The company issues 21 annual report and 22 quarterly report. 21fy's income is 3.14 billion, yoy-0.4%; 's net profit is 33 million, yoy-82.0%; 's 21q4 income is 1.05 billion, yoy+10.1%; 's net profit is-52 million.
21fy performance slightly exceeded the median of the previous performance forecast range, in line with expectations. The income of 22q1 company is 610 million, and the net profit of yoy+0.8%, is 41 million. Yoy-10.4%, roughly reflects the impact of the epidemic on the pace of project progress and the higher cost rate of the company's layout of new business.
The income growth, profitability and downstream payback of 21fy and 22q1 companies may be affected by the epidemic. There is some pressure on the income growth of 21fy and 22q1. We speculate that it reflects the impact of the epidemic on the pace of project progress.
The amount of project contracts signed by 21fy Company reached 4.21 billion, and the amount of orders on hand at the end of yoy+11.7%,21fy was 3.01 billion, which was 0.96 times the income of the same period. The comprehensive gross profit margin of 21fy company is 17.3% yoymur1.1 PCT 21q4, and the gross profit margin of 22q1 is 16.2% and 19.5% respectively. The gross profit margin continues to be under pressure, which is presumed to be related to promoting the change of project structure and increasing epidemic prevention expenditure. The impact of the impairment of 21fy is greater (the total impairment loss of 21fy is 180 million, accounting for 5.8% of the income, due to the passive increase in the age of accounts receivable due to the lengthening of the settlement cycle under the background of the epidemic, and individual customers such as Zhongwang Group, a real estate customer, brilliance Golden Cup, etc.), dragging down the company's 21fy net interest rate yoy-4.8pct to 1.0%. 22q1's parent net interest rate is 6.7%, which is roughly back to the normal level of previous years. At the end of 22q1, the asset-liability ratio of the company is 47.8% yogurt 1.5 pct, of which the interest-bearing debt ratio is 25.6% yoymuri 5.3 pct. The turnover days of the two gold deposits of 21fy and 22q1 companies are 433 USD 580 days and yoy+51/+34 days respectively, and there is some pressure in the payback stage.
Cooperate with Longji to enter the deep water area, BIPV products are iterated rapidly, orders are reported frequently, 21fy and Longji sign a strategic cooperation agreement, and achieve a more in-depth binding at the equity level, and join hands to enter the broad market of BIPV. The company previously disclosed the estimated 22fy related party transaction quota announcement, of which the tax purchase amount of 22fy from Longji's enterprises is estimated to be 2.5 billion. 22fy's ambitions for BIPV business development should be paid attention to.
Recently, the company acquired 100% equity interest in Longji Green Energy Photovoltaic Engineering Co., Ltd. with 68.49 million in cash, and the industrial and commercial change has been completed. since then, Longji shares and the company's new photovoltaic integration projects in the field of metal enclosure have been undertaken / implemented / delivered by the company. Each other is the only partner in this field, clearing the possible obstacles to competition in the same industry. 21fy takes the lead in launching the industry-leading building photovoltaic integrated metal roofing system (Longding II and III series), which not only has excellent photovoltaic power generation functions, but also takes into account the complete building material properties (class A fire protection, typhoon resistance, perfect sealing performance and super bearing capacity), and the system can ensure the same life of 25 years as the photovoltaic system. Since then, the company has successively established in-depth cooperative relations with Jian Yi Group / Sanguishu Group / Xugong Group / Shanzhong Group. 21fy won the bid on behalf of the BIPV project, including Lexi Haier photovoltaic project; on 2022-03-07, the company announced that the wholly-owned subsidiary Saint Green Energy Shandong heavy Industry Group roofing distributed photovoltaic power generation project, the amount of money 800 million, the construction period is 150calendar days.
BIPV business began to develop, the pace of growth is worthy of attention, to maintain the "increase" rating to consider the impact of the epidemic on the construction progress of some of the company's projects, etc., we slightly downgrade 22x23 company's return net profit forecast to 40Uniqpx 6.2 million (the previous value is 42pm 690 million), the new 24-year return net profit forecast is 840 million, 23 / 24 yoy + 53% plus 36% respectively, the company's photovoltaic construction project progress is better than expected. Maintain "increasing holdings"
Rating.
Risk hint: the newly signed order is lower than expected, the payback risk, and the effect of cooperation with Longji is worse than expected.