The company announces 22 and a half years' annual report, 22h1 income 4.59 billion yuan, yoy+5.8%; return net profit 190 million, yoy+3.8%; deducts non-return net profit 110 million, yoy-34.8%. 22q2 single-quarter company income 2.54 billion yuan, yoy+2.5%; return net profit 130 million, yoy+47.6%; deduction non-return net profit 60 million, yoy-29.0%. The company also announced 22-and-a-half-year operating data, 22h1 company signed a new contract value of 8.08 billion yuan, yoy+35.7%;22q2 single-quarter new contract value of 3.46 billion yuan, yoy-0.0%.
Steel structure revenue continues to increase rapidly, and building materials products enter the harvest sub-business. 22h1's multi-and high-rise steel structure / light steel structure / service industry / building materials products earn RMB 350,000,000, respectively, and yoy-1.6%, 44.2%, 21.5%, 47.0%, respectively. From the point of view of newly signed orders, the newly signed contracts for steel structure manufacturing and installation / building materials sales / design services / Wanxian Green Construction of 22h1 Company are 53.1 and 0.2 billion yuan respectively, and yoy + 35.6% 206.6% and 1.3% and 33.3% respectively. In a single quarter, 22q2 signed 27.5, 0.7, 0.1, and 600 million, respectively, and yoy, + 0.2%, 247.3, 111.1, 45.4, respectively (vs 22q1 yoy + 57.2, 143.3, 47.8, 139.8). The newly signed income of steel structure and building materials has increased rapidly, reflecting that the prosperity of the steel structure industry is still high. Up to now, the company has 15 steel structure production bases under construction, and began to carry out the "second phase expansion" of the existing production base in 21 years, while raising funds will be completed in 22 years. After the completion of the project, it can form an annual production capacity scale of 450000 tons of steel structure products and 2.5 million square meters of enclosure products. We believe that capacity expansion may effectively support the sustainable growth of the main steel structure industry.
The comprehensive gross profit of 22h1 company is 14.9% yoyboy 0.4 pct; the expense rate is 11.3% memoyoymilk 1.7 pct; and the net profit rate of returning to the mother is 4.1% mai yoymi 0.1 pct. 22q2 single-quarter gross profit is 15.1% precinct yoyboy 1.5pct; expense rate 10.6% precinct yoymilk 1.8pct; return to the mother net profit rate 5.3% precinct yoyboy 1.6pct. The profitability of 22q2 has been repaired to a certain extent, and the company strives to sign open contracts or material compensation clauses, as well as the advantages of Wanxian Green Construction platform or gradually consolidate the ability to control the procurement cost of raw materials, and is optimistic about the improvement of the company's profitability.
In view of the implementation of equity incentives by Hete Optoelectronics, BIPV performance releases the number of 500-10 million shares to be bought back by Kinetics for the stock ownership plan of the key senior management and core staff of Hete Optoelectronics. The performance evaluation index is "the shareholding plan is considered and approved by the shareholders' meeting to achieve high conversion efficiency perovskite / crystalline silicon thin film laminated battery 100MW pilot production within 12 months from the date." And the battery conversion efficiency is more than 28%. The net profit in 2023 is not less than 50 million yuan, and the net profit in 2024 is not less than 100 million yuan. The company and 21-year capital increase holding Hete Optoelectronics (51%), 2021 Universe 11 Hete Optoelectronics's first intelligent production line with an annual output of 1 million square meters of BIPV, has been officially put into production in Xiaoshan Industrial Park. We believe that the company implements employee stock ownership plan for Hete Optoelectronics, which reflects its determination and executive ability to develop BIPV business, and the pace of follow-up performance release is worth looking forward to.
Be optimistic about the continuity of subsequent growth and maintain the "buy" rating
The company's traditional steel structure main production capacity expansion to maintain intensity, Wanxian Green Construction may gradually enter the harvest period, holding Hete Optoelectronics to enter the BIPV is expected to bring more room for growth, while equity incentives stimulate growth vitality, we maintain the previous performance forecast, it is estimated that the 22-24 year net profit of homing will be 5.1ppb 6.6 yuan and yoy + 23.1% plus 15.9% 11.8% respectively. Maintain a "buy" rating.
Risk hint: BIPV business is not as expected, steel prices are rising faster than expected, and orders are not as expected.