Events:
On April 20, Metro Design released its first quarter 2021 results report, the company realized operating income of 513 million yuan, an increase of 29.10% over the same period last year; realized net profit belonging to shareholders of listed companies was 101 million yuan, an increase of 25.75% over the same period last year; basic earnings per share was 0.25, an increase of 13.64% over the same period last year.
Comments:
The growth of performance has accelerated, and the growth channel has been gradually opened up. During the reporting period, the company achieved operating income of 513 million yuan, an increase of 29.10% over the same period last year, and a net profit of 101 million yuan, an increase of 25.75% over the same period last year. Through wide-spread net and multi-channel sales, the company comprehensively distributes the director's triangle, Greater Bay area and Xiongan New area to actively grasp the development of the core business of rail transit engineering consulting, so as to maintain the sustained growth of business performance.
The effect of reducing cost and increasing efficiency is obvious, and attention is paid to R & D innovation investment. During the reporting period, the company's sales expense rate was 2.009%, a decrease of 0.132% over the same period last year, and the management expense rate was 7.45%, a decrease of 3.05% over the same period last year. At the same time, the company's R & D expenditure was 25 million yuan, an increase of 60.05% over the same period last year.
The company has made achievements in reducing costs and increasing efficiency, and the company has increased investment in research and development, accelerated the research on the landing plan of intelligent subway, actively promoted the process of BIM data collaboration and digital transformation, accelerated the transformation of prefabricated scientific research achievements, continuously expanded the innovation platform, and empowered technology improvement.
The contract project will be carried out steadily and seize the opportunity for development. The total amount of major contracts for the daily operation of the company is close to 5.6 billion yuan, and the cumulative recognized income is nearly 2.6 billion yuan. The contract includes Guangzhou, Shenzhen, Fuzhou, Foshan and other related projects, and the project has been implemented smoothly. It can be seen that with the company to pay close attention to policy developments, timely grasp the opportunity to start projects around the country, and gradually undertake and complete other multi-land projects, the company's future performance is expected to continue to grow steadily.
The service quality and efficiency are outstanding, and the comparative advantage is gradually clear. The company has obtained the top certification of AAA, through the omni-directional operation of the quality management system, effectively ensures the company's multi-process, multi-faceted management and control, and realizes the continuous improvement of the fine level of quality management and management efficiency. While ensuring the stable development of the main business, the company hopes to explore the field of energy saving, study the energy saving links of air conditioning, and reduce the energy consumption of strong electricity, so as to expand the advantages of the enterprise and enhance the status of the industry.
Give the company a buy rating. It is estimated that the EPS of the company from 2021 to 2023 will be 1.29 yuan for 0.89 Universe 1.07 Plus.
The corresponding PE is 26.09, 21.67 and 18.12 times.
Risk hint: the landing of the order is lower than expected, and the profit forecast and valuation are lower than expected.