growth like summer flowers
summer flowers have three whites, gardenia , jasmine and white orchid .
The hotter it is, the sweaty weather, the more plain and bright they bloom, the more fragrant they are
The pure and clean flowers blooming in the mountain path, the pure white body, it seems to be neither fighting nor scrambling, but the fragrance is strong and unrestrained, the fragrance penetrates the paths in the fields, the fragrance penetrates the strangers' homes in the alleys,
, should be as rich as summer flowers. Such unconcealed and vigorous fragrance, without waiting for others to smell it, will naturally break through the sky. How unrestrained.
Come to this world for a while, Xia Hua knows how to be happy and happy. When she is born as a human being, she must strive for it boldly.
The most ideal state of life is like a summer flower blooming, pure and ultimate, persistent and happy, love what it loves, and strode with great strides.
This way, it's not in vain.
market closed a mid-low line today, with few highlights. Except for some energy storage, wind power, and automobile sectors, many other tickets fell quite badly. Stop, watch more and move less, and it has risen for more than two months. Adjustment cannot be achieved overnight.
Today I wrote photovoltaic curtain wall section, and chose two votes, Fangda Group and Jianghe Group to see how the texture is; the tickets analyzed are by no means recommended, the timing of buying a ticket is very important, Remember to remember
Back to the point
01
—
0know Fangda Group and Jianghe Group
1112
1, coordinates Shenzhen, Listed in 1996
Company was established in 1991 in Shenzhen Special Economic Zone , For 30 years, the company has adhered to its main business and adhered to the original mission of green, low-carbon and environmental protection. It has successively developed products such as smart curtain wall, solar photovoltaic curtain wall (BIPV), PVDF aluminum veneer, rail transit shield door system and other products
. The company currently has 7 national high-tech enterprises, two provincial enterprise technology research centers, and has formed Shenzhen as its headquarters, Dongguan , Foshan , Nanchang . Shanghai and Chengdu are the industrial layout of manufacturing bases. Branches have been established in Singapore , India, Australia, Bangladesh, Hong Kong and other countries and regions of the "Belt and Road"
Smart curtain wall system and materials industry
Smart curtain wall is one of the company's main products, widely used in high-end office buildings, corporate headquarters, urban complexes, high-end residential and hotels, urban public buildings and other projects, The company's wholly-owned subsidiary Shenzhen Fangda Jianke Company has the highest level qualifications of my country's curtain wall design and construction enterprises - Construction curtain wall Engineering professional contracting first-class qualification and architectural curtain wall engineering design Class A qualification. It is the leading enterprise in my country's curtain wall industry
In recent years, the company has participated in the construction of Shenzhen International Convention and Exhibition Center , Shenzhen Hanjing Center, Shenzhen Tencent Digital Building, Chongqing Raffles Plaza , Beijing Yanqi Lake International Conference Capital, Shanghai Bund SOHO, Chengdu Tianfu International Conference Center, Nanjing Alibaba Jiangsu Headquarters, Guangzhou International Financial Forum (IFF) permanent meeting site, Wuhan Hubei Radio and Television Media Building, An Smart curtain wall projects of a number of landmark buildings such as Gola Luanda Airport and Victoria Plaza in Australia
As of the end of 2021, the company's curtain wall system and materials industry order reserves were 540,27101 million yuan, an increase of 62.68% over the same period last year. The order reserves are 2.09 times the company's curtain wall system and materials industry operating income in 2021
Rail transit shield door equipment industry
Company is the leader and promoter in the field of urban rail transit shield door system construction and operation and maintenance.The company's rail transit shield door system products have independent intellectual property rights, patents, software copyright, total number ranks among the top in the same industry
The company's main product is the rail transit shield door system, which is installed on the edge of the platform of the urban rail transit station, and isolates the train from the platform waiting room. The product types include closed shield doors, full-height non-enclosed shield doors and half-height The shield door
New energy industry
The company has always practiced the concept of low carbon, energy saving, green and environmental protection. It is an early developer and application of photovoltaic building integration (BIPV) and photovoltaic power generation system design, manufacturing, integration and operation, and has mature technology. The company has successively completed a number of photovoltaic building integration (BIPV) projects, including Shenzhen Fangda Building (roof), Nanjing Jiangsu Bank Building (wall), Dongguan Songshan Lake Base (roof), Nanchang Jiangxi Isuzu Automobile Parking Lot (ceiling), and Jiangxi Pingxiang distributed photovoltaic power station projects. The above projects have all been put into use
