Event: the company achieved revenue of 2.17 billion yuan in 2021, an increase of 6.30%, a net profit of 161 million yuan, an increase of 25.12%, and a non-return net profit of 152 million yuan, an increase of 24.54%. In the first quarter of 2022, the revenue was 386 million yuan, an increase of 71.62%, the net profit of return to the mother was 29 million yuan, an increase of 57.53%, and the net profit of non-return was 26 million yuan, an increase of 72.30%.
Orders, revenue business to maintain rapid growth, high growth continues to verify. In 21 years, revenue from design consulting, electromechanical engineering system delivery, project contracting, equipment manufacturing and other businesses increased by 31.24%, 46.04%,-48.66%, 4.46% and 35.92%, respectively; the proportion of revenue was 24.44%, 40.68%, 15.18%, 15.95% and 3.75%, respectively. The growth rate of the company's homing net profit in the first quarter of 22 was 57.53%, and the actual growth rate was in the upper limit of the performance forecast (26.86%-59.96%), maintaining high growth.
The newly signed contract value of the company in 2021 was 2.816 billion yuan, an increase of 37.65%. In terms of products, the newly signed contracts for the delivery of mechanical and electrical engineering systems totaled 1.112 billion yuan, up 9.99 percent; the newly signed contracts for design consulting business totaled 770 million yuan, up 52.52 percent; and the contracts for newly signed equipment manufacturing businesses totaled 625 million yuan, up 31.27 percent.
Net interest rate rose in 21 years, cash flow improved; 22Q1 net interest rate decreased and cash outflow increased. In 2021, the gross profit margin increased by 2.23% to 21.41%. In terms of period expense rate, the expense rate increased by 1.45% to 10.61% during 2021, of which the sales expense rate decreased by 0.07% to 0.81%. The management expense rate also increased by 1.78 percentage points to 10.31%, and the financial expense rate decreased by 0.26 percentage points to-0.51% compared with the same period last year. In terms of operating cash flow, it was 261 million yuan in 2021, and the net inflow increased by 30 million yuan compared with the same period last year, mainly due to an increase of 13.28 percent. The company's net interest rate in 2021 increased by 1.13 percentage points to 7.60%. In terms of 22Q1 gross profit margin, 22Q1 gross profit margin decreased by 8.7% compared with the same period last year to 19.70%; in terms of period expense rate, the expense rate during the 22Q1 period also decreased by 7.98% to 15.32%, including sales expense rate by 0.52% to 1.03%, management expense rate by 7.62% to 15.14%, and financial expense rate by 0.16% year-on-year to-0.85%. The company's 22Q1 net interest rate also fell 0.84 percentage points to 7.30%. In terms of operating cash flow, 22Q1 had a net outflow of 140 million yuan, an increase of 50 million yuan over the same period last year, mainly due to the rapid growth of 22Q1's business and the increase in cash paid for goods and services.
Profit forecast and rating. The grain and oil industry continues to develop, and the construction of cold chain and ice and snow sports facilities ushered in great development. as a leader in the development of agricultural food and cold chain industry, the company has obvious advantages and is expected to fully benefit. At present, the company's high performance growth is continuing to be verified. We estimate that the EPS of the company in 22-23 is 0.51 yuan and 0.77 yuan respectively. Considering the high performance growth of the company in recent years, the company is given a price-to-earnings ratio of 43-45 times in 2022, a reasonable value range of 21.93-22.95 yuan, and a "better than the market" rating.
Risk hint. Payback risk, business development risk, policy risk.