The performance declined slightly, and the expense rate decreased during the period.
1) in 2021, the company achieved operating income of 225.732 billion yuan, year-on-year-0.85pct, of which Q4 revenue was 81.272 billion yuan, year-on-year-0.74 pct. In 2021, the company realized a net profit of 10.303 billion yuan, compared with-9.08 pct, of which the net profit of Q4 was 3.842 billion yuan, which was-15.33 pct. 2) the gross profit margin of the company's sales in 2021 is 20.57%, which is-1.7 pct compared with the same period last year, which is mainly caused by the change in product structure and the increase in operating costs during the reporting period. 3) in 2021, the four fee rates of the company all decreased, and the expense rate during the period was 15.16%, compared with the same period last year-0.94pct. Among them, the company's sales expense rate is 3.22%, year-on-year-0.6pct; R & D expense rate is 5.8%, year-on-year-0.07pct.
The urban rail and urban infrastructure sector is declining, and the modern service is growing faster. From the perspective of products, the company's revenue from railway equipment, urban rail and urban infrastructure, new industries and modern services in 2021 is 906.85 yuan, 545.56 yuan, 718.21 yuan and 8.67 billion yuan, respectively. Year-on-year + 0.22%,-6.01%, + 0.14%, + 17.23%, gross profit margin was 23.14%, 20.35%, 16.60%, 27.87%, respectively. Year-on-year + 1.64%, + 0.91%,-4.51%, + 2.8%, respectively. 1) the income of locomotives, passenger cars, EMU and freight cars in the railway equipment business is 229.05 yuan, 106.99 yuan, 410.99 yuan and 15.982 billion yuan respectively, and the slight increase in income from railway equipment business is mainly due to the increase in revenue from locomotives and passenger cars. 2) the income of urban rail vehicles in urban rail and urban infrastructure business is 47.9 billion yuan, and the decline of urban rail vehicle revenue leads to a decline in plate revenue. 3) the income of wind power business in the new industry business is 30.242 billion yuan, and the increase in revenue of general mechanical and electrical business leads to a slight increase in revenue. 4) benefiting from the growth of leasing and logistics business revenue in the current period, the company's modern service business revenue is growing rapidly.
Expand the market, optimize the layout, and consolidate the leading position in the industry
1) in terms of railway business, the Lalin Railway was opened, the "Fuxing" successfully entered Tibet, the 600 km / h high-speed maglev train was officially off the line, and the "auspicious Xue Yingchun" intelligent "Fuxing" high-speed EMU served the Beijing Winter Olympic Games. 2) in the aspect of urban transportation, the "product +" and "system +" mode supported by the company's digital intelligence has made progress. 3) in terms of international business, the first overseas PPP Mexico Metro Line 1 project has been carried out well. "Hulk" and "Lancang" were put into operation on the China-Laos Railway. As the company's first overseas vehicle M & A company, Zhuji Foslow made a profit during the year. 4) in terms of strategic emerging business, the company's first fully independent roof photovoltaic project and the first industry-finance interactive wind power system solution project to achieve grid-connected power generation.
Profit forecast, maintain "overweight" rating
To sum up, we expect the company's EPS to be 0.39,0.43,0.46 yuan per share in 2022-2024, and the corresponding PE to be 14,13,12 times respectively. As a leading enterprise in rail transit equipment, the company is expected to continue to improve its global competitiveness and maintain its "overweight" investment rating.
Risk hint
The risk of global spread of the epidemic; the risk of fluctuations in raw material prices; overseas market development is not as expected.