. Against the background of the "dual carbon" policy and energy structure adjustment, the curtain wall industry needs to achieve energy conservation and emission reduction from the source. Photovoltaic building integrated curtain wall (BIPV) is one of the main technical routes for photovoltaic construction, and is increasingly attracting industry and market attention, and is expected to usher in new development opportunities. The company began to invest in the research and development of photovoltaic building integration (BIPV) products in 2002. The product was put into use in 2003. It has mature technical reserves and accumulated experience
Real estate industry
High current company's real estate projects are in Shenzhen and Nanchang
Revenue weight, curtain wall system and materials revenue accounts for nearly 3/4, with a gross profit margin of 14.5%; subway shield doors and services revenue accounts for 15%, and gross profit margin of 28%; real estate sales revenue accounts for more than 10%, Gross profit margin is as high as 61%
R&D investment in 2021 was 150 million yuan, with R&D revenue accounting for 4.3%, close to 5% of the excellent line; As of the end of 2021, the company has successively obtained 548 patented technologies for curtain wall products and 19 software copyrights, and has participated in the compilation of 22 national/industry technical specifications and standards
Jianghe Group , coordinates Beijing Shunyi,
The company's main business is divided into two major sectors: building decoration business and medical and health business. It ranks the world's leading level in the fields of architectural curtain wall, interior decoration and design, ophthalmology and medical care, etc. It owns well-known brands in the industry such as JANGHO Jianghe Curtain Wall , Sundart Chengda Group (HK.1568), Gangyuan Decoration, Gangyuan Curtain Wall, SLD Liang Zhitian Design Group (HK.2262), Vision, Jianghe Zeming, etc., and its business covers many countries and regions around the world. Its business covers many countries and regions
Construction Decoration Business Section
The company's architectural decoration business segment includes Traditional architectural curtain walls, photovoltaic buildings, interior decoration and interior design
In the field of architectural curtain wall business, it mainly undertakes high-end office buildings, hotels, commercial complexes, airports, railway stations, sports venues, office buildings of enterprises, institutions and institutions, etc. The company's curtain wall business is undertaken by subsidiaries such as Jianghe Curtain Wall and Gangyuan Curtain Wall. Among them, Jianghe Curtain Wall is positioned in the field of high-end curtain walls, and Gangyuan Curtain Wall is positioned in the field of mid-to-high-end curtain walls, forming a dual-brand misalignment development
Compared with traditional architectural curtain walls, photovoltaic buildings focus more on the integrated construction of photovoltaic and buildings, and have the characteristics of green and environmental protection, reducing carbon emissions, and generating economic benefits, which is in line with the national strategy of green and environmental protection and "dual carbon".In the field of photovoltaic construction, the company owns the invention patent of the solar tracked photovoltaic power system and a number of utility model patents based on photovoltaic frames and unit curtain wall systems. It has experience accumulation and technical reserves in the photovoltaic curtain wall integration project
As of now, the company has undertaken many photovoltaic building integration projects, such as the China Pavilion of the World Horticultural Exhibition and the State Environmental Protection Administration About the Central Building, Beijing Workers' Stadium renovation and reconstruction project, Taini Hangzhou Environmental Protection Technology Headquarters, Jiangsu Wuxi Airport Terminal, Zhujiang City (Tobacco Building), Henglong Plaza Kunming Podium and other
interior decoration business fields, mainly providing professional and high-quality interior decoration engineering services for large-scale public buildings, high-end hotels, high-end residential buildings, long-term rental apartments and other projects. In the field of interior decoration, the company has the world's top interior decoration brand Chengda Group (HK.1568), headquartered in Hong Kong, and has the largest number one in the northern region and fourth in the decoration industry in the mainland; in the field of interior design, the company has the world's top architectural and interior design brand Liang Zhitian Design Group (HK.2262), which has ranked first in the world in the field of residential design for many years
medical and health business segment
in the field of medical and health care, mainly conducting general ophthalmology diagnosis and treatment businesses such as refractive , optometry, and fundus diseases. growth like summer flowers
summer flowers have three whites, gardenia , jasmine and white orchid .
