The company recently announced that its 22q1 revenue was 3.29 billion yuan, yoy + 6.1%; Net profit attributable to parent company: 90 million, yoy-56.4%; Deduct net profit not attributable to parent company of 130 million, yoy + 14%. 22q1 net profit attributable to the parent and net profit deducted from non attributable to the parent are generally consistent with the median value of the previous performance forecast and meet the expectations.
The company also disclosed the main business data of 22q1. The cumulative bid winning amount of 22q1's architectural decoration sector was 6.04 billion, yoy + 5.3%; Among them, the bid winning amount of curtain wall system is 4.35 billion, yoy + 24.9%, and the bid winning amount of interior decoration system is 1.7 billion, yoy-24.9%. At the same time, the company has clearly won the bid for 3 photovoltaic construction projects in 22q1, with a bid winning amount of about 610 million, accounting for about 10.2% of the total bid winning amount of 22q1.
22q1 revenue growth is still in the low-speed range, with subsequent marginal or acceleration. The endogenous growth momentum of performance is strong. 22q1 revenue growth is still in the low-speed range, which has an impact on the epidemic. At the same time, the downstream real estate sector is still at the bottom. It is judged that the negative effects of both are gradually weakened. 22q1 company's comprehensive gross profit margin is 16.7%, yoy + 0.5pct. During the period, the expense rate was generally stable, and the price fluctuation of financial assets held by some companies resulted in more losses from changes in fair value (22q1 company's profit and loss from changes in fair value was - 60 million, and its absolute scale accounted for 1.7% of revenue and vs21q1 was 0.0%); At the same time, the contribution of investment income also decreased year-on-year (22q1 company's investment income accounted for 0.6% of revenue, vs21q1 3.0%), which put pressure on the growth of the company's net profit in the same period. 22q1 company's net profit attributable to parent company is 2.8%, yoy-4.0pct. The company deducted non attributable net profit yoy + 13.6% to 130 million, which roughly reflects the endogenous growth of the company.
The expansion of photovoltaic construction projects has been fruitful, and the transformation prospect of curtain wall leader is good
The company 22q1 signed three photovoltaic construction projects, totaling 610 million (two of them were separately announced and disclosed in the early stage. They won the bid for the roof project of Beijing industrial sports reconstruction PPP project on February 8, with a bid winning amount of 278 million, including roof structure, roof special process design, roof photovoltaic power generation, etc.; on March 17, they won the bid for the curtain wall project of plot 14 of taini Hangzhou Environmental Protection Science and technology headquarters, with a bid winning amount of 256 million, and the company is responsible for the integrated construction of glass / stone curtain wall and cadmium telluride photovoltaic curtain wall of the project), The expansion of new photovoltaic building projects has been fruitful. As the leader of curtain wall engineering in China, the company has a promising prospect of photovoltaic building transformation.
Compared with the traditional curtain wall projects, the single volume of photovoltaic construction projects is significantly larger (one evidence is that the company's 22q1 curtain wall system bid winning amount is yoy + 24.9%, vs the number of curtain wall system bid winning projects in the same period is yoy-14%). With the gradual increase of the contribution of photovoltaic construction projects, the company's revenue and performance are expected to grow rapidly.
Optimistic about the secondary growth prospects brought about by industrial reform and maintain the "buy" rating
Under the background of "double carbon" and energy structure adjustment, photovoltaic curtain wall may welcome development opportunities; The investment of the company has also increased (21fy set up a subsidiary Jianghe smart photovoltaic building, actively layout photovoltaic curtain wall / BIPV, etc.; the company independently developed R35 roof photovoltaic building integrated system, which can replace color steel tiles and be directly used as roof materials). The harvest at the order level is good, and the transformation prospect of the company's photovoltaic building is optimistic. We believe that the market's perception of the company's value is still relatively poor. Maintain the company's profit forecast of 7.3/9.8/1.2 billion in 22-24 years, and + 34% / + 23% in 23 / 24 years yoy respectively, maintain the 22-year 20x target PE, maintain the target price of 12.66 yuan, and maintain the "buy" rating.
Risk warning: the newly signed order is not as expected; Impairment risk; The price of raw materials fluctuates greatly; The layout rhythm of photovoltaic power generation is lower than expected
