\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 64 Zhubo Design Co.Ltd(300564) )
Matters: the company issued its annual report for 2021. During the reporting period, the company achieved a revenue of 1.03 billion yuan, a year-on-year increase of 6.87%; The net profit attributable to the parent company was 171 million yuan, a year-on-year increase of 23.59%; The non net profit attributable to the parent company was 110 million yuan, with a year-on-year increase of 38.94%. The company plans to increase 6 shares for every 10 shares to all shareholders and distribute a cash dividend of 6 yuan (including tax).
Architectural design grew steadily, and non residential business increased rapidly. The company focuses on architectural design. In 2021, the architectural design business achieved an operating revenue of 953 million yuan, with a year-on-year increase of 7.39%, and the architectural design business grew steadily. In 2021, some real estate enterprises had credit default, and the company's customers were mainly central enterprises such as poly and Vanke. The liquidity crisis of some real estate enterprises had a limited impact on the company. At the same time, the company actively adjusted its business structure and strengthened the development of non residential projects, especially the hospital, exhibition hall and other projects. In 2021, the proportion of new orders signed by the company for non residential projects increased to 45.71%, 13.12 percentage points higher than that in 2020. It is expected that with the relaxation of the real estate policy, the company's architectural design business is expected to hit the bottom and pick up. The rapid development of non residential business has strengthened the company's development momentum and improved its anti risk ability.
The cost and expense were well controlled, and the performance growth was slightly higher than expected. In 2021, the gross profit margin of the company was 36.60%, 1.27 percentage points higher than that in 2020, of which the gross profit margin of architectural design was 36.83%, 1.52 percentage points higher than that in 2020, and the cost control was relatively good. At the same time, the company's administrative expenses decreased significantly. In 2021, the company's administrative expenses were 118 million yuan, a year-on-year decrease of 10.49%, the rate of administrative expenses decreased from 18.84% in 2020 to 17.25% in 2021, and the rate of administrative expenses decreased by 1.59 percentage points. The increase of gross profit margin and the decrease of management expense ratio have enhanced the profitability of the company. In 2021, the company; The net profit attributable to the parent company was 171 million yuan, a year-on-year increase of 23.59%; The non net profit attributable to the parent company was 110 million yuan, a year-on-year increase of 38.94%, and the company's performance slightly exceeded our expectations.
The asset liability ratio continued to decline, and the overall cash flow management was good. The company has sufficient monetary capital and relatively high asset quality. By the end of 2021, the company's monetary capital balance was 617 million yuan and trading financial assets were 535 million yuan, accounting for 57.55% of the total assets. The company has no bank borrowings, and the proportion of contract liabilities is high. By the end of 2021, the company's contractual liabilities were 318 million yuan, accounting for 43.34% of the total liabilities. The company's asset liability ratio continued to decline. By the end of 2021, the company's asset liability ratio was 36.62%, down 2.52 percentage points from 2020. The company's cash flow management is generally good. In 2021, the company's cash to cash ratio was 0.95, down 6.67 percentage points from 2020; The company's net operating cash flow has been positive for many years. From 2019 to 2021, the company's net operating cash flow was 157 million yuan, 176 million yuan and 42 million yuan respectively.
Investment suggestion: maintain "Buy-A" "Rating: the target price is 29.32 yuan. It is estimated that the company's operating revenue from 2022 to 2024 will be 1.122 billion yuan, 1.234 billion yuan and 1.362 billion yuan respectively, with a year-on-year increase of 9.38%, 9.90% and 10.38% respectively; the net profit attributable to the parent company will be 184 million yuan, 205 million yuan and 229 million yuan respectively, with a year-on-year increase of 7.25%, 11.28% and 11.92% respectively; EPS will be 1.79 yuan, 1.99 yuan and 2.23 yuan respectively, PE will be 13.9 times, 12.5 times and 11.2 times respectively, and Pb will be 1.8 times, 1.6 times and 1.4 times respectively. The company is Private architectural design is the leader, the relaxation of real estate policy helps the industry recover, and residential projects are expected to hit the bottom and pick up. At the same time, the company has increased the development of non residential business and achieved positive results, with a significant increase in the proportion and enhanced the company's anti risk ability. The company has sufficient cash on hand, effective cost control, positive layout of assembly and BIM, and good growth. The company maintains the "Buy-A" rating of the company, with a target price of 29.32 yuan, corresponding to 16.4 times of dynamic PE in 2022.
Risk tips: the regulation of the real estate market has increased again, the real estate investment has continued to decline, the developer's capital chain has broken, the core brain drain, the expansion of non residential business is less than expected, the epidemic situation has been repeated, etc.