The hotter it is, the sweaty weather, the more plain and bright they bloom, the more fragrant they are
The pure and clean flowers blooming in the mountain path, the pure white body, it seems to be neither fighting nor scrambling, but the fragrance is strong and unrestrained, the fragrance penetrates the paths in the fields, the fragrance penetrates the strangers' homes in the alleys,
, should be as rich as summer flowers. Such unconcealed and vigorous fragrance, without waiting for others to smell it, will naturally break through the sky. How unrestrained.
Come to this world for a while, Xia Hua knows how to be happy and happy. When she is born as a human being, she must strive for it boldly.
The most ideal state of life is like a summer flower blooming, pure and ultimate, persistent and happy, love what it loves, and strode with great strides.
This way, it's not in vain.
market closed a mid-low line today, with few highlights. Except for some energy storage, wind power, and automobile sectors, many other tickets fell quite badly. Stop, watch more and move less, and it has risen for more than two months. Adjustment cannot be achieved overnight.
Today I wrote photovoltaic curtain wall section, and chose two votes, Fangda Group and Jianghe Group to see how the texture is; the tickets analyzed are by no means recommended, the timing of buying a ticket is very important, Remember to remember
Back to the point
01
—
0know Fangda Group and Jianghe Group
1112
1, coordinates Shenzhen, Listed in 1996
Company was established in 1991 in Shenzhen Special Economic Zone , For 30 years, the company has adhered to its main business and adhered to the original mission of green, low-carbon and environmental protection. It has successively developed products such as smart curtain wall, solar photovoltaic curtain wall (BIPV), PVDF aluminum veneer, rail transit shield door system and other products
. The company currently has 7 national high-tech enterprises, two provincial enterprise technology research centers, and has formed Shenzhen as its headquarters, Dongguan , Foshan , Nanchang . Shanghai and Chengdu are the industrial layout of manufacturing bases. Branches have been established in Singapore , India, Australia, Bangladesh, Hong Kong and other countries and regions of the "Belt and Road"
Smart curtain wall system and materials industry
Smart curtain wall is one of the company's main products, widely used in high-end office buildings, corporate headquarters, urban complexes, high-end residential and hotels, urban public buildings and other projects, The company's wholly-owned subsidiary Shenzhen Fangda Jianke Company has the highest level qualifications of my country's curtain wall design and construction enterprises - Construction curtain wall Engineering professional contracting first-class qualification and architectural curtain wall engineering design Class A qualification. It is the leading enterprise in my country's curtain wall industry
In recent years, the company has participated in the construction of Shenzhen International Convention and Exhibition Center , Shenzhen Hanjing Center, Shenzhen Tencent Digital Building, Chongqing Raffles Plaza , Beijing Yanqi Lake International Conference Capital, Shanghai Bund SOHO, Chengdu Tianfu International Conference Center, Nanjing Alibaba Jiangsu Headquarters, Guangzhou International Financial Forum (IFF) permanent meeting site, Wuhan Hubei Radio and Television Media Building, An Smart curtain wall projects of a number of landmark buildings such as Gola Luanda Airport and Victoria Plaza in Australia
As of the end of 2021, the company's curtain wall system and materials industry order reserves were 540,27101 million yuan, an increase of 62.68% over the same period last year. The order reserves are 2.09 times the company's curtain wall system and materials industry operating income in 2021
Rail transit shield door equipment industry
Company is the leader and promoter in the field of urban rail transit shield door system construction and operation and maintenance.The company's rail transit shield door system products have independent intellectual property rights, patents, software copyright, total number ranks among the top in the same industry
The company's main product is the rail transit shield door system, which is installed on the edge of the platform of the urban rail transit station, and isolates the train from the platform waiting room. The product types include closed shield doors, full-height non-enclosed shield doors and half-height The shield door
New energy industry
The company has always practiced the concept of low carbon, energy saving, green and environmental protection. It is an early developer and application of photovoltaic building integration (BIPV) and photovoltaic power generation system design, manufacturing, integration and operation, and has mature technology. The company has successively completed a number of photovoltaic building integration (BIPV) projects, including Shenzhen Fangda Building (roof), Nanjing Jiangsu Bank Building (wall), Dongguan Songshan Lake Base (roof), Nanchang Jiangxi Isuzu Automobile Parking Lot (ceiling), and Jiangxi Pingxiang distributed photovoltaic power station projects. The above projects have all been put into use
