The company released its first quarterly report in 2022. In the first quarter of 2022, the company realized revenue of 2.736 billion yuan (+ 0.96%), net profit of 209 million yuan (- 35.64%) and non-return net profit of 203 million yuan (- 26.56%).
Jiangxi cement bibcock is expected to benefit from regional construction dividend. At the end of April, the cement price in Nanchang, Jiangxi was 460 yuan / ton, and the cement shipment rates in Nanchang, Jiujiang, Shangrao and Ganzhou were 50%, 60%, 75% and 75%, respectively. Jiangxi Province issued a series of policies to assist the construction of major projects in 2021, and strive to complete more than 1 trillion yuan of investment every year from 2021 to 2023, of which major infrastructure projects / new infrastructure projects strive to complete more than 200 billion yuan, and the growth rate of infrastructure investment is expected to accelerate. At the same time, Jiangxi Province put forward a total investment of 600 billion yuan in comprehensive transportation planning and construction in the 14th five-year Plan, an increase of 151.9 billion yuan over the 13th five-year Plan period. As a leading enterprise in Jiangxi, the company's production capacity and various indicators are in the forefront of Jiangxi, and can enjoy the increase of infrastructure investment in Jiangxi. In addition, the company has several limestone mines in Jiangxi, with an annual output of 9 million tons, providing a stable source of raw materials for the company's cement clinker production.
During the period, the expense rate was basically the same as that of the previous period, the debt ratio increased slightly, and the ability of cost control was excellent.
The expense rate of 22Q1 during the period is 6.27%, which is basically the same as that of the previous period. The sales expense rate is 1.14% (+ 0.45pct), the management expense rate is 4.64% (- 0.55pct), the R & D expense rate is 0.34% (- 0.05pct), and the financial expense rate is 0.16% (+ 0.15pct). In terms of profitability, 2022Q1 has a gross profit margin of 21.53% (- 4.65pct) and a net sales margin of 10.94% (- 5.42pct), which may be affected by coal prices. The net operating cash flow of 2022Q1 is 683800 yuan (+ 100.55%), the asset-liability ratio is 37.70% (+ 0.95pct), and the monetary funds on hand are 2.146 billion yuan (+ 26.87%). The overall performance is still sound.
Investment advice: the company suffered a large decline in performance due to insufficient downstream demand in the first quarter, and the demand of the cement industry is expected to pick up in the second quarter. There is a lot of room for urbanization in Jiangxi, and the policy is good for infrastructure investment. As a leading enterprise in the cement industry in Jiangxi, the company may enjoy the dividend of regional construction.
It is estimated that from 2022 to 2024, the company's revenue will be 150.99 yuan, 160.82 yuan and 17.16 billion yuan respectively, and its net profit will be 17.13,18.65 and 1.984 billion yuan respectively, corresponding to 5.14,4.72,4.43 times of PE.
Risk tips: lower-than-expected demand for infrastructure and real estate, soaring coal prices, and so on.