\u3000\u30 Shenzhen Guohua Network Security Technology Co.Ltd(000004) 98 Shandong Hi-Speed Road&Bridge Co.Ltd(000498) )
22q1’s performance greatly exceeded expectations, continued to be optimistic about medium and long-term growth, and maintained the “buy” rating
On the evening of April 25, the company released its annual report for 21 years and the first quarterly report for 22 years. 21fy achieved revenue of 57.52 billion yuan, a year-on-year increase of + 67.0%, net profit attributable to parent company of 2.14 billion yuan, a year-on-year increase of + 59.5%, net profit attributable to non parent company of + 73.1%. The performance was slightly higher than the previous performance express. 22q1 achieved revenue of 10.53 billion yuan, a year-on-year increase of + 61.6%, net profit attributable to parent company of 240 million yuan, a year-on-year increase of + 47.9%, which was significantly higher than our and market expectations. At the same time, the company set 22 year business objectives, It is estimated that the company will achieve revenue of 66.1 billion yuan in 22 years, a year-on-year increase of + 14.9%, and net profit of 3.3 billion yuan, a year-on-year increase of + 19.9%. At present, the company’s performance has exceeded expectations for four consecutive quarters. We expect that it is still expected to exceed the target in 22 years. We believe that the company α And β Resonance, the performance in the next three years is expected to maintain a high growth. It is expected that the performance in 22-24 years will be RMB 2.6/33/4 billion, corresponding to only 5.1/4.0/3.3 times of PE in 22-24 years. The undervalued value is high, the growth value attribute is prominent, and the “buy” rating is maintained.
The traditional main business is growing rapidly and is optimistic about the carrying forward speed of subsequent orders
The revenue of 21fy’s road and bridge construction / road and bridge maintenance business was 51.87/3.16 billion yuan, with a year-on-year increase of + 74.3% / + 30.0% respectively. The overall gross profit margin of 21fy was 11.8%, with a year-on-year increase of + 1.4pct, of which the gross profit margin of road and bridge construction / road and bridge maintenance business was 11.22% / 13.75%, with a year-on-year increase of + 1.19/0.93pct respectively. We expect it to be related to the comprehensive and effective cost control of the company’s procurement and construction. 21fy’s bid winning amount is 101.04 billion, with a year-on-year increase of + 44.0%. At present, the company actively expands the fields of large transportation and large infrastructure construction. The bid winning projects involve 16 business fields such as road and Bridge integration, municipal engineering, industrial park and maintenance. Among them, non road and bridge traditional sectors account for 40%, high-quality projects increase and category expansion continues to advance. We are optimistic about the follow-up carrying forward speed of newly signed orders.
The increase of net interest rate shows the improvement of profitability and the optimization of asset liability structure
The expense ratio of 21fy company during the period was 5.45%, with a year-on-year increase of + 0.37pct, of which the sales / management / Finance / R & D expense ratio was + 0.02 / + 0.09 / + 0.24 / + 0.02pct respectively year-on-year. The proportion of 21fy company’s asset (including credit) impairment loss in revenue increased by 0.46pct to 0.65% year-on-year. Under the comprehensive impact, the net interest rate of 21fy company was 4.78%, with a year-on-year increase of + 0.5pct. The net outflow of CFO of 21fy company was 2.36 billion, with a year-on-year increase of 3.33 billion, It is mainly related to the fact that the owner pays the contract price through commercial bills and the long payment period agreed in some unfinished contracts. The cash to cash ratio of 21fy company was 61.6%, a year-on-year decrease of 7.8pct, and the cash to cash ratio was 65.6%, a year-on-year decrease of 3.0pct. At the end of the 21st century, the company’s asset liability ratio was 76%, with a year-on-year ratio of -0.59pct, and the asset liability structure continued to be optimized.
The performance is expected to continue high growth and maintain the “buy” rating
We are optimistic about the prosperity of regional infrastructure and the company’s competitive advantage. We expect the performance of 2.6/33/4 billion yuan in 22-24 years. Referring to other comparable companies in the infrastructure field, wind expects pe6.6 billion yuan in 22 years 44x, considering that the potential growth rate of the company is expected to be significantly better than the industry level, and the expansion of business layout and cost control are expected to continue to be transformed into the improvement of market share and profitability, the company is given 7 times PE for 22 years, corresponding to the target price of 11.68 yuan, maintaining the “buy” rating.
Risk warning: the rise of raw materials exceeded expectations; The project payment collection is less than expected; The project landing rate is lower than expected.
