Company announcement 22 and a half annual report, 22h1 company income of 1.64 billion yuan, yoy+19.6%; return net profit of 70 million yuan, yoy+25.8%; deducted non-return net profit of 60 million yuan, yoy+15.8%. The single-quarter income of 22q2 is 1.02 billion yuan, the net profit of yoy+34.6%; is 30 million, and the net profit of yoy+183.4%; is 20 million, yoy+133.1%. Revenue and profits are growing rapidly.
The rapid increase in BIPV revenue led to a rapid increase in revenue, and the profitability of 22q2 greatly improved the income sub-business. 22h1's construction metal enclosure system / sound barrier system / soil treatment / BIPV business earned 13.2 pounds per cent, respectively, and the construction metal enclosure system / sound barrier system / soil treatment income yoy accounted for 9.1 per cent of the company's revenue. From the point of view of new signing, 22h1 added 78 bids, including 50 in architectural decoration, 7 in environmental protection, 21 in photovoltaic, and 2.315 billion yuan in new bids, with yoy+25%, better supporting the prospect of follow-up revenue growth. The income of the traditional main business has increased steadily, and the BIPV business has made a good contribution.
22h1's comprehensive gross profit margin is 17.0% yoymure 1.7pct; single 22q2 gross profit margin is 15.5% yoymuri 2.4pct.
The gross profit margin is under pressure at the stage, or because there are more stages of epidemic prevention expenditure. The expense rate of 22h1 company during the period is 10.6% precinct yoymilk 0.6 pct, in which the sales / management / R & D / financial expense rate is 2.5%, 3.3%, 3.6% and 1.2%, respectively, + 0.5/-0.1/+0.6/-0.4pct. The impact of impairment loss decreased, investment income increased, 22h1 suffered an impairment loss of 30 million yuan, accounting for 1.8% of income (vs 21h1 accounted for 2.7% of income), and investment loss of 3 million yuan, accounting for 0.2% of income (vs 21h1 investment loss accounted for 0.7% of income). Under the comprehensive influence, the net interest rate of 22h1 company was 4.3% homing profit 0.2pct, and the net interest rate of single 22q2 homing was 2.9% 22q2 1.5 pct.
With the comprehensive development of BIPV transformation, the signing of the strategic cooperation agreement and the landing of orders accelerated the signing of the strategic cooperation agreement between 21fy and Longie, and achieved a more in-depth binding at the equity level, and joined hands to enter the broad market of BIPV. The close cooperation between the two sides in equity, company merger, customer visit and contract signing will continue to consolidate the company's capacity in BIPV project undertaking, design, operation and delivery. 22h1 continues its rapid strategic layout by signing strategic agreements with key customers such as Beixin Building Materials, the largest green building materials group in the country, and China Chemical Industry Guilin (CGEC), a subsidiary of China Chemical Industry. After signing a strategic agreement with Shanzhong Group, 22h1 won the bid for the roofing distributed photovoltaic power generation project of Shanzhong Group, with a project amount of 799 million yuan, which is the first large-scale BIPV order since the company entered the BIPV field, marking the landing of the company's BIPV large-scale projects one after another.
The growth prospect should be paid attention to, and the rating of "increasing holdings" should be maintained.
The company is the domestic construction metal enclosure leading enterprise, the main business advantage position is stable. Driven by the "dual-brand" strategy, the company has made continuous progress in accelerating the transformation of the BIPV field, and is expected to benefit from the BIPV boom.
To maintain the pre-profit forecast, it is estimated that the company's return net profit for 22-24 will be 40.2max 840m, yoy + 53% for 23max for 24 years, 36% respectively, the progress of the company's photovoltaic construction project is better than expected, and the "overweight" rating is maintained.
Risk hint: the newly signed order is lower than expected, the payback risk, and the effect of cooperation with Longji is worse than expected.