Core ideas:
Event: fresh Environment released the 2021 Annual report and the first Quarterly report of 2022: revenue of 6.88 billion yuan in 21 years, an increase of 46.34% over the same period last year; net profit of 568 million yuan (deducted from 500 million yuan), an increase of 66.70% (deducted from 196.87%). In the first quarter of 22, revenue reached 1.818 billion yuan, an increase of 103.37% over the same period last year, and the net profit returned to the mother was 116 million yuan (deducted 110 million yuan), an increase of 1.68% (deducted from 40.83%).
The company's profitability has improved significantly. The company's gross profit margin in 2021 was 22.6%, an increase of 8.4pct over the same period last year, and a net interest rate of 9.3%. The company achieved breakthroughs in a number of businesses in the past 21 years, and its profitability improved significantly. During the period of the company, the expense rate was 13.54%, an increase of 2.06pct over the same period last year; among them, the sales / management / R & D / financial expense rate was 0.92pm 5.06pm 2.46pm 5.10%, and the year-on-year change was-0.07pm 1.31pm qty 1.40pctjue 21 years of new water environment business led to an increase in management and financial expense rates. The net cash flow generated by operating activities was 290 million yuan, a decrease of 47.78% over the same period last year, mainly due to the increase in accounts receivable for some of the company's engineering projects.
The stock business continues to break through to ensure the stable operation of the company. Engineering business sector, signed contract orders of 4.587 billion yuan in the whole year, including 814 million yuan for electric power, 1.689 billion yuan for non-electric power, and 2.084 billion yuan for new energy projects. Atmospheric operation business by the end of 21 years to undertake thermal power project coal-fired unit capacity of more than 290 million kilowatts, units more than 1100 sets, the operation of desulphurization, denitrification and other franchise projects, the total installed capacity of 15200MW, for many years are in the forefront of the industry; the total capacity of small boilers exceeds 107 million tons per hour, and the total iron and steel capacity exceeds 6800 square meters. In the resource utilization sector, Chifeng Boyuan has achieved an annual output of 126200 tons of hydrogenated oil, 30000 tons of phenols and 122500 tons of methanol through technological transformation. Energy-saving business sector, there are 16 existing waste heat power generation molecular companies EMC business stable operation, through equipment upgrading and personnel management optimization, successfully completed the task target.
Expand the incremental business to enhance the comprehensive competitiveness of the company. During the reporting period, the company also expanded in a number of areas. In terms of water affairs, with the successively joining of Deepwater Consulting and Guorun Water Affairs, the company has formally entered the field of municipal water, expanding the company's coverage in water environment treatment and urban environment comprehensive services, with 34 water supply and drainage operation projects. the annual water supply is about 180 million cubic meters and the sewage treatment capacity is about 49000 million cubic meters. In terms of hazardous waste, Xinjiang Jinpai project is the company's first mature hazardous waste disposal project, with a total construction approval of 278,000 tons per year, including 3.2 million cubic meters of flexible landfills, while bringing performance growth points. to provide mature experience for the follow-up construction and operation of comprehensive disposal and utilization of hazardous waste. In addition, the Ya'an and Dazhou hazardous waste comprehensive disposal projects advance the construction progress in accordance with the plan, laying the foundation for normal operation. In the field of ecological restoration, the company participates in Tianshengyuan and officially enters the environmental monitoring and testing industry and ecological restoration field, which is conducive to the expansion of business to the front-end monitoring of the industrial chain, pollution source analysis and other fields.
Investment suggestion: it is estimated that the net return profit of 2022 PE 2023 will be 1.051 billion yuan per share, the corresponding PE will be 0.51 billion yuan per share, and the corresponding PE will be 0.75 yuan per share.
Risk hints: the risk that the project production schedule is not as expected; the risk that the epidemic leads to the slowdown of production and operation; the risk of industry policy change; the risk of intensified competition in the industry.