Events:
The company released its annual report for 2021. In 2021, the company achieved operating income of 14.361 billion yuan, an increase of 14.13% over the same period last year, a net profit of 328 million yuan, an increase of 24.45% over the same period last year, and a non-return net of 324 million yuan, an increase of 19.73% over the same period last year.
Comments:
Steady growth in revenue and improved profitability. In 2021, under the severe international environment and epidemic situation, China will focus on implementing the work of six stability and six guarantees. Following the pace of the country's new infrastructure, the company responded positively to the dual-carbon strategic goal and achieved a steady growth in business revenue, of which the engineering construction industry contributed 11.532 billion yuan, an increase of 20.10% over the same period last year, accounting for 80.30% of the total revenue. The company insists on making progress in the midst of stability and strengthens the management of the whole operation process. The gross profit margin / net profit rate in 2021 is 11.25% / 2.55% respectively, which is higher than that in 2020, and its profitability has been improved. In 2022, the company plans to increase its operating income by 12.16% and its net profit by 12.01% over the same period last year.
The prospect of fully developing clean energy power generation is promising. The company unswervingly promotes clean energy power generation business and insists on becoming stronger and bigger. It is the enterprise with the largest installed scale of clean energy power generation and the most exploitable resources in Guangdong Province, and the manufacturing business of wind power towers is also the first echelon in China. By the end of 2021, the company has put into production clean energy installed 1.54GW, including hydropower / wind power / photovoltaic power installed 0.26/0.67/0.61GW, under construction 200MW, sufficient reserve projects. In the future, the company will continue to seize the opportunity of dual-carbon strategy and make every effort to expand the energy market. The goal of 2022 is to increase the production of clean energy 1.2GW, and the prospect is promising.
Actively layout the hydrogen energy industry, or benefit from the landing of the top-level design. The company has previously reached a strategic cooperation with the government of Wuhai City, Inner Mongolia and Xingbang Science and Technology to jointly invest in the hydrogen power industry chain, with a total investment of 168-18.8 billion yuan, which will be landed in three years. Among them, the company is mainly responsible for the investment, construction and operation of wind power and green hydrogen production / storage / transportation / addition. A few days ago, the medium-and long-term Plan for the Development of hydrogen Energy Industry (2021-2035) was released, defining the strategic orientation that hydrogen energy is an important part of the national energy system in the future, and proposing to deploy a number of hydrogen energy projects in advance to promote the application of hydrogen energy in transportation, energy storage, power generation and industrial fields. In the future, the hydrogen energy industry may form a broad market, and the active layout of the company is expected to seize the opportunity.
Give the company an "overweight" rating. It is estimated that the EPS of the company from 2022 to 2024 will be 0.33, 0.39, 0.48 yuan, and the corresponding PE will be 26.14, 22.05, 17.82 times.
Risk hint: the company's performance is not as expected, the new infrastructure investment is not as expected, and the project payback risk