Main points of investment
Saint shares released the 2021 annual report and the first quarter report of 2022: the company's annual operating income in 2021 was 3.14 billion yuan, down 0.41% from the same period last year; the net profit was 33 million yuan, down 82.02% from the same period last year; and the net profit after deducting non-return was 29 million yuan, down 84.10% from the same period last year. In the first quarter of 2022, the company achieved operating income of 612 million yuan, an increase of 0.75% over the same period last year; net profit of 41 million yuan, down 10.38%; and net profit of 41 million yuan, down 10.86% from the same period last year.
The company achieved business income of 3.14 billion yuan in 2021, down 0.41% from the same period last year, and the revenue scale declined slightly, mainly due to the slowing down of revenue growth of construction metal enclosure system and the sharp decline of business income of sound barrier system.
The company achieved a comprehensive gross profit margin of 17.31% in 2021, down 0.93 percentage points from the same period last year. In 2021, the company achieved a net interest rate of 1.00%, down 4.79 percentage points from the same period last year. The decline in net interest rate was significantly larger than that of gross profit margin, mainly due to the increase in expense rate and impairment provision during the period.
The company's assets plus credit impairment losses in 2021 totaled 181 million yuan, accounting for 5.77% of the income end, accounting for 3.84% higher than the same period in 2020. The increase in impairment provision is mainly due to the liquidity risks of individual customers such as Zhongwang Group and brilliance Gold Cup, which lead to the postponement of commercial acceptance and the slow payment of funds.
Profit forecast and rating: optimistic about the development of BIPV business under the combination of Saint shares and Longji shares.
We adjust the company's profit forecast and expect the company's net profit from 2022 to 2024 to be 425 million yuan, 689 million yuan and 838 million yuan respectively, and the closing price on April 29 will be 37.0,22.8,18.8 times respectively, maintaining the "prudent overweight" rating.
Risk hint: BIPV market space is less than expected risk, project schedule is not expected risk, silicon and steel and other raw material prices significantly increase risk, increased competition led to a substantial decline in BIPV profit level risk.