加强“双碳”布局，优化产品结构：公司于2022 年下半年完成对捷碳科技的投资并购，将业务进一步延伸至“双碳”领域。捷碳科技的业务主要涵盖碳咨询、碳资产开发与交易（开发项目类别主要包括 VCS、GS和 PHCER），不仅与公司“降碳增效”的产品发展路线相契合，更是公司探索新技术、开展新业务的又一重要枢纽平台。同时，公司坚持自主研发，优化产品结构，2022 年研发投入3226.22 万元，同比+8.98%，研发、技术人员占比超过50%。Incident: The company released its 2022 annual report: In 2022, the company achieved operating income of 789 million yuan, +152.21% year on year; the net profit of the mother was 115 million yuan, +78.63% year on year. The company's annual performance reached a record high, and the quality of operations performed well. Among them, net cash flow from operating activities was 164 million yuan, +172.46% year on year. Basic earnings per share were $1.14, +78.13% year-on-year. It is estimated that a cash dividend of 3.8 yuan (tax included) will be distributed to all shareholders for every 10 shares.
Comment:
Focusing on the main sludge treatment business, the performance reached a record high: the company achieved annual revenue of 789 million yuan, an increase of 152.21% over the same period of the previous year, of which revenue from the low temperature vacuum dehydration and drying integrated technology and equipment business was 384 million yuan, compared to +251.00% in the same period last year. The revenue composition was 48.64%, with a gross profit margin of 46.33%; the waste gas purification technology and equipment business revenue was 40 million yuan, compared to the same period last year - 44.46%, with a revenue composition of 5.09% and a gross profit margin of 32.19%.
Strengthen the “dual carbon” layout and optimize the product structure: the company completed the investment, merger and acquisition of JET Carbon Technology in the second half of 2022, further expanding the business into the “dual carbon” field. JieCarbon Technology's business mainly covers carbon consulting, carbon asset development and trading (development project categories mainly include VCS, GS and PHCER). It not only fits the company's “carbon reduction and efficiency” product development path, but is also another important hub platform for the company to explore new technologies and develop new businesses. At the same time, the company insisted on independent R&D and optimized the product structure. In 2022, the company invested 32.2622 million yuan in R&D, +8.98% compared with the same period last year, with R&D and technical personnel accounting for more than 50%.
The construction of fund-raising projects is progressing rapidly, and high-quality development can be expected: the company is raising capital around its main business, and plans to invest 600 million yuan in the low-temperature vacuum dehydration and drying complete technical equipment expansion project, environmental protection technology and equipment R&D and new construction projects, supplementary working capital, and fixed asset projects in the Sludge Treatment and Disposal Service section of the Laogang Temporary Sludge Storage Depot Area. It has already raised 276 million yuan in 2022 to help the company's medium- to long-term growth in production and sales scale, improve the level of environmental treatment and resource utilization of solid waste such as sludge.
Profit forecast: Maintain the company's “increase in holdings” rating. We predict that in 2023-2025, the company will achieve operating income of 939/11.28/1,331 million yuan respectively, net profit of the parent company will be 134/157/186 million yuan respectively, and PE will be 17.46x/14.90x/12.59x respectively.
Risk warning: technology and product competitiveness falls short of expectations; R&D cycle and returns fall short of expectations; order acquisition and business expansion fall short of expectations; profit forecasting and valuation models fall short of expectations
