The company announced its annual report for 21 years, with income of 1.37 billion yoy+5% (- 10% compared to 19h1 cagr), net profit of 57 million and yoy-36% (- 34% compared to 19h1 cagr); income of 760 million from 21q2 alone, yoy+7% (- 18% compared to 19q2 cagr), net profit of 11 million and yoy-77% (- 66% compared to 19q2 cagr). 21h1's revenue and performance are lower than we expected.
Sufficient orders on hand, impairment affects the company's performance in stages, interest-bearing liabilities significantly reduce 21h1 income growth is slightly weak, it is speculated that the company has more resources to invest in emerging businesses (such as BIPV intended customers, etc.). The contract value of 21h1 is 1.85 billion, and yoy+36%, speculates that the outstanding contract value of 20FY is 6.72 billion, which is 2.1x of 20FY income, which supports the growth space of the company's traditional main business income.
The comprehensive gross profit margin of 21h1 is 18.7%, with an increase of 1.2pct, of which 21q2 is 17.9%, and the net profit rate of return to mother is 4.1%, which is 1.5 pctten 21h2, minus 2.7pct, of which 21q2 is 1.4%, and 5.1pct is also subtracted. The net interest rate of 21q2 home has declined greatly, mainly due to the provision of more bad debts (the proportion of 21h1 impairment loss to income has increased to 2.7%, the age of accounts receivable has been lengthened by stages, and individual items have been set aside), and the asset quality has been further consolidated.
At the end of 21h1, the asset-liability ratio of the company was 45.4%, with a decrease of 10.1pct; the interest-bearing asset-liability ratio was also reduced by 15.7pct to 28.6%, and the interest-bearing liabilities decreased significantly, mainly due to the effect of debt-to-equity conversion. The turnover days of 21h1 and gold (inventory + contract assets + accounts receivable) increased by 60 days to 499 days compared with the same period last year, among which the contract assets increased more, or because some projects were affected by the epidemic in the past 20 years, the construction cycle was lengthened. 21h1's net operating cash outflow was 300 million, 20 million less than the same period last year.
BIPV has broad prospects for development, and the company has obvious competitive advantages over BAPV in terms of economy / reliability. Under the background of obvious economy of photovoltaic power generation, China's energy structure adjustment or acceleration under the background of "double carbon". Policy warm wind blows frequently (for example, 6xamp 20 National Energy Administration proposed to carry out pilot work to promote roof distributed photovoltaic development throughout the country, 7gamma 30 issued a "notice to further improve the time-sharing electricity price mechanism" issued by the Development and Reform Commission to further improve the time-sharing electricity price mechanism, etc.), we believe that the BIPV market may have the characteristics of fast development pace and wide space. Longji acquired a total of 27.25% of the company's shares in the early stage, making it the second largest shareholder of the company. On July 15, Longji and Saint reached a cooperation intention on BIPV. Shuangfa will reach comprehensive cooperation in joint research and development and patent sharing, brand authorization endorsement, marketing promotion, photovoltaic module supply and procurement, etc., to jointly promote BIPV business development and project implementation. Relying on the company's advantages in building roof design / construction and maintenance and Longji's advantages in the field of photovoltaic, we believe that the company has obvious advantages in BIPV project contracting and landing compared with other participants in the market.
We are optimistic about the second growth of the BIPV-driven company and maintain the "overweight" rating. We temporarily maintain the company's previous performance forecast, with an estimated net profit of 2.8 / 4.1 / 630 million in 21-23, with a yoy of 53%, 46% and 53%, respectively. Hand in hand Longji into the blue sea of BIPV, or drive the company's secondary growth, the prospect is worth looking forward to, continue to recommend to maintain the focus of attention, maintain the "overweight" rating.
Risk hint: the newly signed order is lower than expected, the payback risk, and the effect of cooperation with Longji is worse than expected.
