Main points of investment
The company released the 2021 annual report & the first quarterly report of 2022: the company's operating income for the whole year of 2021 was 2.711 billion yuan, an increase of 15.95% over the same period last year; and the net profit returned to its mother was 481 million yuan, an increase of 26.4% over the same period last year.
Of this total, Q4 achieved an operating income of 920 million yuan, an increase of 57.54% over the same period last year, and a net profit of 121 million yuan, an increase of 280.86% over the same period last year. The company announces the profit distribution plan at the same time, and intends to distribute a cash dividend of 0.50 yuan (including tax) to all shareholders for every 10 shares. In the first quarter of 2022, the company achieved operating income of 430 million yuan, down 17.91% from the same period last year; net profit of 82 million yuan, down 18.07% from the same period last year; and net profit of 81 million yuan, down 18.57% from the same period last year.
In 2021, the total revenue of the company reached 2.711 billion yuan, an increase of 15.95% over the same period last year. In terms of products, the income of ecological restoration, municipal landscape and other projects reached 1.386 billion yuan, 1.303 billion yuan and 22 million yuan respectively, with year-on-year changes of + 13.04%, + 21.05% and-38.11% respectively.
In 2021, the company achieved a comprehensive gross profit margin of 29.69%, an increase of 0.73 pct over the same period last year, and a net profit margin of 17.73%, an increase of 0.94pct over the same period last year. In terms of products, the gross profit margins of ecological restoration, municipal landscape and other projects are 29.96%, 29.93% and-0.95% respectively, with year-on-year changes of + 1.43pct, + 1.56pct and-62.35pct respectively.
The company implements employee stock ownership plan to demonstrate long-term development confidence. In 2021, the company implemented and completed a share buyback of 30.0079 million yuan, and actually bought back 1624400 shares of the company, accounting for 0.51% of the company's total share capital. The company completed the first phase of the 2018 employee stock ownership plan in 2018 and the first phase of the 2019 employee stock ownership plan in 2021, and launched the first phase of the company's 2021 employee stock ownership plan in 2021 to further motivate the core management and technical teams. demonstrate long-term development confidence.
Earnings Forecast and rating: we have downgraded our profit forecast for the company. It is estimated that the company's EPS for 2022-2024 will be 1.19,1.31,1.43 yuan, and the corresponding PE for the closing price on April 28, 2022 will be 8.1,7.3,6.7 times respectively, maintaining a "prudent overweight" rating.
Risk hints: macroeconomic downside risks, lower-than-expected landing of on-hand orders, slow progress of construction projects, deterioration of cash flow, and loss of bad debts exceeding expectations.
