\u3000\u3000 Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) (300499)
The largest shareholder terminated the reduction in advance, and the cumulative repurchase amount exceeded 30 million yuan
As of January 31, the company has repurchased 3.3716 million shares, accounting for 1.20% of the total share capital, with a cumulative amount of 30.054 million yuan (excluding transaction costs). The repurchased shares will be used to implement the employee stock ownership plan or equity incentive.
On the evening of January 25, the company announced that Li Qi, the largest shareholder, terminated the reduction plan in advance. This time, Mr. Li Qi reduced 3.742 million shares through block trading and centralized bidding trading, accounting for 1.35% of the total share capital. On the evening of January 24, the company announced that it would not exercise the right to redeem convertible bonds in advance until March 31, 2022.
The penetration acceleration of new energy vehicles drives the continuous high growth of Sixiang, and the energy storage is elastic
The revenue of the subsidiary Dongguan Sixiang mainly comes from the field of new energy vehicles, with a year-on-year increase of 223% in the first half of 2021. In 2021, the sales of Shanxi Guoxin Energy Corporation Limited(600617) vehicles reached 3.521 million, with a year-on-year increase of 1.6 times, and the penetration rate reached 13.4%. The rapid penetration of new energy vehicles superimposed on the company's product upgrading and customer expansion, and the growth expectation of Sixiang in the future is optimistic.
At present, the company in the field of energy storage has technical reserves and solutions based on lithium battery single cabinet energy storage liquid cooling products, large-scale energy storage power station liquid cooling system, prefabricated cabin energy storage liquid cooling products and so on. In August 2021, the company disclosed that it had signed an order of about 11 million yuan. The company said that it had cooperated with Contemporary Amperex Technology Co.Limited(300750) and the explosion of energy storage industry had driven the elasticity of energy storage business.
Pure water cooling equipment has many first honors, and dual carbon drive is expected to meet the inflection point this year
The company is the leader in the water-cooling equipment of UHV DC converter valve. It participated in the drafting of the technical specification for flexible DC transmission converter valve. The water-cooling system of 500kV water-cooled flexible direct transformer of the world's largest DC back-to-back project - Guangzhou Dawan district middle channel DC back-to-back project The external cooling public cooling system of the converter station of the Three Gorges Rudong Haifeng project of China's first grid connected Haifeng Rouzhi project is provided by Guangzhou Goaland Energy Conservation Tech Co.Ltd(300499) .
Under the background of carbon peaking, carbon neutralization and building a new power system, UHV is expected to usher in a new round of construction peak, the new installed capacity of offshore flexible and direct is expected to be more considerable, the company will directly benefit, and the pure water cooling equipment business is expected to usher in an inflection point in 2022. During the 14th Five Year Plan period, the State Grid plans to build "14 direct 24 AC" UHV project, and plans to start "3 direct 10 AC" in 2022. During the 14th Five Year Plan period, China is expected to increase the scale of sea wind by 10GW per year, the total planned capacity of far-reaching sea wind power exceeds that of offshore, and the planned capacity of 24gw of far-reaching sea wind power in Yancheng, Jiangsu.
Profit forecast and valuation
It is estimated that the net profit attributable to the parent company in 2022-23 will be 153 / 235 million yuan, pe23 / 15 times, maintaining the "buy".
Risk tip: increased competition leads to lower gross profit margin of products; Customer development and order acquisition are not as expected.
