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The current price of midpoint energy is still too high

Revenue grew rapidly before 2020, fell 40% in 2020, and recovered to 68% in 2021; operating profit declined 22.5% and 4% in 2018 and 2020, respectively, which is still an overall increase; net profit fell 79.5% and 198% in 2018 and 2020, respectively, and deviated greatly from the three lines. 2022 Q1 revenue increased 8.5%, operating profit increased 5.3%, and net profit increased 46.3%.
According to the income statement, the decline in operating profit in 2018 was due to a large increase in main business costs, depreciation and amortization, and loss. In 2020, when revenue fell 40%, main business costs fell even more, so operating profit did not change much.
In 2020, due to a loss of 1.43 billion dollars in “equity income”, net profit turned into a loss. Profit from cessation of operations reached 818 million in 2021. Excluding this portion, the continuing operation portion was only 668 million, which was not much increase compared to the previous year.
The current 13.3 times price-earnings ratio lacks support from growth data.
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