Revenue increases steadily, new business is expected to expand quickly, maintain the "buy" rating, the company released the 2021 annual report on the evening of April 19, 22, the company achieved revenue of 9.58 billion yuan in 21 years, 17.7% Q1-4 revenue in a single quarter compared with the same period last year, + 108.4% q1-4 revenue in a single quarter compared with the same period last year, + 108.4% Universe 30.8% Universe 4.2% Lexus 6.9%, net profit 410 million yuan, year-on-year-43.1%, deducting non-net profit-41.0% The sharp rise in steel prices in 21 years compared with the end of the 20th year has put some pressure on the company's performance. We believe that the company as a leading enterprise in steel structure, driven by technology and brand advantages, Wanxian Green Construction is expected to turn losses into profits, BIPV business or achieve rapid volume, maintain the "buy" rating.
The traditional main business of steel structure is advancing steadily, and from the point of view of service business or entering the harvest period, the company's four main businesses of multi-and high-rise steel structure / light steel structure / building materials products / service industry have achieved income of 64.2 billion yuan, 19.0 pound, 930 million yuan, respectively, compared with the same period last year, + 32.8%, 37.4%, 26.4, and 60.5%, respectively, with a gross profit margin of-0.5/-0.2/+6.7/-11.1pct. In 21 years, the company signed a new order of 15.01 billion yuan (1.6 times revenue), + 16.7% compared with the same period last year. In terms of subdivision, the company's steel structure business has newly signed 10.71 billion yuan (1.3% of revenue) in 21 years, compared with the same period last year. The company's steel structure production capacity in 21 years is 1 million tons, and it is expected to increase by 30-400000 tons in 22 years. Its own production capacity is steadily expanding, reducing outsourcing and thickening profits. Wanjun Green Construction newly signed 4.15 billion yuan, + 68.3% compared with the same period last year. We think that after 3 years of training, 22 years may show a new situation of turning losses into profits.
The expense rate is decreasing, and the cash flow needs to be improved.
The 21-year gross profit margin of the company is 13.9%, year-on-year-3.9 pct, sales / management / R & D / financial expense rate is 1.6%, 3.3%, 4.0%, 1.0%, respectively, year-on-year change-0.4/-0.3/+0.1/+0.3pct, asset and credit impairment loss ratio to revenue + 0.1pct, return to the mother net profit rate of 4.3%, year-on-year-4.6pct Affected by the rise in steel prices, the profit end is under obvious pressure. The 21-year income-to-cash ratio is 86.3%, year-on-year + 3.8pct, cash-to-cash ratio is 98.0%, year-on-year + 11.9 pctdepartment net CFOs-900 million yuan, year-on-year-890 million yuan, mainly due to a large increase in contract assets.
The results of marching into BIPV are beginning to show, 22 years plus heterojunction and perovskite lamination company controlled Zhejiang Hete Optoelectronics in July 21, and entered the BIPV business. Its intelligent production line with an annual output of 1 million square meters of BIPV components has been put into production. By the end of the 21st year, Hete Optoelectronics has signed a cumulative order of more than 2000 million yuan. In 22, Hete plans to industrialize the technology of high-efficiency heterojunction and perovskite laminated batteries, and turn the stored technology into product value and barrier advantages as soon as possible through the market. We believe that the early introduction of special optoelectronic products through EPC mode to achieve rapid iteration of product performance, the follow-up BIPV may enter the development fast lane from 1 to N, bringing the "second growth pole" for enterprises to take off.
New business is expected to continue to sell volume and maintain a "buy" rating
The company's traditional main business profit is expected to gradually stabilize, in the short term, Wanxian Green Construction may enter the performance harvest period, in the medium to long term, entering BIPV is expected to bring more room for growth, taking into account that it still takes time for new business volume, we downgrade 22-24 year net profit to 5.9max 6.6 yuan (22-23 years ago is 62pm 760 million yuan), to maintain the "buy" rating.
Risk Tip: BIPV business is not as expected, steel prices are higher than expected, and orders are not as expected.