\u3000\u3 China Vanke Co.Ltd(000002) 015 Gcl Energy Technology Co.Ltd(002015) )
The decline of income and profit may bottomed out, the total assets reached a new high, and the asset structure was further optimized
On the evening of April 26, 2022, the company released the first quarter report of 2022. In 2021q1, the company realized an operating revenue of 2.606 billion yuan, a year-on-year increase of – 8.60% (the same below after adjustment); The net profit attributable to the parent company was 170 million yuan, a year-on-year increase of – 8.09%; Deduct 99 million yuan of net profit not attributable to the parent company, a year-on-year increase of – 44.74%; The gross profit margin was 18.57%, with a year-on-year increase of -5.38pct; The net interest rate was 7.03%, year-on-year -2.11pct; During the reporting period, the expense rate was 13.15%, with a year-on-year rate of -0.86pct, including a year-on-year rate of -1.42pct of administrative expenses, which was mainly due to the enhanced control of relevant expenses of the company during the reporting period and the year-on-year decrease of administrative expenses.
The company’s performance in the current period decreased year-on-year, which may be mainly due to the adverse impact of macro factors such as rising fuel prices and inflation, which led to the decline of the company’s gross profit margin and net profit margin, resulting in a large decline in non deduction profit. Due to the decrease of profitability, the company actively adjusted its business strategy, reduced its business with poor quality and reasonably controlled its power generation. The settlement power of 2021h1 and 2021fy decreased by 2.14% and 20.71% respectively year-on-year. At the same time, the company’s contract liabilities have been maintained at a low level since 2021h1 (2021q1: 1.1 billion yuan, 2021h1: 250 million yuan and 2022q1: 100 million yuan), resulting in a slight contraction of the company’s revenue year-on-year.
From the data of single quarter, since the performance of 2021q3 began to decline, the company’s revenue in 2021q3, 2021q4 and 2022q1 has been – 14.31%, – 13.11% and – 8.6% respectively year-on-year for three consecutive quarters; Net profit deducted from non parent company was – 56.05%, – 82.11% and – 44.74% respectively year-on-year. It can be seen that 2022q1 is the quarter with the lowest decline in the company’s performance, or it indicates that the company’s operating disadvantage has bottomed out. At the same time, the total assets of the company in this period exceeded 30 billion yuan, a new high, an increase of more than 10% over the end of last year; The asset liability ratio was 60.78%, 10.07pct lower than that at the end of last year, and the asset structure was further optimized.
The layout of power exchange has been steadily promoted, with 41 power exchange stations under construction and completed
Since 2022, the company has actively expanded its mobile energy circle of friends and reached strategic cooperation with leading enterprises in all links of the industrial chain, such as Geely, Dongfeng, Futian, Guiyang industrial control, XCMG, Beijing Changjiu Logistics Corp(603569) , deepway, Suzhou Harmontronics Automation Technology Co.Ltd(688022) and so on. So far, the company has built 11 passenger vehicle power exchange stations, 5 commercial vehicle power exchange stations, and 41 passenger vehicle and commercial vehicle power exchange stations built and under construction, all of which are connected to the operation and maintenance integration platform.
Under the power exchange mode, car enterprises, battery suppliers, power exchange equipment suppliers, power exchange operators and other links will usher in the incremental market. Previously, we predicted that the investment in new power exchange equipment from 2022 to 2025 may be 3.551 billion yuan, 7.519 billion yuan, 12.023 billion yuan and 16.564 billion yuan respectively, with a total of about 39.7 billion yuan, slightly larger than the battery incremental market. From 2022 to 2025, the annual operation space of power exchange station is expected to reach 8.315 billion yuan, 24.371 billion yuan, 61.456 billion yuan and 135755 billion yuan respectively, which is still the largest link in the market space of power exchange field.
Battery bank accelerated the promotion and coordinated development of energy storage and mobile energy business
In 2022, the company signed a strategic cooperation framework agreement with Guiyang Industrial Development Holding Group Co., Ltd. the two sides will focus on the power exchange track, carry out business cooperation in seven aspects: battery and energy asset management, power exchange network construction and operation, realize battery sharing and asset service, and accelerate the promotion and application of vehicle electricity separation mode. In addition, the company will also strengthen the development of lithium resources in lithium mines and salt lakes, layout the lithium salt deep processing industry, and coordinate the development of mobile energy business.
Acquisition of Jiande pumped storage power station to enhance the comprehensive strength of the company
The company announced the acquisition on the same day. GCL smart energy, a subsidiary of the company, will pay 102 million yuan of registered capital with 51% equity ratio of “Jiande GCL pumped storage Co., Ltd.” by the end of 2022. After that, Jiande pumped storage will become a subsidiary of the company. This acquisition belongs to industrial M & A under the same control. Planning and construction of Jiande pumping and storage project 6 × 400MW reversible water turbine generator unit with a total installed capacity of 2400mw. The reservoir is located in Wulongshan and Fuchunjiang scenic spots with superior location, good terrain and geology and large natural drop. It is one of the pumped storage power stations with ideal development conditions in China. This will enhance the comprehensive strength of the company.
Investment advice
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.300 billion yuan, 1.911 billion yuan and 3.665 billion yuan respectively, and the yoy will be 29%, 47% and 92% respectively, corresponding to the current PE of 15x / 10x / 5x, which will continue to be recommended.
Risk tips
Macroeconomic downturn and market demand decline; Significant fluctuations in fuel or electricity prices; The promotion of power exchange business was not as expected.
