Overview of events
According to the company's annual report for 2021, the company achieved operating income of 14.051 billion yuan in 2021,-6.83% year-on-year; net profit of 181 million yuan,-44.44%; non-return net profit of 38 million yuan,-80.80%; and operating cash flow of 256 million yuan,-89.40% of the same period last year. Of these, 21Q4 achieved revenue of 3.292 billion yuan, year-on-year-34.98%, net profit of 30 million yuan, year-on-year-82.32%, and operating cash flow of 1.157 billion yuan, + 11.04%.
Brief comment
The performance of sectors such as rail transit increased steadily, and the loss of asset impairment affected profits. During the reporting period, the rail transit board realized sales revenue of 3.175 billion yuan, year-on-year + 16.05%, net profit of 446 million, year-on-year + 22.46%, continued to shoulder the company's mission of steady growth, market development steadily. The wind power board realized sales revenue of 5.098 billion yuan,-25.93% compared with the same period last year, with a net profit of 270 million yuan and a net interest rate of 5.4%. Although revenue declined, there was a significant increase compared with 2.325 billion yuan in sales before rush installation in 2019. The decline in sales revenue is mainly due to the decline in bidding prices for wind power, the decline in new grid-connected installed capacity and the high prices of major raw materials. The automobile plate realized sales revenue of 5.463 billion yuan, + 4.08% compared with the same period last year, and the net profit was-185 million yuan, an increase of 32.52% over the same period last year. With the strong promotion of Bogo's business of reducing costs and increasing efficiency, plate losses further narrowed; new materials and other plates achieved sales revenue of 315 million yuan, + 48.58% compared with the same period last year. The promotion of domestic substitution of aramid products and breakthroughs in new markets promoted the growth of plate revenue. In 2021, the company achieved a net profit of 181 million yuan,-44.44% compared with the same period last year, mainly due to the impairment loss of assets and the decline of gross profit margin. The impairment loss of the company's assets was-3.7 /-1.2 million from 2019 to 2021, respectively. It improved year by year. In 2022, as the first year of the company's promotion and development, the risks at all levels of the company were greatly released and ushered in new development.
The price of raw materials is a drag on the company's gross profit margin, and the expense rate has declined steadily. (1) Gross profit margin: the gross profit margin of the company in 2021 was 13.67%, down 4.11% from the same period last year. The gross profit margin of 2021Q4 was 12.5%, and the gross profit margin was down 5.9pct from the same period last year. In 2021, the gross profit margin of rail transit plate was 29.84%, which was lower than that of the same period last year (4.05pct), which was due to the change of product sales structure and the rise of raw material prices. The gross profit margin of wind power plate was 9.76%, which decreased by 7.29pct compared with the same period last year, which was caused by the combined influence of the decline of sales price of wind turbine blades and the rise of raw material prices. The rise in the price of raw materials in the industry also had an impact on the automobile plate, with a gross profit margin of 7.78%, down 2.68pct from the same period last year. The company's new material section continued to develop the special equipment market, with a gross profit margin of 16.29%, an increase of 1.58pct over the same period last year. (2) expense rate: in 2021, the company's sales expense rate was 3.23%, down 1.53pct from the same period last year; the management expense rate was 8.15%, down 0.08pct from the same period last year; the R & D expense rate was 4.43pct, down 0.15pct from the same period last year; and the financial expense rate was 0.58%, down 0.25pct from the same period last year.
The multi-wheel drive of the plate is expected to open up a new growth space. The policy is expected to promote the growth of sales of industrial and building seismic isolation, and the expansion of application fields such as the localization of LNG storage tanks and flexible wind turbines is expected to open up a new growth space for the company's seismic isolation business; the wind power board company may benefit from the increase in gross profit margin brought about by the growth of the industry and the relaxation of raw material prices; the demand for lightweight products from new energy vehicles brings greater market opportunities to Bogo. At the same time, the engineering of new material products and continuous marketing work may bring new performance growth points for the company. The company's business is multi-line, and we can look forward to the future.
Investment suggestion
From 2022 to 2024, the company is expected to achieve operating income of 158.20 yuan, 180.44 yuan and 20.433 billion yuan, an increase of 12.6%, 14.1% and 13.2% over the same period last year, and the corresponding net profit of 4.5,6.4 and 860 million yuan, an increase of 150.1%, 41.9% and 32.7% respectively over the same period last year, and the corresponding EPS is 0.57,0.80,1.06 yuan respectively Corresponding to the current stock price PE is 18.95,13.35,10.06 times.
The company's sub-version has high magnanimity and strong growth, and it can be expected to maintain its "buy" rating in the future.
Risk hint
The raw material end of wind turbine blades continues to rise; the epidemic situation is repeated, the automobile industry is depressed; the promotion of industrial shock absorption products is not as expected; the new materials market is lack of awareness of domestic products, and sales are not as expected.