22H1 deducts non-homing net profit from the same period last year by + 4.62%, and maintains the "over-ownership" rating. On August 1, 2022, the company released the report: 22H1 realized revenue / homing net profit / deduction non-homing net profit of 1.66pm 1.48 million, year-on-year + 0.22% pictur 14.69% knot 4.62%, homing net profit was lower than we expected (186 million), mainly due to the impact of the epidemic, revenue in the first half of the year was basically the same as expected. Among them, 22Q2 realized single-quarter revenue / return net profit / deduction of non-return net profit 11.08 Universe 1.22 Universe 113 million, year-on-year-1.03% Universe 10.99% Universe 2.67. We maintain our estimated 2022-2024 return net profit of 5.90 CAGR+20% 701um 808 million. Comparable company 22-year Wind consensus expected average 0.9xPEG, approved to give the company 22-year 0.9xPEG, maintain the target price of 8.26 yuan, maintain the "overweight" rating.
The business structure was stable compared with the same period last year, and the gross profit margin of the design consulting business decreased.
From a sub-business point of view, 22H1's engineering consulting / project contracting achieved revenue of 1.854 million million, which was mainly due to the impact of the epidemic and the reduction of contracting business, mainly due to the impact of the epidemic and the reduction of contracting business. The overall gross profit margin of 22H1 was-0.53pct to 30.21% compared with the same period last year. Under the combined influence of 22H1, the gross profit margin was-0.53pct to 30.21%. From a regional point of view, domestic / Spain achieved revenue of 1.646 million, 5.61%, 32.5%, 18.9%, and 167 million, + 9.56%, respectively, and Spain achieved-2 million net profit and 3.15 million loss over the same period last year.
The decrease of interest expense and the increase of exchange income led to the improvement of net interest rate. The expense rate of cash flow improvement during the 22H1 period was 17.53%, year-on-year-0.87pct, in which the sales / management / R & D / financial expense rate was 2.26%, 11.44%, 3.93%, 0.10%, and + 0.12/+1.32/+0.01/-2.33pct, respectively. The increase in personnel and office expenses made the management expenses + 13.3% year-on-year. Financial expenses-2.04 million, 46.02 million less than 21H1, mainly interest-bearing debt decreased by 1.3 billion year-on-year, 22H1 interest expense decreased by 25.22 million yuan year-on-year, exchange earnings increased by 9.94 million. The net interest rate of 22H1 is 8.36%, which is + 1.05pct compared with the same period last year. After the fixed increase was completed, the asset-liability ratio was optimized, and the end of 22H1 was about 43.77%, which decreased 16.53pct compared with the same period last year. The operating net cash flow of 22H1 is-603 million, which is 166 million less than the same period last year, mainly due to the substantial decrease in the ratio of payment to cash, which is 96.7%, 58.9%, respectively, compared with the same period last year.-7.21/-17.63pct.
Complete the change of the actual controller and pay attention to the effect of integration
The company completed the fixed increase on September 23, 21, and issued a total of 291 million shares to Zhushi Group to raise 2.36 billion yuan at an issue price of 8.2 yuan per share, which was used to repay bank loans, replenish the flow and build a research and development center in the Dawan area. Zhushi Group officially became the controlling shareholder with a shareholding of 23.1%. The actual controller was changed to Guangzhou SASAC. On November 30th, Fu Guanhua and Wang Junhua transferred 49 million shares (3.85%) to Guofa Fund, the controlling shareholder. We believe that Zhu Shi Group has ploughed Guangdong-Hong Kong-Macau Greater Bay Area for many years and has strong regional resource advantages and financial strength. If the integration is smooth, it is expected to further enhance the competitiveness of the company.
Risk hint: the growth of newly signed orders is not as expected, and the integration of the actual controller is not as expected after the change.