\u3000\u3 China Vanke Co.Ltd(000002) 483 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) )
Event: the company released the first quarterly report of 2022. In 2022, Q1 company achieved a revenue of 900 million yuan, an increase of 3.5% year-on-year and a decrease of 6.5% month on month; The net profit attributable to the parent company was 49 million yuan, a year-on-year decrease of 47.3% and a month on month decrease of 42.0%.
Affected by the epidemic, the income is under pressure and the comprehensive gross profit margin decreases; R & D expenses and financial expenses increased significantly, raising the expense rate during the period; The profitability of the company decreased. Due to the repeated impact of covid-19 epidemic, the company's revenue increased only slightly, while the gross profit margin of environmental protection business decreased significantly, which reduced the company's comprehensive gross profit margin to 22.1% in 2022q1, a year-on-year decrease of 3.2 percentage points and a month-on-month decrease of 6.5 percentage points. During Q1, the expense rate was 14.6%, with a year-on-year increase of 2.1 percentage points and a month on month decrease of 2.4 percentage points; The year-on-year increase in expenses during the period was mainly due to the year-on-year increase of 14.74 million yuan in R & D expenses and 8.25 million yuan in financial expenses due to exchange losses. The net interest rate of Q1 company was 6.4%, down 5.1 percentage points year-on-year and 4.0 percentage points month on month.
China's offshore wind power is booming, and the company will fully benefit. According to the provincial plans, it is estimated that the new installed capacity of offshore wind power in China during the 14th Five Year Plan period will exceed 70gw, and the new installed capacity will exceed 53gw from 2022 to 2025, with broad development prospects. The large-scale development of offshore wind power has significantly increased the unit weight of pipe piles, and the annual production capacity of pipe piles in Nantong base of the company has been increased to 300000 tons. Recently, the company announced that it plans to acquire Yangjiang Shanhe and take the lead in acquiring its wharf base in Yangjiang, Guangdong. At present, the project is actively promoting.
Other businesses have developed steadily and made positive progress. 1) Material handling equipment: the company has sufficient orders on hand, which is expected to exceed 10 billion yuan, with strong certainty of performance growth; 2) Ship supporting equipment: since the beginning of 21 years, the new orders of China Cssc Holdings Limited(600150) manufacturing industry have soared, but there is a time lag between ship orders and supporting equipment orders. It is expected that the company's ship supporting equipment orders and revenue will gradually increase from 2022; 3) Environmental protection business: the main environmental protection subsidiaries of the company, CNPC environmental protection and lvwei environmental protection, have complete qualifications and leading technology. They have a good development prospect in the environment of stricter environmental protection in China.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 500 million, RMB 720 million and RMB 1.11 billion respectively, and the compound growth rate of net profit attributable to the parent company in the next three years will be 46.8%. Give the company 20 times PE in 2022, the target price is 10.60 yuan, and maintain the "buy" rating.
Risk warning: the construction of South base is lower than expected; Manufacturing investment fell sharply; The competition pattern of the industry has deteriorated.
