\u3000\u3000 Jiangsu Rainbow Heavy Industries Co.Ltd(002483) (002483)
Event: Jiangsu Rainbow Heavy Industries Co.Ltd(002483) today announced that the overall performance exceeded expectations. The company’s annual performance in 21 years ranged from 340 million to 380 million, with a year-on-year growth rate of 32.75% to 48.37%. The net profit deducted from non profits reached between 290 million and 330 million, with a higher year-on-year growth rate of 38.15% to 57.21%. In 2021, the company’s net profit attributable to shareholders of listed companies increased, mainly due to the growth of the company’s high-end equipment business and environmental protection business in the reporting period compared with the same period of last year.
21q4 performance forecast: we calculate according to the profit center disclosed in the company’s announcement. In 2021, Q4 company will realize the net profit attributable to the parent company of 75-115 million yuan, yoy-32% to + 3%, and the center will be 95 million yuan, yoy-14%.
Haifeng has sufficient orders in hand. With the arrival of large orders in the first year of 2022, we believe that Haifeng is expected to restart rapid growth: high-end equipment and environmental protection business increased significantly in the second half of 21, while Haifeng business was temporarily under pressure due to the end of the rush for loading tide. It is worth noting that at the beginning of January 22, the subsidiary Runbang ocean successively won the orders for 16 sets of offshore wind power foundation piles and 10 sets of offshore wind conductive pipe rack projects, and signed the construction contract of 18500 ton self-propelled deck transport ship with a well-known shipping company in China.
The company fully benefits from the significant increase of sea wind bidding in 2022: we expect that the bidding volume of sea wind turbines in 2022 will be more flexible than that in 21 years. After the sea breeze rush loading tide in 21 years, the bidding is only 3gwh. According to the 14th five year plan, we expect that the new installed capacity of sea breeze will be more than 50gw 25 years ago, and the bidding of about 4.6gw sea breeze fans has started in January of 22 years. Therefore, we judge that the bidding of sea breeze fans in 22 years is more elastic than that in 21 years, especially in Guangdong Province, which still has considerable compensation.
The company received another large order of handling equipment of more than 900 million euros, and the orders of handling equipment in hand reached 8.9 billion yuan, providing a solid foundation for the rapid growth of lifting and handling business. The company disclosed that its holding grandson Koch company of Germany signed a supply contract with the National Center of Meteorology (NCM), the National Meteorological Administration of the United Arab Emirates. According to the contract, Koch company of Germany will provide NCM with seven sets of bulk material handling equipment systems and on-site installation and commissioning services. The total contract price is 911 million euros (about 6.56 billion yuan according to the central rate of euro to RMB exchange rate on January 20, 2022), accounting for 181.46% of the company’s audited operating revenue in 2020, The average annual contract amount accounts for 36.29% of the company’s audited operating revenue in 2020. Due to the large volume of the order, the order will be delivered successively in about 5 years.
Profit forecast: we estimate that the net profit attributable to the parent company from 2021 to 2023 will be 360 million, 472 million and 674 million respectively, and yoy will be 40.7%, 31.0% and 42.80%, corresponding to pe18.0% 3、14.0、9.8X。 We are optimistic about the development prospect of Haifeng and the rapid development of high-end equipment and service business, and maintain the recommendation!
Risk warning: the construction progress of offshore wind power is less than expected, the risk of goodwill impairment, the risk that the hazardous waste operation license cannot be renewed after expiration, the risk of contract performance failure and foreign exchange risk of super large orders of the sun company, the performance forecast is the preliminary calculation result, and the specific financial data shall be subject to the disclosure announcement of the company
