The company's 21-year net profit deducted from non-return increased by 21.8% compared with the same period last year. According to the company's annual report, the revenue in 21 years was 13.68 billion yuan, + 6.2% compared with the same period last year; the net profit returned to the mother was 2.58 billion yuan,-7.1% compared with the same period last year; and the non-return net profit was 2.54 billion yuan, + 21.8% over the same period last year. Of these, the company's 21Q4 realized revenue of 1.31 billion yuan, year-on-year-55.9%; net profit of 450 million yuan,-17.9%; and deduction of non-return net profit of 400 million yuan, + 16.6% of the same period last year. The decline in the performance of 21Q4 is mainly due to the high and low sales of domestic commercial vehicles in the past 21 years, the strong demand in the domestic commercial vehicle market in the first half of the year and the decline in the second half of the year. In 21 years, the company's investment income accounted for 70.7% of the operating profit, and its joint ventures RBCD and Zoomlion achieved net profits of 32.4 yuan and 1.7 billion yuan respectively, which were-7.8% and + 10.4% respectively compared with the same period last year. In 21 years, the company made a self-operating profit of 850 million, which was + 43.6% compared with the same period last year.
The company has abundant funds and intends to pay dividends + buybacks. According to the company's annual report, at the end of 21, monetary funds + notes receivable + accounts receivable financing + other current assets + transactional financial assets totaled 10.02 billion yuan, with an asset-liability ratio of only 28.63%, interest-bearing debt / total invested capital of 6.87%, and long-term capital-liability ratio of only 2.40%. According to the company's annual report, the company plans to distribute cash dividends totaling 1.61 billion yuan, with a 21-year dividend rate of 62.7%, year-on-year + 8.1pct. According to the announcement on the plan to buy back some A shares of the company, the company intends to buy back 3.625-725 million yuan of shares, equivalent to 14.1% of the company's 21-year net profit. The total amount of buybacks and dividends accounts for 76.7% of the company's 21-year net profit.
Profit forecast and investment suggestions: the company has high product barriers, sound operation, and the stability of profits and dividends can be expected. the equity incentive plan will fully mobilize the enthusiasm of the company's senior management and core personnel and make it more consistent with the interests of shareholders. Taking into account the impact of non-recurring profit and loss, we adjust the company's EPS in 22-24 to 2.66 EPS to 2.77 PE 2.88 yuan per share, and the current share price corresponds to 7.71 Universe 7.41 plus 7.12 times. Combined with the historical valuation of the company and the PE valuation center of the international parts company in recent years, we give the company 15 times PE for 22 years, with a reasonable value of 39.87 yuan per share, maintaining a "buy" rating.
Risk hints: macroeconomic growth and downstream prosperity are lower than expected; the impact of the epidemic is higher than expected.