Event
King Kong Glass issues 2021 Annual report 2022 Quarterly report
On April 28, the company released its 21 annual report and 22-year quarterly report. The 21-year income was 321 million yuan, down-2.60% from the same period last year, and the net profit was-202 million yuan, down 53.81% from the same period last year. The revenue of Q1 in 22 years was 79 million yuan, down 11.24% from the same period last year, and the net profit of returning home was-31 million yuan.
Brief comment
Real estate fluctuations in 21 years affect the traditional main business, the impairment is expected to be light the company's traditional main business is steel doors and windows fire profiles and security glass, 21 years due to the decline in the real estate market, the company on the relevant accounts receivable, bills, contract assets for impairment, while the company to develop the transformation of photovoltaic HJT business, intended to control orders, annual performance losses. The total amount of liabilities and impairment of the company is 162 million yuan, including 40 million yuan for litigation, 35 million yuan for long-term idle fixed assets and projects under construction, 74 million yuan for accounts receivable, bills and contract assets, and 13 million yuan for inventory impairment.
In terms of business, the company's security glass revenue in 21 years was 54 million yuan, down 18.25% from the same period last year; revenue from fireproof profiles of steel doors and windows was 190 million yuan, down 5.94% from the same period last year; and revenue from installation projects was 71 million yuan, an increase of 21.22% over the same period last year. The bills and accounts receivable of the company were 288 million yuan, down 85 million yuan from the previous month.
Q1 photovoltaic revenue has increased significantly, business transformation is expected to improve profitability for 22 years Q1, the company's photovoltaic revenue has achieved a breakthrough of 76.01%, Q1 profit decline is mainly due to photovoltaic capacity climbing, profit is expected to significantly improve after the release of capacity.
In addition, the company announced in March that it signed 50MW PERC double glass components with ou Hao. The total amount is expected to be 98.5 million yuan. The contract will take effect until May 31, 22 years. Q2 is expected to contribute to the profit level. In addition to the order, the company expects to sell an additional 480 million yuan of battery modules to ou Hao in 22 years, ensuring steady revenue growth this year.
HJT production line continues to advance, it is recommended to pay attention to the follow-up progress.
On March 12 this year, King Kong HJT went through streaming for the first time. On March 28, it was announced that the highest amorphous efficiency was 24.28%. In early April, VHF modified microcrystal production, and the highest microcrystal efficiency was 24.1%. On April 9, the microcrystal efficiency was optimized. the maximum efficiency was 24.62% on April 19, and the highest efficiency was more than 25%. The first batch of overseas orders were shipped.
According to the news, the company's HJT battery module project, which controls ou Hao 4.8GW, is also actively advancing and is expected to be put into trial production by October this year. The company is expected to form coordination with shareholders in the future, and it is recommended to continue to monitor the progress of HJT.
Profit forecast and investment suggestion: from 2022 to 2024, the company is expected to achieve operating income of 1.522 billion yuan and net profit of 0.26 billion yuan, respectively. The corresponding PE before 2024 is twice as much as that of 238-68-60.
Risk hint: HJT production line construction is not as expected; traditional main business performance is not as expected; industry competition is intensified.