\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 821 Nyocor Co.Ltd(600821) )
Event: the company released its annual report for 2021, and achieved an operating revenue of 1.908 billion yuan in 2021, with a year-on-year increase of 40.61%; The net profit attributable to the parent company was 406 million yuan, a year-on-year increase of 620.56%.
Comments:
The installed capacity increased and the approved scale increased significantly. In 2021, the company completed a total power generation of 3.759 billion kwh, a year-on-year increase of 64.75%. By the end of 2021, the approved installed capacity of the company’s new energy stations was 4775 MW, an increase of 129% year-on-year. Among them, the approved installed capacity of photovoltaic power station is 3302 MW, and the annual revenue of related businesses is 1.284 billion, with a year-on-year increase of 27.75%; The gross profit margin increased from -2.30pct to 58.62% year-on-year. The approved installed capacity of the wind farm was 1473 MW, and the annual revenue of related businesses was 594 million, with a year-on-year increase of 72.94%; The gross profit margin was + 0.70pct to 69.52% year on year. The actual grid connected capacity was 3122 MW, a year-on-year increase of 63%. Power station projects are mainly distributed in Shandong, Hebei, Shanxi, Ningxia, Xinjiang and other economically developed areas with excellent scenery resources. The project reserves are abundant, and the increase of installed capacity in the future is guaranteed. In 2021, the company invested 1.98 billion yuan abroad, including 1.288 billion yuan in acquiring subsidiaries, including Zhonghui Trina Solar, Mulei united, xinruipuyuan and other projects. In 2022, the company prepared 20 projects to be built at the beginning of the year alone, and the approved non installed projects exceeded 1600 MW. At the same time, the company plans to acquire 90% equity of Heze Zhijing (50MW wind power) in cash, raise no more than 3.99 billion yuan through non-public offering, and acquire 6 projects (610mw photovoltaic).
Create three curves of “new energy, new technology and digitization” and promote the layout of hydrogen energy, energy storage and carbon assets. The company formulates the strategic layout of “new energy, new technology and digitization”. On the premise of consolidating the position of photovoltaic and wind power industries, adhere to the three-dimensional layout of hydrogen energy and energy storage tracks. In 2021, the company completed the equity investment in state power investment group Hydrogen Energy Technology Development Co., Ltd. (state power investment hydrogen energy), and China Carbon Technology (Hubei) Co., Ltd., jointly established with Three Gorges group and zhongchengxin, has also been put into operation, realizing business layout from a high starting point in the field of carbon finance and carbon consulting.
Profit forecast, valuation and rating: at the beginning of the year, the company had 20 projects ready for construction and a number of reserve M & A projects. It is expected that the installed capacity of the company’s new energy power generation will continue to break through in 22 years. Based on the fact that the regions of the company’s new projects in 21 years are mainly Xinjiang, Shanxi, Shandong and other places, and the on grid electricity price of new energy power generation is relatively low, we lowered the company’s profit forecast for 22-23 years by 15.4% / 3.7% to 739 / 1272 million yuan, increased the profit forecast for 24 years by 1.914 billion yuan, corresponding to EPS of 0.48/0.83/1.25 yuan for 22-24 years, and the current stock price corresponding to PE of 22 years is 19 times. In view of maintaining the expansion, There are abundant reserve projects in hand, with strong certainty of future growth, and the “buy” rating is maintained.
Risk warning: the industry support policy is declining; Changes in preferential tax policies; On grid electricity price and subsidy change risk, etc.
