\u3000\u3 China Vanke Co.Ltd(000002) 483 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) )
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the annual revenue was 3.847 billion yuan, a year-on-year increase of 6.42%, the net profit attributable to the parent was 349 million yuan, a year-on-year increase of 36.45%, and the net profit not attributable to the parent was 285 million yuan, a year-on-year increase of 35.87%; In the first quarter of 2022, the revenue was 898 million yuan, a year-on-year increase of 3.51%, the net profit attributable to the parent was 49 million yuan, a year-on-year decrease of 47.25%, and the net profit not attributable to the parent was 43 million yuan, a year-on-year decrease of 48.96%.
Key points supporting rating
"High end equipment + environmental protection" two wheel drive has achieved steady growth in performance in 21 years. In terms of products, the revenue of offshore wind power equipment reached 1.323 billion yuan in 21 years, with a year-on-year increase of 49.97%, accounting for 34.4% of the revenue, contributing to the main growth power; The revenue of material handling equipment was 1.321 billion yuan, a year-on-year decrease of 21.70%, mainly affected by the rhythm of delivery and delivery; The revenue of ship supporting equipment was 58 million yuan, a year-on-year decrease of 69.66%; The revenue of environmental protection business was 914 million yuan, an increase of 32.53% year-on-year. The annual gross profit margin was 25.33%, with a year-on-year increase of 2.85pct, and the net profit margin was 9.76%, with a year-on-year increase of 3.35pct, and the profitability was steadily improved.
Affected by the epidemic, the company's 22q1 performance was temporarily under pressure. Since the beginning of 2022, the covid-19 pneumonia epidemic has continued to recur. On the one hand, the commencement of offshore wind power projects has been delayed, on the other hand, the transportation of raw materials and products has been blocked, and the increase of financial expenses caused by the superposition of exchange rate changes has put pressure on the profitability of the company in the first quarter. 22q1's gross profit margin was 22.13%, down 3.21 PCT year-on-year and 6.53 PCT month on month; The net interest rate was 6.37%, with a year-on-year decrease of 5.13pct and a month on month decrease of 3.96pct. Subsequently, with the mitigation of the epidemic and the start of downstream demand, the operation of the company is expected to improve.
Guangzhou industrial control takes the lead, the south base is gradually implemented, and the development of offshore wind power business is expected to accelerate. On March 18, the company announced that Guangzhou industrial control became the controlling shareholder of the company and Guangzhou Municipal People's government became the actual controller of the company. On March 7, the company announced that it had signed the acquisition framework agreement with relevant parties and planned to acquire 100% equity of Yangjiang Shanhe yacht company at a transaction consideration of 210 million yuan. This acquisition is an important part of the company's promotion of the southern high-end equipment manufacturing base. The company will quickly obtain scarce resources such as relevant docks and coastlines in Yangjiang, Guangdong. As one of the five major offshore wind bases in the 14th five year plan, Guangdong Province has abundant wind power resources. The layout of relevant bases will help the company further expand and strengthen offshore wind power equipment business such as offshore wind power foundation piles and jackets, and significantly improve the capacity scale of the company's offshore wind power equipment business.
Valuation
It is estimated that the company will achieve revenue of 4.220/50.25/5.984 billion yuan and net profit of 362/4.39/592 million yuan from 2022 to 2024. Maintain the overweight rating.
Main risks of rating
The construction of sea breeze is less than expected; Capacity expansion is less than expected; The risk of goodwill impairment; The risk of worsening the epidemic.
