\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 43 Jinlei Technology Co.Ltd(300443) )
The performance was slightly lower than the market expectation. In 2021, the net profit attributable to the parent company was 496 million yuan, a year-on-year decrease of 4.95%.
In 2021, the company achieved an operating revenue of 1.651 billion yuan, a year-on-year increase of 11.80%; The net profit attributable to the parent company was 496 million yuan, a year-on-year decrease of 4.95%. The company’s revenue growth mainly benefited from the company’s key breakthroughs in market development, technological innovation and production management. The gross profit margin of the company’s sales was 39.15%, a year-on-year decrease of 5.53pct. The main reasons for the decline of the company’s profitability are: (1) the continuous increase of shipping costs; (2) The price of raw materials has increased significantly; (3) Electricity and natural gas prices increased significantly.
Continuously improve the leading advantage of wind turbine spindle and successfully develop the casting market.
In 2021, the company’s wind power spindle business achieved 147000 tons of sales, an increase of 17.74% over the same period last year, corresponding to 24.43gw of wind power installed capacity, a year-on-year increase of 26.33%; The sales revenue was 1.508 billion yuan, an increase of 9.05%. During the reporting period, the company developed a large number of new customers and products, such as Dongfang Electric Corporation Limited(600875) , Sinovel wind power, etc., and reached cooperation intentions with Shanghai Electric Group Company Limited(601727) , Siemens gomeisa, vision, Yunda and Xinjiang Goldwind Science And Technology Co.Ltd(002202) , etc. At the same time, the company continues to explore the after-sales service market and subdivide the new market of casting to forging, so as to create new achievements for the economic benefits of the company.
Normalize the marketing of free forging and continuously realize the integration of resources.
The company focuses on the development of free forging business. At present, it has covered cement mining, energy power generation, metallurgy, shipbuilding and other industries. The company has realized the delivery of finishing products of Ge hydropower shaft, which is also the first full process delivery of Ge hydropower shaft. In 2021, the sales volume of the company’s free forging business was 968204 tons, an increase of 62.78% over the same period last year; The income of free forging was 106 million yuan, an increase of 57.49% over the same period last year, which laid the foundation for the phased and smooth production of “offshore wind turbine main shaft and other precision transmission shaft construction projects”.
Profit forecast and valuation
The company is the leader of wind power spindle and has successfully expanded wind power casting products. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 657 million yuan, 792 million yuan and 1056 million yuan respectively; The corresponding EPS is 2.51, 3.03 and 4.04 yuan / share respectively, and the corresponding valuation is 19 times, 16 times and 12 times respectively.
Risk warning: the global wind power installed demand is less than expected; The price of raw materials has risen.
