The operating data continued to improve in the fourth quarter. The annual operating income of the company in the past 20 years, the net profit attributable to the shareholders of the parent company and the net profit attributable to the shareholders of the parent company were 3.218 billion yuan, 307 million yuan and 253 million yuan respectively, representing year-on-year changes of 0.24%,-6.58% and-7.27%, respectively. In the fourth quarter alone, the company's 20-year Q4 revenue growth rate was 11.48% year-on-year, which was higher than-24.44% in 20-year Q1 and-0.64% in 20-year Q2 and 8.48% in 20-year Q3, reflecting the continuous improvement of the company's business in the fourth quarter. From the perspective of profit, since the transfer of 19-year long-term equity investment took place in the fourth quarter, after deducting the non-comparable factors of long-term equity investment transfer, the net profit of the shareholders of the company belonging to the parent company in 2020 increased by 9.43% compared with the same period last year, higher than the 1.5% level of Q1-3 in 20 years. It can also confirm the continuous improvement in operation in the fourth quarter.
The efficiency of the use of funds has been improved, and the operating cash flow has been greatly improved. The net cash flow generated by the company's 20-year operating activities was 759 million yuan, a substantial increase of 234.65% compared with 227 million yuan in 19 years. The increase in operating cash flow was mainly due to an increase in notes payable due to an increase in bank acceptance drafts. Notes payable at the end of the 20th year was 435 million yuan, an increase of 426 million yuan compared with 9 million yuan at the end of 1919. At the same time, the company's accounts receivable and bills receivable at the end of 20 years did not change much compared with those at the end of 199. at the end of the 20th year, bills and bills receivable were 499 million yuan and 689 million yuan respectively, with year-on-year changes of-10.93% and 9.01%, respectively. There has been a substantial increase in the number of projects payable and the overall stability of receivables, and we believe that the operating efficiency of the company's funds has been enhanced.
Compared with the first half of 20 years, the company's domestic retail channels and engineering channels recovered faster in the second half of the year. In the past 20 years, the company's annual income from retail channels, engineering channels and foreign sales was 1.591 billion yuan, 820 million yuan and 773 million yuan respectively, accounting for 49.96%, 25.75% and 24.28% of the main operating income respectively, with year-on-year changes of 0.27%, 11.87% and-10.01%, respectively. Retail and engineering channels gradually recovered in the second half of the year, compared with the year-on-year changes of 16.37%, 0.89% and-11.75% in retail, engineering and foreign sales disclosed in the semi-annual report.
We believe that 20 years is the first year of the company's endogenous optimization, and it is expected that the subsequent operating data will continue to improve. From the company's retail and engineering channels, we can see that positive changes have taken place in the company. Retail "Huida" for 20 years
Brand bathroom products opened 329 new version 6.0 stores in the whole year, 197 new stores in the blank market, and 2243 domestic stores by the end of December. The engineering end company has reached strategic cooperation with R & F Real Estate, Poly Development Holdings, Wanda Group and Cosco Holdings. At the same time, major breakthroughs have been made in the key projects of Xiongan New area and the Beijing Winter Olympic Games, providing a strong guarantee for the growth of the engineering side in the past 21 years.
Profitability and valuation. We estimate that the company's EPS in 2021-2023 will be 1.03,1.35,1.69 yuan per share respectively, which is 18.3 times the median forecast PE of listed companies in 2021. Considering that the company has good operating cash flow and stronger anti-risk ability in the industrial chain, we give the company a forecast PE of 18-20 times in 2021, corresponding to a reasonable value range of 18.54-20.60 yuan per share in 2021, which is "better than the market" rating.
Risk tips. The acceptance of domestic brands by engineering customers is lower than the expected risk.