\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 821 Nyocor Co.Ltd(600821) )
Event:
The company released its annual report for 2021, and realized a 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 increase of power generation led to the rapid growth of performance, with a year-on-year increase of + 621% in 21 years
In 2021, the company completed a total power generation of 3.759 billion kwh, a year-on-year increase of 64.75%; Among them, the photovoltaic power generation is 2.349 billion kWh and the wind power generation is 1.41 billion kwh. Driven by the growth of power generation, the company achieved a revenue of 1.908 billion yuan in 2021, 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%. In terms of profitability, the gross profit margin of the company was 62.52% in 2021. In terms of business, the gross profit margin of photovoltaic was 58.62%, a year-on-year decrease of 2.3pct; The gross profit margin of wind power was 69.25%, with a year-on-year increase of 0.7pct. In terms of expense rate, the company’s expense rate during 2021 is 39.48%, including 10.81% of management expense rate and 28.58% of financial expense rate.
The installed capacity of new energy has increased rapidly, and it is planned to exceed 13GW in 25 years
The company proposes that by 2022, the installed capacity of new energy power generation will exceed 6Gw; By 2025, the installed capacity of new energy power generation will exceed 13GW, which is expected to drive the sustained and rapid growth of performance. 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. In 2022, the company has prepared 20 projects to be built at the beginning of the year. At present, the preparation of various projects is progressing steadily and will be started in the first quarter.
Adhere to the three curves of “digitization of new energy and new technology”, and promote the three-dimensional layout of hydrogen energy and energy storage tracks
The company has formulated the strategic layout of the three curves of “digitization of new energy and new technology” and formulated corresponding strategic arrangements simultaneously. In 2021, the company will promote the three-dimensional layout of hydrogen energy and energy storage track on the basis of its core main business. The company has completed the equity investment in the hydrogen energy technology development Co., Ltd. of the state power investment group. The state power investment hydrogen energy is expected to realize the full material level autonomy of six key fuel cell technologies such as catalyst and proton membrane, and lay out manufacturing bases in Hubei, Guangdong and Jilin, which is expected to interact with the company’s project development. China Carbon Technology (Hubei) Co., Ltd., jointly established by the company, 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.
Investment suggestions:
Considering the projects in hand, the company lowered the 22-year performance forecast, slightly raised the 23-year performance forecast, and added the 24-year performance forecast. It is expected that the company will realize the net profit attributable to the parent company of RMB 779 / 1195 / 1509 million from 2022 to 2024, 92 / 54 / 26% year-on-year, corresponding to pe17 / 11 / 9 times, maintaining the “buy” rating.
Risk warning: policy promotion is not as expected; The pace of subsidy payment has slowed down significantly; The technological progress of the industry has slowed down; Industry competition intensifies; The risk of the company’s development projects falling short of expectations, and the acquisition of assets by wholly-owned subsidiaries falling short of expectations, etc
