Event: Hangxiao Steel structure publishes its 2022 semi-annual report. The company's 22H1 realized total operating income / return net profit / deducted non-net profit 460.190 million yuan, compared with the same period last year. + 6% Universe 4% Universe 35% 22Q2. The company realized total operating income / return net profit / deducted non-net profit of RMB 130,000,000, respectively, and compared with the same period last year, + 2%, 48% and 29%, respectively.
Comments:
With the high growth of orders, the completion of the increase will help the layout of new production capacity. 22H1, the total contract value of the company / steel structure / Wanxian Green Construction is 100 million yuan in 81-53-26, which is 33% higher than that of the same period last year. During the reporting period, the company completed the fixed increase, raising a total of 830 million of funds, and will invest in the new Dajiangdong green prefabricated building intelligent manufacturing demonstration base in Qiantang New District of Hangzhou City. After the completion of the project, it will form an annual production capacity of 450000 tons of steel structure products and 2.5 million square meters of enclosure products, which is expected to further enhance the company's production capacity and competitive advantage in the field of green prefabricated steel structure construction.
Increase capital Hete Optoelectronics, the newly signed order gradually increased volume: in July 21, the company increased capital into Hete Optoelectronics, obtained 51% of the shares and became the controlling shareholder; during the reporting period, the company increased capital again. At present, the company holds 65% of the shares of Hete Optoelectronics. In November, 21, the first intelligent production line with an annual output of 1 million square meters of BIPV was officially put into production. During the reporting period, Hete Optoelectronics newly signed the Yuguang complementary photovoltaic project in Huanghua City, Hebei Province, and the BIPV procurement project of Hangzhou West Railway Station. As of August 26, 2022, the cumulative contract amount of newly signed projects this year was 38 million yuan.
Gross profit margin and cash flow improved year-on-year: 22H1, the company's comprehensive gross profit margin of 14.91%, year-on-year + 0.35pct; of which 22Q2 gross profit margin of 15.1%, month-on-month + 0.5pct, the margin improved. 22H1, the company's operating net cash flow-420 million yuan, year-on-year + 80 million yuan, year-on-year improvement is mainly due to the increase in accounts payable compared with the same period last year.
Profit forecast, valuation and rating: Hangxiao Steel structure has a strong competitive advantage in the field of steel structure engineering, and 22H1 steel structure orders are growing rapidly; at the same time, the company's active layout in the BIPV field may contribute new revenue and profit growth points for the company. Maintain the forecast of the company's 2022-2024 net profit of 500 million yuan, 610 million yuan and 710 million yuan. The current price corresponds to the 2022 dynamic price-to-earnings ratio of 23x, maintaining the "overweight" rating.
Risk hint: downstream steel structure demand is less than expected risk, upstream steel price rise risk, order execution is not as expected risk, epidemic repeated risk.