On April 28, the integrated energy service provider Luenmei Quantum Co.Ltd(600167) released the annual performance report of 2021 and the first quarter report of 2022.
The annual report shows that the company's operating revenue in 2021 was 3.468 billion yuan, a year-on-year decrease of 3.61%; The net profit attributable to the parent company after deduction was 1.095 billion yuan, a year-on-year decrease of 24.49%. The company said that the data changes of revenue and net profit were mainly caused by repeated epidemics, depressed real estate market, rising coal prices, changes in fair value and other reasons. The performance in the first quarter of 2022 was significantly stable and good.
monetary capital is abundant in cash, and the main business is stable
In 2021, Luenmei Quantum Co.Ltd(600167) has abundant cash flow and further optimized the asset structure. The net cash flow from operating activities in 2021 was 1.7 billion yuan, a significant increase of 83.31% compared with 930 million yuan in the same period of last year. The company's cash on hand at the end of the period was 5.46 billion yuan, accounting for 40.48% of the total assets in the same period, with abundant cash. The asset liability ratio was 33.55%, down 1 percentage point from the same period last year.
From the Luenmei Quantum Co.Ltd(600167) financial report, it can be seen that although the growth of the company's revenue and profit at this stage is lower than that in previous years, the development of the company's main business is still stable after excluding surrounding factors. The specific manifestations are: the growth of heating area against the trend, the basic reduction of adverse factors affecting revenue and profit data, the substantial growth of cash flow, the continuous optimization of asset structure, the stabilization of performance in the first quarter of 2022, etc. at the same time, the company continues to give back to investors through share repurchase and large-scale dividend, and also shows its confidence in the long-term value of the enterprise.
The average heating area of Luenmei Quantum Co.Ltd(600167) in 2021 is about 70.46 million square meters, an increase of 2.31 million square meters over 2020, a year-on-year increase of 3.4%; The networking area was about 92 million square meters, an increase of 3.15 million square meters, a year-on-year increase of 3.5%. Under the dual influence of the epidemic and the situation of the real estate industry, Luenmei Quantum Co.Ltd(600167) heating increased against the trend, maintained a strong momentum of development, and its main business remained stable.
Under the "double carbon" target, the elimination of small and medium-sized boilers and the improvement speed of energy conservation and emission reduction of the existing heating system have been increased in the northern region, and the market concentration has continued to increase. Insiders believe that Luenmei Quantum Co.Ltd(600167) has accumulated advantages and intelligent energy operation capacity in the field of clean energy heating, which is expected to maintain its advantages in the market share pattern in the future.
Statistics show that the company's overall planned heating area is 150 million square meters. In the future, there will be nearly 80 million square meters of network area, which will be gradually transformed into actual supply area.
adverse factors affecting performance are expected to be gradually eliminated
The report shows that the main reason for the year-on-year decline of the company's revenue data in 2021 is that there is a debt clearing income of 162 million yuan in 2020. After deducting the impact of debt clearing income, the company's annual revenue continues to grow by about 30 million yuan.
In addition, affected by the epidemic, individual customers of the company's commercial and industrial plants in Shenyang service area were shut down, and the government suspended the demolition of small and large projects, which affected the company's engineering and network revenue in the short term, but did not change the company's business barrier advantage in this region.
The impact of rising coal costs on Luenmei Quantum Co.Ltd(600167) performance is expected to be gradually eliminated. The rise in upstream coal prices in 2021 will put some pressure on the company's costs. In 2021, the coal price was at a high level, and the company's coal consumption and coal unit price increased more than the same period of the previous year, resulting in a large increase in the cost of raw materials. The operating cost reached 294 million yuan, an overall increase of 17.82% over the same period of the previous year, of which the coal cost increased by more than 160 million yuan. As the current coal price returns to rationality, and the company adopts a variety of methods such as long-term cooperative locking price and off-season coal storage to control the cost as much as possible, the business cost is expected to decrease year-on-year in the future.
In view of the decline in the net profit attributable to the parent company and the decrease in the fair value of more than 70 million yuan in 2021, the company said that it was mainly affected by the sharp decline in Qi An Xin Technology Group Inc(688561) shares held by the company throughout the year. However, it is worth noting that the latest financial report of Qi An Xin Technology Group Inc(688561) shows that the performance in the first quarter of 2022 has achieved a "good start", and the annual performance is expected to turn losses into profits.
Affected by the real estate cycle, the growth rate of new heating area of the company slowed down in 2021. This factor is slowing down. Since 2022, Shenyang has successively issued a number of policies to boost the property market. Market participants believe that the downturn situation of the real estate industry in 2022 is expected to be improved.
According to the first quarterly report, Luenmei Quantum Co.Ltd(600167) performance stabilized. In the first quarter of this year, Luenmei Quantum Co.Ltd(600167) revenue increased by 2.64%, and the net profit attributable to the parent decreased by 4.4% year-on-year. Compared with 2021, the revenue increased, the net profit tended to be stable, and the performance pressure caused by the epidemic and rising fuel prices was basically released.
expand strategic businesses such as hydrogen energy and energy storage
Luenmei Quantum Co.Ltd(600167) has increased its performance for more than 10 consecutive years, with steady operation and strict cash control. By the end of the first quarter of 2022, the monetary capital of the company had reached 7.12 billion yuan, accounting for 46.8% of the total assets at the end of the same period. Abundant cash flow and monetary capital will help the company more easily promote the upgrading of comprehensive energy strategy and expand strategic businesses such as hydrogen energy and energy storage, so as to enhance the core competitiveness of listed companies.
It is worth mentioning that Luenmei Quantum Co.Ltd(600167) launched a new "road map for the upgrading of comprehensive energy strategy" in October 2021 to comprehensively promote the company's carbon and energy goals through the development of low-carbon technologies, energy conservation and emission reduction, comprehensive energy business, exploration of electric energy storage market and layout of hydrogen energy industry.
"Comprehensive energy strategic transformation" is one of the important highlights of Luenmei Quantum Co.Ltd(600167) business development in 2021 Luenmei Quantum Co.Ltd(600167) focuses on core products such as cold, heat, electricity and steam, combines digital technology, integrates and applies the latest energy technology and equipment, and provides customers with clean, efficient, safe and stable comprehensive energy services. While further improving the efficiency of urban central heating system, vigorously develop distributed clean energy technology to realize the clean upgrading of source end; At the end, further improve the service quality, use the Internet of things technology to improve the service response speed and accuracy and achieve accurate feedback.
The layout of hydrogen energy industry is also an important development direction of the company in the future. In December 2021, Luenmei Quantum Co.Ltd(600167) invested in Edelman hydrogen energy. Under the background of complementary advantages of both sides, jointly study the technical standards, layout, core equipment and control technology fields related to hydrogen distributed generation and hydrogen cogeneration.
In the future, the company will give full play to the existing industrial resources and capital advantages, strive to make a breakthrough in the business direction of hydrogen cogeneration and hydrogen distributed power generation, integrate the upstream and downstream core technologies and equipment of the industry, especially in the key links such as clean energy hydrogen production, high-pressure hydrogen storage and fuel power pool, actively layout, form business collaboration, and build the core competence of Lianmei hydrogen energy development.
