\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 868 China Energy Engineering Corporation Limited(601868) )
The company announced that in the first quarterly report of 22 years, 22 Q1 revenue was 71.3 billion, yoy + 16%; Net profit attributable to parent company: 960 million, yoy + 16%; Deduct 840 million non attributable net profit, yoy + 24%. The performance is in line with expectations.
The newly signed structure changes are in line with the transformation idea, the investment in new energy is strong, and the overall profitability is stable
The company's 22q1 revenue growth continued to be a strong driving force, with 22q1 revenue 15.4% higher than 19q1 CAGR, indicating a high prosperity of energy infrastructure investment and positive work vitality within the company. Among them, the overall revenue of new energy and smart energy business is 16.4 billion (accounting for 23% of the total revenue in the same period), yoy + 21%; The comprehensive transportation business income is 8 billion, yoy + 65%; The investment and operation business development has maintained the intensity. The investment amount yoy completed in comprehensive transportation, new energy and smart energy, and real estate (new urbanization) has been + 87%, 62%, and 54% respectively. The installed capacity of Fengguang new energy under construction has reached 3.70gw (vs 21fy at the end of holding 4.63gw of grid connected installed capacity, of which the installed capacity of new energy holding shares is 1.18gw). It has newly obtained the investment and development right of Hubei Qichun pumped storage project, and the energy investment (especially new energy, energy storage, etc.) has maintained the intensity Support the company's low-carbon energy transformation in the 14th five year plan. The newly signed contract amount of 22q1 company is 244.1 billion, yoy + 0% (compared with 19q1 CAGR is + 24%), which is 3.4 times of the income in the same period, supporting the continuity of rapid income growth. On the basis of the high base of 21q1, the newly signed growth of 22q1 is strong; There have also been important changes in the structure. The construction 22q1 contract value of the core main business is 195 billion, yoy-6%, of which new energy and smart energy signed yoy + 188% to 102.6 billion, traditional energy signed yoy-25% to 56.6 billion, and urban construction signed yoy-59% to 28.3 billion. The changes in the newly signed structure roughly reflect the transformation ideas of the company.
22q1 company's comprehensive gross profit margin is 10.5%, yoy-1.1pct. It is speculated that the main reason is to confirm that there are certain changes in the project structure and the phased impact of the epidemic (epidemic prevention expenditure, rising cost of steel and other materials, etc.). Expenses are optimized to a certain extent (sales expenses, financial expenses, etc.), while the impact of minority shareholders' profit and loss is also marginally weakened (the impact of the company's return to a), 22q1 the company's net profit attributable to the parent company yoy + 0.0pct to 1.3%.
The turnover of the two funds continued to accelerate, and the debt ratio rebounded slightly
At the end of 22q1, the company's asset liability ratio was 72.4%, yoy + 2.2pct; The debt ratio with interest was 33.6%, yoy + 1.8pct, and the debt ratio increased slightly in the stage. The turnover days of the two funds continued to accelerate, 22q1 the turnover days of the two funds was 259 days, a year-on-year decrease of 6 days. 22q1 net operating cash flow increased by 1.9 billion to 14.3 billion year-on-year, which is under pressure at this stage; In the same period, the net investment cash flow decreased by 2.2 billion to 3.4 billion year-on-year.
The transformation of low-carbon energy is vigorous. We expect to "rebuild a new energy construction", maintain the "buy" rating, and maintain the company's 22-24-year profit forecast of 9 / 108 / 12.8 billion, yoy respectively + 38% / 20% / 19%. We are optimistic about the company's low-carbon energy transformation, and the effect has initially appeared. We look forward to the progress of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) cultivation (hydrogen energy, etc.), and look forward to "rebuilding a new energy construction with high-quality development in 2025". Maintain the target price of 3.39 yuan in the early stage, corresponding to about 15.7x PE in 22 years, and maintain the "buy" rating.
Risk warning: the company's strategy implementation effect is lower than expected, the power and infrastructure investment is weaker than expected, impairment risk and policy risk
