Event: the company issued an announcement and signed a "Strategic Cooperation Agreement" with Jiangsu Rituo Photovoltaic Technology Co., Ltd., and the two sides carried out omni-directional and industry-wide in-depth cooperation, including industrial investment and financing, new energy materials and technology research and development, equity cooperation and other fields.
Comments: this cooperation will further accelerate the company's strategic transformation of "EPC+ prefabricated architecture + BIPV". Day care photovoltaic with MWT technology as the core, committed to creating high-end photovoltaic cells and MWT modules, soft components, as the industry benchmark. The agreement stipulates that the two sides will cooperate in four aspects: (1) to establish a joint venture company specializing in the research and production of all kinds of high-end photovoltaic modules, especially the production line of high-end flexible modules, relying on the patent production jointly developed by both sides to meet the market demand; 2. Technical research and development cooperation: the integrated market of photovoltaic buildings will be deeply developed and personalized photovoltaic products will be developed. 3. Supply chain strategic cooperation: daycare photovoltaic plans to provide all kinds of high-end components and other products to the company at competitive prices; 4. Joint expansion and cooperation of building photovoltaic integrated market. This cooperation further promotes the development of distributed photovoltaic power generation and the development of photovoltaic building integrated market.
The chemical fiber business is under pressure, and the company's profits declined in the first half of the year. The company's 22H1 revenue / return net profit was 60.5 million yuan respectively, compared with the same period last year. The revenue / return net profit for Q2 was 33.2 / 130 million yuan, and the year-on-year + 13.4% Acme 38.4%. In the first half of the year, the company's main business steel structure subcontracting / project general contracting / chemical fiber revenue was 1.87 billion yuan respectively, compared with the same period last year. The gross profit margin was 15%, 14% and 4%, respectively. The general contracting business of the project continued to grow at a high speed, the chemical fiber business was under pressure under the influence of the epidemic situation and foreign situation, and the company's performance fluctuated in the first half of the year.
The company actively promotes the integrated layout of construction and photovoltaic, and realizes the strategic transformation of "prefabricated architecture + BIPV". In terms of engineering, the company creates a "assembly +" model to improve the level of intelligent manufacturing. According to the company's operating data in the second quarter, the total value of newly signed contracts and bid-winning projects in the construction business in the first half of the year totaled 14.375 billion yuan, an increase of 20.35% over the same period last year. In the field of photovoltaic companies to carry out photovoltaic power generation business and BIPV general contracting project construction. According to the company's announcement "Investor Relations activity record form of July 6, 2022", many customers are already consulting and negotiating. The first phase of the project signed in the first quarter is initially estimated to be 101.31MWp, with a total investment of about 382 million yuan.
Coverage for the first time, giving the company an "overweight" rating. It is estimated that the company's net profit from 2022 to 2024 will reach 5.2,6.2 and 750 million yuan respectively, an increase of 5%, 20% and 20% over the same period last year, with a corresponding valuation of 19,16 and 13 times.
Risk tips: downstream demand falls short of expectations; performance forecasts and valuation judgments fall short of expectations
