
In Q1 of 2022, the company realized a revenue of 236 million yuan, a year-on-year increase of 2.84%, and the net profit attributable to the parent company was 68 million yuan, a year-on-year increase of 22.92%; The non net profit deducted was 61 million yuan, a year-on-year increase of 13.04%. As the epidemic may affect the progress of order confirmation, the profit forecast for 20222024 is lowered. It is estimated that the net profit attributable to the parent company in 20222024 will be 278 (- 7.3%) / 3.87 (- 9.2%) / 519 (- 10.7%) million yuan respectively, EPS will be 1.66 (- 7.3%) / 2.30 (- 9.4%) / 3.09 (- 10.7%) yuan / share respectively, and the current share price corresponding to PE will be 22.0 / 15.8 / 11.8 times respectively. Considering the growth space of Gil business, the "buy" rating will be maintained.
Bidding, production and operation are advancing steadily, and attention is paid to the expansion of subsequent Gil orders
The company's Q1 revenue and net profit attributable to the parent company increased slightly in 2022. The contract assets on the asset side were 36 million yuan, with a year-on-year increase of 30.26%, and the prepayment was 68 million yuan, with a year-on-year increase of 190.90%, mainly due to the prepayment of production material expenses and other business receipts of 17 million yuan, with a year-on-year increase of 53.31%, which was mainly due to the increase of bid security paid to the outside and not yet recovered, From the above financial data, we can see that the bidding work and production and operation of the company are in the stage of steady expansion. The company's Q1 operating cash flow in 2022 was -241 million yuan, mainly due to the increase in payment for goods to suppliers and other payables. In the follow-up, with the landing of new orders for Gil business and the delivery of orders in hand by Cao Shan and Nanjing Yanziji, it is expected to ease. The company's Gil orders in 2021 mainly focused on the transformation of overhead lines in the city. In December 2021, the company signed a new order of 25.78 million yuan with Shandong Huaxing Petrochemical Group Co., Ltd., and the subsequent Gil transformation needs of large chemical parks are expected to contribute a certain performance increment to the company.
Smart modular substation has obvious advantages, and the leasing mode is expected to open the market
The company can undertake many types of projects such as substation design and general contracting projects below 220kV, underground substation and large enterprise user substation. The company's intelligent modular substation solution takes the intelligent equipment of primary and secondary integration as the module, and is prefabricated in factory production and assembled in field modularization, which can not only shorten the construction cycle, but also save urban land resources. The company saves a lot of space compared with the traditional substation by virtue of the on-off transformer all-in-one machine technology, and can even place the substation underground. Under the background of increasingly scarce urban space, it has significant socio-economic effects, the future value will gradually highlight, and it is expected to open the market demand under the leasing mode.
Risk warning: downstream demand is less than expected; Overseas market expansion was less than expected.
