\u3000\u30 Ping An Bank Co.Ltd(000001) 57 Zoomlion Heavy Industry Science And Technology Co.Ltd(000157) )
Event: the company released the first quarterly report of 2022. The revenue of 2022q1 was 10.012 billion yuan, a year-on-year decrease of 47.44%, and the net profit attributable to the parent company was 906 million yuan, a year-on-year decrease of 62.48%.
Downstream demand fell, superimposed on the impact of the epidemic, and the performance was under pressure in the short term
The company's revenue in 2022q1 was 10.012 billion yuan, a year-on-year decrease of 47.44%, and the net profit attributable to the parent company was 906 million yuan, a year-on-year decrease of 62.48%, which was mainly due to the decline in the prosperity of downstream real estate infrastructure and the superposition of the impact of epidemic prevention and control. The gross profit margin was 20.07%, a year-on-year decrease of 7.1pct, The month on month decrease was 0.35pct, mainly due to the rise in the prices of raw materials and bulk commodities and the decline in downstream demand. The sales expense rate was 5%, with a year-on-year decrease of 0.5pct, The rate of administrative expenses was 3.4%, with a year-on-year increase of 1.1pct, The R & D expense rate was 4.3%, which was flat year-on-year, and the expense was basically controllable. The credit impairment was 94.76 million, a year-on-year decrease of 47%, and the collection of accounts receivable improved.
The position of leading advantageous products is stable, and the emerging sector is growing rapidly
In 2021, the company's sales volume of truck cranes above 30 tons ranked first in the industry, the market share of super large tonnage crawler cranes ranked first in China, the sales volume of construction cranes ranked first in the world, and the market share of concrete machinery long arm pump truck, on-board pump and mixing plant ranked first in the industry. The income from aerial work platform of emerging business was 3.351 billion yuan, a year-on-year increase of 310%, and the income from agricultural machinery was 2.9 billion yuan, a year-on-year increase of 9.92%. Mining machinery is ready to go.
Actively layout overseas and smooth China's downward cycle
The export revenue of Yazhou's "super large tonnage crane" and "local heavy machinery" has exceeded 51.5% of the global market, and the export revenue of Yazhou's "local heavy machinery" has exceeded the global market in 20205. At the same time, accelerate the overseas management reform, focus on key countries and regions, officially complete the European factory in Italy, and realize the localized production and sales of tower crane, truck crane and overhead working machinery. Overseas business smoothed China's downward cycle to a certain extent.
The expectation of steady growth is enhanced, and the demand margin of Q2 is expected to improve
The expectation of steady growth in 2022q1 is enhanced, and the marginal demand in Q2 is expected to improve. From 2022m1 to 2022m3, the newly started housing area in China fell by 17.3% year-on-year, and the national housing boom index was 96.66. At present, some local governments have begun to relax the restrictions on house purchase, and the real estate industry is expected to improve; Infrastructure construction has made significant efforts. The investment in national infrastructure construction in 2022m1-2022m3 increased by 8.5% year-on-year, which is expected to form a certain support. The short-term company is still under pressure and expects the performance elasticity under the expectation of steady growth.
Investment suggestions:
It is estimated that from 2022 to 2024, the net profit attributable to the parent company of the company will be 6.3/67/7.4 billion yuan, with a year-on-year increase of 1% / 6% / 10%, 8 / 8 / 7 times for PE and 0.8 / 0.7 / 0.7 times for Pb. Maintain the "buy" rating.
Risk tip: infrastructure and real estate investment are not as expected. The construction progress of the house is less than expected
