\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 64 Zhubo Design Co.Ltd(300564) )
The annual performance growth slightly exceeded expectations and maintained the "overweight" rating
On the evening of April 22, 2012, the company released its 2021 annual report. In 21 years, the company achieved revenue of 1.03 billion yuan, a year-on-year increase of + 6.9%, q1-4 single quarter revenue of + 55.1% / + 1.4% / + 3.8% / - 4.0%, and the net profit attributable to the parent company was 170 million yuan, a year-on-year increase of + 23.9%, deducting non net profit of + 38.9%. The year-on-year growth rate of the company's revenue was high in the first half of the year and low in the second half of the year. The slowdown in the fourth quarter is expected to be mainly due to the large base in the same period. As a leading private architectural design enterprise, the company has rich experience in medical and health care projects. We believe that it benefits from the accelerated construction in the field of public construction, the future growth can still be expected, and maintain the "overweight" rating.
The main business of architectural design has grown steadily, and the proportion of non residential projects may continue to increase
In terms of business, the company's three main businesses of architectural design / urban planning / design consulting achieved revenue of 950 / 150 / 570 million yuan respectively, with a year-on-year increase of + 7.4% / - 33.2% / + 16.0%, and the gross profit margin changed by + 1.5 / + 4.2 / - 4.8pct respectively. As the core business, architectural design business accounted for 92.9% of the revenue, with a relatively stable growth. The revenue of design consulting business accounted for 5.6%, with a year-on-year increase of + 0.4pct. In the field of housing, the company's income from poly and Vanke accounts for about 30%. It cooperates closely with high-quality real estate leaders, which can reduce bad debt risk and optimize cash flow; At the same time, the company has greatly expanded the non residential field. The newly signed contract amount of non residential projects accounted for 45.71% in 21 years, an increase of 13.12pct compared with 20 years, mainly focusing on the fields of medical care for the elderly, school sports and so on.
The gross profit margin increased slightly year-on-year, and the cost control level was good
The gross profit margin of the company in the 21st year was 36.6%, with a year-on-year increase of + 1.3 PCT, and the expense rate during the period was 21.0%, with a year-on-year increase of - 1.8 PCT, in which the expense rates of sales / management / R & D / finance were 3.3% / 11.5% / 5.7% / 0.5% respectively, with a year-on-year change of - 0.4 / - 2.2 / + 0.6 / + 0.1 PCT. the decrease in the administrative expense rate was mainly due to the company's strengthening the performance management of managers, which reduced the salary cost. The proportion of asset and credit impairment loss in revenue was + 0.3pct year-on-year, of which the bad debt provision for Blu ray / Evergrande / China Fortune Land Development Co.Ltd(600340) was 15 / 05 / 04 million yuan, accounting for 50%. Under the comprehensive influence, the net interest rate attributable to the parent company was 16.7%, with a year-on-year increase of + 2.3pct. In 21 years, the ratio of cash to income was 95.0%, year-on-year -6.7pct, the ratio of cash to payment was 17.6%, year-on-year -1.6pct, and the net CFO was 42 million yuan, year-on-year -130 million yuan, mainly due to the significant increase in various taxes paid to employees and employees.
Performance growth is expected to continue to accelerate and maintain the "overweight" rating
By the end of the 21st century, the company had completed more than 100 BIM projects in more than 10 cities across the country to promote the company's digital transformation. We believe that under the background of the real estate recession, the company has reduced the impact by binding high-quality customers and expanding non real estate business. In the medium and long term, the acceleration of the construction of subdivided fields such as medical and health care also plays a supporting role in the development of the company, It is estimated that the net profit attributable to the parent company in 22-24 years will be 1.9/2.1/2.3 yuan (the value was 160 / 180 million yuan before 22-23 years), which will be given 22-year PE 11x, corresponding to the market value of 2.052 billion yuan; By the end of the 21st century, we believe that 660 million yuan is the company's discretionary cash, giving pb1x (considering that the minimum monetary capital / operating income is about 45%, it is estimated that the capital required for operation in 2021 is 490 million yuan); Based on comprehensive calculation, the reasonable market value of the company is 2.714 billion, corresponding to the share price of 26.37 yuan, maintaining the "overweight" rating.
Risk tip: the prosperity of real estate and non real estate design is lower than expected, the loss of designers is at risk, and the impact of the epidemic on operation is higher than expected.
