\u3000\u3000 Jiangsu Zhongtian Technology Co.Ltd(600522) (600522)
The impairment of high-end communication business was fully accrued and increased significantly after deducting the impact of impairment
The company released the performance forecast. According to the preliminary calculation, the net profit attributable to the parent company in 2021 is expected to be 100-150 million yuan. The impairment of high-end communication business will affect the net profit attributable to the parent company in 2021 by 3.023 billion yuan, with a total pre tax provision of 3.678 billion yuan. After the provision, the book value of relevant assets is 15600 yuan, which will be put into operation in 2022.
After deducting the impact of impairment, it increased significantly. Simply calculated by adding back the impairment impact of high-end communication business, the net profit attributable to the parent company excluding the impact of high-end communication business in 2021 was RMB 3.123 billion-3.173 billion, an increase of 37% - 39% compared with the net profit attributable to the parent company of RMB 2.275 billion in 2020.
The sea breeze parity process and construction scale exceeded expectations, and the expectation of the marine sector remained optimistic
According to the data of the national energy administration, in 2021, China's offshore wind power added 16.9 million kW in the whole year, 1.8 times the total scale previously built. At present, the cumulative installed scale has reached 26.38 million KW. The recent decline in the bidding price of offshore wind turbine procurement continues to exceed expectations, and the parity process and construction scale of offshore wind power are expected to be optimistic in the future. The company cooperates with Goldwind to further enhance its competitiveness. From 2022 to 2023, it will continue to release submarine cable offshore production capacity, fully layout the construction needs of future sea breeze, and the development of the marine sector will continue to be optimistic.
The layout and competitiveness of photovoltaic / energy storage field are underestimated, and the performance contribution is expected to exceed expectations
The layout of the company's new energy field is in-depth. Due to the relatively small business scale, the layout and competitive strength of the company's new energy business are ignored by the market. The company has been in the first echelon in the industry in terms of customer base, industrial chain layout and resource reserve. Photovoltaic has about 3 million KW photovoltaic resource development right in Rudong coastal beach, and is expected to further expand its scale; Actively expand the production of energy storage, plan to form an annual capacity of 5gwh energy storage system, sign a strategic cooperation agreement with the Three Gorges electric energy, and jointly promote the construction of Rudong 1GWh shared energy storage power station; Independent supporting of photovoltaic / energy storage products will further help to reflect profits; The growth of new energy business is expected to exceed expectations.
Profit forecast and valuation
The impairment of high-end communication business is fully accrued, and young people will be installed in 2022; The expectation of Ocean sector is optimistic; Photovoltaic / energy storage growth is expected to exceed expectations; The profitability of the optical communication sector was restored. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 134 million yuan, 3633 million yuan and 4397 million yuan; From 2022 to 2023, PE is 14.5 times and 12.0 times; Maintain "overweight".
Risk warning: the decline of submarine cable gross profit margin exceeded expectations; The follow-up development of optical fiber and optical cable is not as expected.
