2021: Earnings Missed, Expects Revenue To Expand By 15-20% In 2022
Shineway’s 2021 revenue grew 21.4% to Rmb3,223.6m and net earnings expanded
88.7% yoy to Rmb556.7m. The earnings were lower than our and market estimates. We
expect Shineway’s revenue to grow steadily by 15-20% yoy in 2022 amid the possible
impact of a new COVID-19 outbreak in China. Maintain BUY with a lower target price of
HK$9.00.