Events:
The company released its mid-2022 report. In the first half of the year, the company achieved operating income of 1.637 billion yuan, an increase of 19.60% over the same period last year, a net profit of 71 million yuan, an increase of 25.80%, and a non-return net profit of 65 million yuan, an increase of 15.82% over the same period last year.
Comments:
Construction metal enclosure leading enterprises. Founded in 2001, headquartered in Beijing and listed on the Shanghai Stock Exchange in 2016, the company is a leader in the domestic construction metal enclosure industry, and the only domestic company listed on the motherboard focusing on metal enclosure. The company currently has three main businesses: high-end construction metal maintenance system, BIPV, and comprehensive management of environmental protection, with revenue contributions of 80.63%, 9.08% and 10.22% respectively in the first half of 2022.
Revenue has grown rapidly and profitability has partially recovered. In the first half of 2022, the company vigorously promoted BIPV and other businesses, the volume of business increased, revenue grew rapidly by 19.60% compared with the same period last year, and the net profit rate of sales reached 4.31%, which increased 0.20pct over the same period last year, and profitability stabilized and rebounded.
The main industry of construction metal enclosure has a solid market position. The company provides engineering contracting services for the whole process of construction metal enclosure system from design consultation, material processing to installation and construction, with a total project performance of more than 2500, covering an area of 200 million square meters, and has the richest product line and flexible product adjustment ability in the industry. It is the "invisible champion" in the industry and has a stable market position.
Driven by dual-brand strategy, a comprehensive transformation to BIPV. 2022 is the company's dual-brand strategy driving year, the company and Longji Green Energy joined hands to jointly promote BIPV production and research, sales, delivery, and achieved good results, signed a national base photovoltaic project, and signed strategic agreements with Sankeshu Group, Xugong Group, Shanzhong Group, etc. In the first half of the year, the company won 21 photovoltaic projects with an amount of 2.315 billion yuan, an increase of 25.13% over the same period last year. With the continuous promotion of the dual-carbon strategy, the company's BIPV business may continue to release performance increments.
Coverage for the first time, giving a "overweight" rating. It is estimated that from 2022 to 2024, the EPS is 0.39, 0.55, 0.74 yuan, and the corresponding PE is 77.88, 55.30 and 41.38 times.
Risk Tip: market expansion risk, payback risk, company performance below expectations