\u3000\u3 Shengda Resources Co.Ltd(000603) 098 Center International Group Co.Ltd(603098) )
The company issued the annual report of 21 years and the quarterly report of 22 years. 21fy company’s revenue is 3.14 billion, yoy-0.4%; Net profit attributable to parent company: 33 million, yoy-82.0%; Including 21q4 income of 1.05 billion, yoy + 10.1%; Net profit attributable to parent company -52 million. 21fy performance slightly exceeded the median of the previous performance forecast range, in line with expectations. 22q1’s revenue was 610 million, yoy + 0.8%, and the net profit attributable to the parent company was 41 million, yoy-10.4%, which roughly reflected the impact of the epidemic on the pace of project promotion and the high impact of the company’s layout on the stage of new business cost rate.
21fy and 22q1 companies’ revenue growth, profitability and downstream payment collection may be dragged down by the epidemic
21fy and 22q1 income growth is under certain pressure. We speculate that it reflects the impact of the epidemic on the pace of project promotion. The contracted amount of 21fy company reached 4.21 billion, yoy + 11.7%. At the end of 21fy, the amount of orders on hand was 3.01 billion, which was 0.96 times the income in the same period. The growth momentum of the company’s traditional business income was sufficient. 21fy company’s comprehensive gross profit margin is 17.3%, yoy-1.1pct; The gross profit margins of 21q4 and 22q1 are 16.2% and 19.5% respectively, yoy-5.0 and -0.3pct. The gross profit margin continues to be under pressure. It is speculated that it is related to promoting the change of project structure and increasing epidemic prevention expenditure. The impairment of 21fy company has a great impact (the total impairment loss of 21fy company is 180 million, accounting for yoy + 3.9pct to 5.8% of the revenue. Due to the passive increase of the aging of accounts receivable and the individual withdrawal of individual customers such as Zhongwang group, a real estate customer, Brilliance Jinbei and other customers due to the prolonged settlement cycle under the background of the epidemic), which has dragged down the net profit attributable to the parent company of 21fy, yoy-4.8pct to 1.0%. 22q1 company’s net profit attributable to the parent company was 6.7%, yoy-1.1pct, which generally returned to the normal level in previous years. At the end of 22q1, the company’s asset liability ratio was 47.8%, yoy + 1.5pct; The debt ratio with interest is 25.6%, yoy-5.3pct. The turnover days of 21fy and 22q1 companies are 433 / 580 days and yoy + 51 / + 34 days respectively. There is a certain pressure in the payment collection stage.
Cooperating with Longji to enter the deep water area, BIPV products iterate rapidly and orders are reported frequently
21fy signed a strategic cooperation agreement with Longji, and achieved deeper binding at the equity level to enter the broad market of BIPV hand in hand. The company disclosed the forecast announcement of 22fy related party transaction amount in the early stage, in which the tax included purchase amount of 22fy from Longji affiliated enterprises is expected to be 2.5 billion. 22fy’s ambition for BIPV business development deserves attention. Recently, the company acquired 100% equity of Longji green energy photovoltaic engineering Co., Ltd. with cash of 68.49 million, and the industrial and commercial change has been completed. Since then, the photovoltaic integration projects newly undertaken by Longi Green Energy Technology Co.Ltd(601012) and the company in the field of metal enclosure are undertaken / implemented / delivered by the company. They are the only partners in this field, clearing away possible barriers to horizontal competition. 21fy company took the lead in launching the industry-leading building photovoltaic integrated metal roof system products (Longding second-generation and third-generation Series). On the one hand, it has excellent photovoltaic power generation function, and at the same time, it takes into account the complete building material properties (class a fire protection, resistance to class 18 typhoon, perfect sealing performance and super bearing capacity), and the system can ensure that the roof system and photovoltaic system have the same service life of 25 years. Since then, the company has successively established in-depth cooperative relations with Jianyi group / Skshu Paint Co.Ltd(603737) group / XCMG group / Shanzhong group. 21fy won the bid on behalf of BIPV projects, including Laixi Haier photovoltaic project; On March 7, 2022, the company announced that it had won the bid for the roof distributed photovoltaic power generation project of the ownership company of Suntech green energy Shandong heavy industry group, a wholly-owned subsidiary, with an amount of 800 million and a construction period of 150 calendar days.
BIPV business began to develop, the growth rhythm deserves attention, and maintain the “overweight” rating
Considering the impact of the epidemic on the construction progress of some projects of the company, we slightly lowered the forecast of the company’s net profit attributable to the parent company on 22 / 23 to 400 / 620 million (the previous value was 420 / 690 million), and the forecast of the new 24-year net profit attributable to the parent company was 840 million, with + 53% / + 36% YoY respectively in 23 / 24 years. The implementation progress of the company’s photovoltaic construction projects was better than expected and maintained the “overweight” rating.
Risk warning: the newly signed order is lower than expected, the payment collection risk, and the cooperation effect with Longji is lower than expected
