JINGGONG STEEL BUILDING(600496):EPC AND PREFABRICATED BUILDING ORDERS GROW RAPIDLY; WATCH PROGRESS IN BIPV BUSINESS
JINGGONG STEEL BUILDING(600496):EPC AND PREFABRICATED BUILDING ORDERS GROW RAPIDLY; WATCH PROGRESS IN BIPV BUSINESS
Trends to watch1H23 results in line with our expectations
2023 年上半年的業績符合我們的預期
Jinggong Steel Building announced its 1H23 results: Revenue rose 6.1% YoY to Rmb7.72bn and attributable net profit grew 2.5% YoY to Rmb391mn (on a pre-adjustment basis last year). In 2Q23, revenue rose 12.1% YoY to Rmb4bn and attributable net profit grew 4.2% YoY to Rmb211mn, in line with our expectations.
精功鋼構大廈公佈了23年上半年的業績：收入同比增長6.1％至77.2億元人民幣，應占淨利潤同比增長2.5％至3.91億元人民幣（去年調整前計算）。在23年第二季度，收入同比增長12.1％至40億元人民幣，應占淨利潤同比增長4.2％，達到2.11億元人民幣，符合我們的預期。
The firm's GM in 1H23 rose 0.1ppt YoY to 14.2%. Overall expense ratio rose 0.4ppt YoY to 8.9%, with selling, G&A, and R&D expense ratios up 0.1ppt, 0.5ppt, and 0.1ppt YoY. Attributable net margin fell 0.2ppt YoY to 5.1%. Net operating cash inflow turned positive YoY to Rmb65.63mn (vs. a net outflow of Rmb394mn in 1H22). Net investing cash outflow was Rmb121mn, narrowing slightly YoY.
該公司的總經理在23年上半年同比上漲0.1個百分點至14.2％。總體支出比率同比上升0.4個百分點至8.9％，銷售、併購和研發費用比率同比上升0.1個百分點、0.5個百分點和0.1個百分點。應占淨利潤率同比下降0.2個百分點至5.1％。淨運營現金流入同比轉爲正數至6,563萬元人民幣（而22年上半年的淨流出量爲3.94億元人民幣）。淨投資現金流出爲人民幣1.21億元，同比略有收窄。
Trends to watch
值得關注的趨勢
Strong growth in new orders in 1H23; high growth in EPC and prefabricated building orders. We estimate revenue growth and GM of the firm's steel structure business remained stable in 1H23. New contracts in 1H23 grew 34.5% YoY to Rmb11.2bn, with new contracts for engineering, procurement and construction (EPC) and prefabricated building projects growing 157% YoY to Rmb2.2bn.
23年上半年新訂單強勁增長；EPC和預製建築訂單增長迅速。我們估計，收入增長和公司鋼結構業務的總經理在23年上半年保持穩定。23年上半年的新合同同比增長34.5％，達到112億元人民幣，其中工程、採購和施工（EPC）和預製建築項目的新合同同比增長157％，達到22億元人民幣。
Zhejiang province has formulated an action plan to develop advanced manufacturing industry clusters, planning to attract more than 100 major manufacturing projects and more than 20 major foreign-funded projects per year. We believe this will support demand for the firm's steel structure business. New contracts for the industrial joint-venture chain business grew 596% YoY to Rmb150mn in 1H23. We expect the firm's stable industrial customer base to help secure contracts in the future.
浙江省制定了發展先進製造業產業集群的行動計劃，計劃每年吸引100多個重大製造業項目和20多個重大外商投資項目。我們認爲，這將支持對公司鋼結構業務的需求。2023年上半年，工業合資連鎖業務的新合同同比增長596％，達到1.5億元人民幣。我們預計，該公司穩定的工業客戶群將有助於在未來獲得合同。
Watch progress in BIPV and energy storage businesses. The firm signed a cooperation agreement with State Power Investment Corporation in early 2023 to establish a joint venture to promote the development of building-integrated photovoltaics (BIPV) under the develop-invest-build- transfer model. The firm has signed cooperation agreements with companies such as Minth Group and Changhong Polymer Scientific and Technical for distributed PV power projects. In addition, the firm continues to develop the molten salt energy storage business and expand its presence in the industrial and commercial energy storage business. We expect the firm to gain advantages in the BIPV business thanks to its extensive industrial customer base, and suggest watching progress in this business.
觀察 BIPV 和儲能業務的進展。該公司於2023年初與國家電力投資公司簽署了合作協議，成立一家合資企業，以開發-投資-建設-轉讓模式促進建築一體化光伏（BIPV）的發展。該公司已與敏實集團和長虹高分子科技等公司簽署了分佈式光伏發電項目的合作協議。此外，該公司繼續發展熔鹽儲能業務，並擴大其在工業和商業儲能業務中的影響力。我們預計，由於其廣泛的工業客戶群，該公司將在BIPV業務中獲得優勢，並建議關注該業務的進展。
Financials and valuation
財務和估值
We keep our earnings forecasts unchanged. The stock is trading at 8.8x 2023e and 7.3x 2024e P/E. We maintain OUTPERFORM and our target price of Rmb4.78, implying 11.3x 2023e and 9.4x 2024e P/E and offering 28% upside.
我們的收益預測保持不變。該股的市盈率爲2023年的8.8倍，市盈率爲2024年的7.3倍。我們維持跑贏大盤，目標價爲人民幣4.78元，這意味着2023年度的市盈率爲11.3倍，2024年的市盈率爲9.4倍，上漲幅度爲28％。
Risks
風險
Steel structure and BIPV project orders disappointing.
鋼結構和BIPV項目訂單令人失望。
譯文內容由第三人軟體翻譯。