. Against the background of the "dual carbon" policy and energy structure adjustment, the curtain wall industry needs to achieve energy conservation and emission reduction from the source. Photovoltaic building integrated curtain wall (BIPV) is one of the main technical routes for photovoltaic construction, and is increasingly attracting industry and market attention, and is expected to usher in new development opportunities. The company began to invest in the research and development of photovoltaic building integration (BIPV) products in 2002. The product was put into use in 2003. It has mature technical reserves and accumulated experience
Real estate industry
High current company's real estate projects are in Shenzhen and Nanchang
Revenue weight, curtain wall system and materials revenue accounts for nearly 3/4, with a gross profit margin of 14.5%; subway shield doors and services revenue accounts for 15%, and gross profit margin of 28%; real estate sales revenue accounts for more than 10%, Gross profit margin is as high as 61%
R&D investment in 2021 was 150 million yuan, with R&D revenue accounting for 4.3%, close to 5% of the excellent line; As of the end of 2021, the company has successively obtained 548 patented technologies for curtain wall products and 19 software copyrights, and has participated in the compilation of 22 national/industry technical specifications and standards
Jianghe Group , coordinates Beijing Shunyi,
The company's main business is divided into two major sectors: building decoration business and medical and health business. It ranks the world's leading level in the fields of architectural curtain wall, interior decoration and design, ophthalmology and medical care, etc. It owns well-known brands in the industry such as JANGHO Jianghe Curtain Wall , Sundart Chengda Group (HK.1568), Gangyuan Decoration, Gangyuan Curtain Wall, SLD Liang Zhitian Design Group (HK.2262), Vision, Jianghe Zeming, etc., and its business covers many countries and regions around the world. Its business covers many countries and regions
Construction Decoration Business Section
The company's architectural decoration business segment includes Traditional architectural curtain walls, photovoltaic buildings, interior decoration and interior design
In the field of architectural curtain wall business, it mainly undertakes high-end office buildings, hotels, commercial complexes, airports, railway stations, sports venues, office buildings of enterprises, institutions and institutions, etc. The company's curtain wall business is undertaken by subsidiaries such as Jianghe Curtain Wall and Gangyuan Curtain Wall. Among them, Jianghe Curtain Wall is positioned in the field of high-end curtain walls, and Gangyuan Curtain Wall is positioned in the field of mid-to-high-end curtain walls, forming a dual-brand misalignment development
Compared with traditional architectural curtain walls, photovoltaic buildings focus more on the integrated construction of photovoltaic and buildings, and have the characteristics of green and environmental protection, reducing carbon emissions, and generating economic benefits, which is in line with the national strategy of green and environmental protection and "dual carbon".In the field of photovoltaic construction, the company owns the invention patent of the solar tracked photovoltaic power system and a number of utility model patents based on photovoltaic frames and unit curtain wall systems. It has experience accumulation and technical reserves in the photovoltaic curtain wall integration project
As of now, the company has undertaken many photovoltaic building integration projects, such as the China Pavilion of the World Horticultural Exhibition and the State Environmental Protection Administration About the Central Building, Beijing Workers' Stadium renovation and reconstruction project, Taini Hangzhou Environmental Protection Technology Headquarters, Jiangsu Wuxi Airport Terminal, Zhujiang City (Tobacco Building), Henglong Plaza Kunming Podium and other
interior decoration business fields, mainly providing professional and high-quality interior decoration engineering services for large-scale public buildings, high-end hotels, high-end residential buildings, long-term rental apartments and other projects. In the field of interior decoration, the company has the world's top interior decoration brand Chengda Group (HK.1568), headquartered in Hong Kong, and has the largest number one in the northern region and fourth in the decoration industry in the mainland; in the field of interior design, the company has the world's top architectural and interior design brand Liang Zhitian Design Group (HK.2262), which has ranked first in the world in the field of residential design for many years
