Event: the company publishes its 2022 semi-annual report. During the reporting period, the company achieved revenue of 1.14 billion yuan, an increase of 2.37% over the same period last year, a net profit of 218 million yuan, an increase of 2.91% over the same period last year, and a deduction of 212 million yuan for non-net profit, an increase of 3.88% over the same period last year.
The performance has increased steadily, and the survey and design has increased rapidly. In the first half of 2022, the company achieved revenue of 1.14 billion yuan, an increase of 2.37% over the same period last year. Of this total, revenue in the province was 896 million yuan, up 6.97% over the same period last year, while revenue from businesses outside the province was 242 million yuan, down 11.77% from the same period last year. The revenue of survey and design business was 852 million yuan, an increase of 26.52% over the same period last year. The revenue from project contracting reached 215 million yuan, down 42.77 percent from the same period last year.
The company realized a net profit of 218 million yuan, an increase of 2.91% over the same period last year. During the reporting period, the company's gross profit margin was 38.3%, an increase in 4.94pct compared with the same period last year. The company's net interest rate was 19.18%, an increase of 0.12pct over the same period last year.
The growth rate of new contracts for engineering general contracting business is relatively fast. In the first half of 2022, the newly signed contracts of the company totaled 1.41 billion yuan, down 14.18% from the same period last year. Of this total, 1.171 billion yuan was newly signed in the province and 231 million yuan outside the province. The company not only relies on Gansu Tiancheng, Sichuan Tianji, Hangzhou Tianda, Guangdong Branch, Hunan Branch and other overseas organizations to radiate the traffic engineering market of the surrounding provinces, but also actively expand the overseas market, winning the bid for the reconstruction and expansion of the expressway from Tuamasina Port to National Highway 2 in Madagascar and the bridge construction drawing design of the first section of RNS5 National Highway. Affected by the epidemic, the company signed 963 million yuan in new contracts for survey and design business, down 24.05% from the same period last year, and 109 million yuan for project management business, basically the same as the same period last year. The newly signed contracts for project general contracting business totaled 332 million yuan, an increase of 24.81% over the same period last year, as the company successfully won the bid for Anhui Service area sewage treatment Project Comprehensive improvement Project (EPC) and the third batch of municipal engineering design and construction integration projects in Hefei High-tech Zone in 2022. In terms of the development of new areas, the newly signed contracts for the company's urban construction business are 117 million yuan, those for digital intelligence business are 8.5656 million yuan, those for project rehabilitation and maintenance business are 9.886 million yuan, and those for civil aviation airport business are 21.87 million yuan.
Anhui capital construction investment has benefited. In 2022, Anhui Province will appropriately carry out infrastructure investment in advance. Anhui Province plans to invest 1.65724 trillion yuan in key projects in 2022, vigorously implement special investment in roads, waterways and airports, and strive to complete an investment of more than 100 billion yuan. In terms of highway construction, we will vigorously promote the construction of 16 expressway projects, and the mileage of expressways under construction is expected to reach more than 2700 km. In terms of waterway construction, we will vigorously promote the regulation of deep-water waterways in the Wuyu reach of the Yangtze River and the reach from Jiangxinzhou to Wujiang River. speed up the construction of the Yangtze-Huaihe shipping project, realize the Yangtze-Huaihe communication, and speed up the construction of waterway regulation projects for tributaries such as the Huaihe River and the Wohe River. In terms of airport construction, we should grasp both transport airport construction and general airport construction, seize the pilot opportunity of low-altitude airspace management reform, build three general airports in Dangshan, Feidong and Sixian this year, and speed up the preliminary work of general airports such as Jixi, Feixi and Guzhen.
Investment suggestion: the company's 2022 revenue is expected to be 2.738 billion yuan, a year-on-year increase of 16.16%, a year-on-year increase of 447 million yuan, a 15.15% year-on-year increase of 15.15% per share, and a corresponding share price PE of 10.28 times.
Rating.
Risk hints: the risk that the newly signed order will fall short of expectations; the risk that the COVID-19 epidemic will affect the progress of the project; and the risk that the recovery of accounts receivable will not be as expected.