\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 496 Changjiang & Jinggong Steel Building(Group)Co.Ltd(600496) )
22q1 revenue maintained high growth and maintained the "buy" rating
On the evening of April 30, the company released the annual report for 21 years and the quarterly report for 22 years. 21fy achieved a revenue of 15.14 billion, a year-on-year increase of + 31.9%, a net profit attributable to the parent company of 690 million, a year-on-year increase of + 6.2%, and 22q1 achieved a revenue of 3.71 billion, a year-on-year increase of + 34.6%, a net profit attributable to the parent company of 180 million, a year-on-year increase of + 35.6%, deducting the growth rate of non attributable net profit of 42.3%, which is in line with our expectations and the market. While consolidating the main business of steel structure, the company continued to promote the transformation of, As a green building solution provider, the company is highly in line with the development direction of carbon neutralization policy. With the accelerated pace of the implementation of new building energy-saving regulations, relying on customers and channel resources, construction qualification and capital advantages, the company has the first mover advantage in developing building photovoltaic business and maintains the "buy" rating.
High prosperity of commercial / public buildings and rapid growth of EPC business
21fy's steel structure / integration and EPC realized revenue of 10.62/4.17 billion respectively, with a year-on-year increase of + 20.3% / + 74.9% respectively. In terms of breakdown, the revenue of industrial buildings / commercial buildings / public buildings in steel structure business was 64.3/18.8/2.32 billion respectively, with a year-on-year increase of + 13.6% / + 30.3% / + 33.8% respectively. In addition, the revenue of EPC business was 4.13 billion, with a year-on-year increase of + 78.7%, and the EPC business grew rapidly. The overall gross profit margin of 21fy company was 13.4%, year-on-year -2.28pct, of which the gross profit margins of steel structure / integration and EPC were 11.16% / 16.14%, year-on-year -2.47 / - 3.54pct respectively. 22q1 company signed 157 new contracts, with a cumulative contract amount of 4.46 billion, a year-on-year increase of + 34%, including 2.54 billion newly signed industrial customer projects, a year-on-year increase of + 57%; Newly signed public construction projects reached 1.52 billion, a year-on-year increase of + 11%; The newly signed EPC and prefabricated construction business projects reached 383 million, a year-on-year increase of + 14%.
The ability of cost control was enhanced and the operation quality was significantly improved
The expense rate of 21fy company during the period was 8.17%, with a year-on-year rate of -0.93pct, of which the sales / management / Finance / R & D expense rate was -0.29 / - 0.18 / - 0.28 / - 0.18pct respectively, and the expense control ability was enhanced. The proportion of impairment loss of assets (including credit) of 21fy company in revenue decreased by 0.22pct to 1.17% year-on-year, and the net interest rate of 21fy company was 4.62%, which was -1.00pct year-on-year. The net outflow of CFO of 21fy company was 243 million, an increase of 667 million year-on-year. The cash ratio of 21fy company was 83.1%, year-on-year -10.1pct, and the cash ratio was 87.2%, year-on-year -6.5pct. In the past 21 years, the company's accounts receivable and bills amounted to 2.4 billion, with a year-on-year increase of + 10.7%. The growth rate was significantly slower than that of revenue, and the operation quality was improved.
Seize the development opportunity of distributed photovoltaic and create new differentiated competitive advantages
In the 21st year, Seiko energy's operating revenue reached 510 million yuan and its net profit was 19.618 million yuan. We believe that the company has the first mover advantage in developing the construction photovoltaic business by virtue of its customers, channel resources, construction qualification and capital advantages. We expect the company's net profit attributable to the parent company in 22-24 years to be 860 / 10.7 / 1.29 billion yuan. Referring to the current 22-year average PE of comparable companies, it is recognized that the company will be given 16 times PE in 22 years and the corresponding target price is 6.88 yuan, Maintain the "buy" rating.
Risk warning: the establishment and expected benefits of subsidiaries are uncertain; The implementation of the new regulations on building energy conservation is less than expected; The promotion of prefabricated construction business is less than expected; The macroeconomic downturn exceeded expectations.
