\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 890 Asian Star Anchor Chain Co.Ltd.Jiangsu(601890) )
In 2021, the company’s revenue increased by 19% year-on-year, and the net profit attributable to the parent company increased by 39% year-on-year
1) for the whole year of 2021, the revenue reached 1.32 billion (69% for ship anchor chain and accessories and 28% for marine mooring chain), with a year-on-year increase of 19%; The net profit attributable to the parent company was 120 million, with a year-on-year increase of 39%; Net profit deducted from non parent company was 95 million, with a year-on-year increase of 104%. The company’s business growth, scale effect and operation quality are improved.
2) profitability: in 2021, the company’s gross profit margin was 24%, with a year-on-year increase of 1.6pct; The net interest rate was 9.2%, up 1.2pct year-on-year. Under the influence of factors such as the price rise of raw materials in 2021, the company still achieved the improvement of profit margin. It is expected that there is still room for improvement in profit margin in the future with the continuous expansion of revenue scale.
3) expense rate during the period: the expense rate during 2021 was 9%, with a year-on-year decrease of 1.8pct, mainly due to the increase of financial income, the monetary capital on the company’s balance sheet was 1.5 billion, and the cash flow was in good condition. In the same period, the sales expense rate and management expense rate also decreased slightly.
In the first quarter of 2022, the revenue decreased by 21% year-on-year, and the net profit attributable to the parent decreased by 18% year-on-year
In the first quarter of 2022, the company achieved a revenue of 350 million, a year-on-year decrease of 21%, a net profit attributable to the parent of 27 million, a year-on-year decrease of 18%, and a net profit not attributable to the parent of 31 million, a year-on-year decrease of 2%. The negative growth of revenue and net profit in the first quarter of 2022 may be related to the shutdown of some production links in the downstream shipbuilding industry under the epidemic.
The revenue target of 2022 is 10% higher than the actual amount of 2021; It is expected to exceed the business objectives
1) the company aims to achieve an operating revenue of 1.45 billion yuan in 2022, an increase of 10% over the actual value in 2021. Among them, the target of marine anchor chain and accessories increased by 10%; The target of offshore engineering mooring chain increased by 20%.
2) the substantial growth of ship orders in 2021 will be gradually transmitted to the anchor chain link of the company in 2022; The current high crude oil price will stimulate the expansion of capital expenditure in the offshore market; Floating offshore wind power has made steady progress in many projects outside China. The company’s track is booming. It will exceed the revenue target by 10% in 2021, and the company is expected to exceed the business target in 2022.
The world’s leading anchor chain mooring chain, marine engineering, floating offshore wind power and mining chain
The company is the world’s largest anchor chain enterprise with a high market share. The two traditional businesses of marine anchor chain and marine platform mooring chain are facing an upward cycle. The emerging business of floating offshore wind power opens up growth space. The import substitution of mining chain is expected to create a ” Asian Star Anchor Chain Co.Ltd.Jiangsu(601890) ” and the company’s performance is booming.
Asian Star Anchor Chain Co.Ltd.Jiangsu(601890) : the compound growth rate of performance in the next three years is expected to be about 40%
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 162 / 228 / 337 million yuan, with a year-on-year increase of 34% / 41% / 47%, EPS of 0.17/0.24/0.35 yuan and PE of 36 / 26 / 17 times. Maintain the “buy” rating.
Risk tip: the boom recovery of shipbuilding industry is less than expected; The industrialization process of floating wind power is less than expected.