medical and health business segment
in the field of medical and health care, mainly conducting general ophthalmology diagnosis and treatment businesses such as refractive , optometry, and fundus diseases.The company owns the largest ophthalmic chain brand in Australia, Vision and , the well-known brand in the Yangtze River Delta , the region of Jianghe Zeming, , ,
,, , 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, The excellent line that has not exceeded 5%
Fangda Group financial report data
2021 revenue was 3.55 billion, the revenue compound growth rate in the past 5 years was 4%, the revenue compound growth rate in the past 10 years was 10%, the revenue growth rate in 2021 increased by 18%, and the revenue growth in 2022Q1 increased by 1%
11 gross profit margin, before 2021 median was 23%, and the gross profit margin in 2021 was 22%, Overall, relatively stable
free cash flow in -90 million in 2021, and 680 million in 2020 was a small peak. In the past 10 years, free cash flow has positive and negative, and has fluctuated significantly. At the end of 2021, the financial assets of 7 billion yuan, financial liabilities 2.7 billion yuan, and there are also long-term equity investment of 50 million yuan. What is more interesting is that the company actually has investment real estate of up to 5.7 billion yuan, Almost the company with the highest amount of investment real estate held by the editor since the financial report analysis
Jianghe Group Financial Report Data
2021 revenue was 20.8 billion yuan, the revenue compound growth rate in the past 5 years was 6%, the revenue compound growth rate in the past 10 years was 9%, the revenue increased by 15%, and the revenue increased by 2022Q1 revenue increased by 6%. The overall growth rate is similar to Fangda Group
gross profit margin, the median before 2021 was 17%, and the gross profit margin in 2021 is also 17%, It is also very stable
Free cash flow in 2021 is 700 million, which is more than halfway through 1.78 billion in 2020. In the past 7 years, all free cash flows are positive, and the median free cash flow is 900 million
Financial assets at the end of 2021 are 5.7 billion and financial liabilities are 2.3 billion. There are also long-term equity investments of 100 million
02
—
Fangda Group and Jianghe Group valuation
For Fangda Group, we use the average free cash flow for the two years from 2020 to 2021 as the base, and combine the past revenue and free cash flow growth, assuming that the compound growth rate in the next 10 years is 10% The valuation is as follows:
For Jianghe Group, we use the average free cash flow for the two years from 2020 to 2021 as the base, and combine the past revenue and free cash flow growth. Assuming that the compound growth rate in the next 10 years will also be 10% The valuation is as follows:
Interpretation:
Fangda Group and Jianghe Group, two two companies with architectural curtain walls as their main business, Both have certain BIPV photovoltaic building integrated business, but Fangda Group also has 15% of subway screen doors and 11% of real estate business. The real estate business explains why the company has up to 5.7 billion yuan in investment real estate on the books; Jianghe Group also has some interior decoration and design and 5% of ophthalmic business
From the development trend of the architectural curtain wall industry, BIPV is undoubtedly one of the important technological development routes. The two companies also have relevant technical reserves and have achieved certain successful cases. But to be honest, each has not yet formed a scale in terms of overall revenue weight, Fangda Group only has 0.5%, Jianghe Group does not list
From the perspective of valuation, Also constrained by the sharp rise in raw materials, the free cash flow of both companies has declined to a considerable extent. Therefore, we all use the average free cash flow in the two years from 2020 to 2021 as the valuation base, and assume that the compound growth rate of revenue development in the next 10 years is 10%, and the corresponding valuations are about 10 yuan, while Jianghe Group is around 21 yuan, and the valuation potential is still relatively objective. After looking at the K-line, if you want to compare the historical stock price with valuation, you can only look at the annual line. It seems that it is the road to return to value, and it is tortuous and long
Fangda Group vs Jianghe Group, a brief analysis of the valuation of BIPV photovoltaic curtain wall sector. The current income mainly comes from the traditional curtain wall part, as time goes by, If the BIPV photovoltaic curtain wall part really develops, it is still worth looking forward to. When the market is about to decline, it is better to watch more and move less. The market will never lack opportunities
old rules, personal judgment, no investment recommendations, welcome to add, like
Kong Dongliang, CPA
2022/07/15
