Fixed growth in 2022: the company's revenue in 2022 was 2.679 billion yuan, an increase of 22.04% over the same period last year. Of this total, sales revenue increased by 20.89%, mainly due to the increase in the number of new production machines and the increase in sales data caused by the increase in the average number of hours. The company's income from expenses and other services increased by 13.99% and 41.77% respectively compared with the same period last year. The profit attributable to the holders of rights and interests of the company in 2022 increased by 10.7% over the same period last year. The company pays a dividend of 3.5 Hong Kong cents per share for the whole year.
The transformation of projects and the improvement of recycling have led to a substantial increase in cash flow: the company added a flat project with a capacity of 1062 megawatts for the whole of 2022 and sold 189megawatts of luxury projects. At present, the proportion of low-cost projects in the company has increased from 42% to 60%. The increase in flat projects has not only reduced the company's reliance on recycling, but also improved the project profit level. in 2022, the company spent an average of 2543 hours per hour, an increase of 5.5 percent over the same period last year, which is 322 hours higher than the national average. Thanks to the implementation of the relevant policies of the state, the company has improved its recycling. A total of 670 million yuan was refunded from the company's holding project in 2022, an increase of 319% over the same period last year. The number of holding items decreased by 39% compared with the same period last year. The continuous improvement of the company's project structure and the great improvement in payback contributed to a substantial increase in the company's cash flow, which increased by 84.14% in 2022 compared with the same period last year.
The company's project equipment is rich, and the project return rate remains at a high level: in 2022, the company's project equipment continues to improve, with an annual construction index of 1355 MW, a new approval of 1556 MW, and a new state approval of 4000 MW. The project equipment is mainly located in areas with good geological resources, such as Heihengjiang and Hunan. According to the current construction cost, the company's average project return rate will remain above 20%.
The company is currently building a total of 2.12 gigawatts of projects, and aims to reach 4.8 gigawatts by the end of 2023, and the proportion of future projects will gradually increase to 80%.
The target is HK $1.24 and maintained at the advanced level: the company will still be able to achieve a steady increase in earnings in 2022 in the face of general poor conditions. however, the overall structure of short-term domestic cases has had a certain impact on profit growth, but with the gradual increase in the data of new projects, future profits will be revised one by one.
We predict that the company is expected to maintain an average annual growth rate of 1.1 gigawatts, coupled with the fact that new aircraft production in 2022 will be concentrated on Q4, which will be realized in 2023. We expect the company's parent profit in 2023-2025 to be billion yuan in 13-17-22, a year-on-year increase of 3725,000,000 yuan. We maintain a target of HK $1.24, which corresponds to 7 times PE,2023 and 0.9 times PB in 2023, with 63% rising space.
Negative factors: the number of new opportunities is not as expected, the demand for power is not as expected, and the number of Internet users has dropped significantly.