\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 956 China Suntien Green Energy Corporation Limited(600956) )
Introduction: “natural gas + wind power” two wheel drive clean energy company
Hebei clean energy industry and natural gas sales platform, the main business. In 2021, the company achieved 3.81 billion cubic meters of natural gas sales and 13.57 billion kwh of wind power generation; With the rapid expansion of the main business scale, the company’s revenue scale and net profit continued to increase. In the first three quarters of 2021, the operating revenue was 10.701 billion yuan, a year-on-year increase of 28.64%, and the net profit attributable to the parent company was 1.532 billion yuan, a year-on-year increase of 62.67%.
Natural gas: the pipeline network project helps expand the market and highlights the strategy of Tangshan LNG project
The company continues to promote the construction of pipe network, the rapid expansion of downstream market and the continuous improvement of business layout. The company continues to promote the construction of infrastructure projects. As of June 30, 2021, the company has accumulated 708799 kilometers of operating pipelines. Relying on the advantages of pipeline operation length and coverage, the company’s downstream market has expanded rapidly and the layout of natural gas business has been continuously improved. As of June 30, 2021, the company has 441284 users, operating 7 CNG parent stations, 6 CNG sub stations, 3 LNG filling stations and 2 L-CNG joint stations. The company’s gas sales continued to grow, and the natural gas business has been improving for a long time.
Tangshan LNG project has prominent strategic significance and high catalytic performance. The imbalance of natural gas consumption in Beijing Tianjin Hebei region is prominent, and the demand for peak shaving is large. The company’s newly-built Tangshan LNG project has significant strategic significance because its supply and peak shaving capacity radiates the whole Beijing Tianjin Hebei region. At the same time, the economic benefits of the project are considerable. After being put into operation, the net profit attributable to the parent company is expected to reach 720 million yuan, and the company’s performance is expected to increase significantly.
Renewable energy: wind power leads, and the layout of multi type new energy projects
The company enjoys new energy industry policies and cost reduction dividends, and the scale of wind power business is expanding rapidly. The cost of wind power projects has decreased, and its dividends have been transferred to operators. The company has seized the opportunity and the installed scale of wind power has expanded rapidly. As of June 30, 2021, the installed capacity of the company’s wind electric control unit has reached 565645mw, and the project covers many provinces in the country. At the same time, relying on the national multi provincial project layout and the high-quality wind energy resources in the project location, the company’s wind power available hours are higher than the average level, and the power generation level remains high.
The layout of various types of new energy projects has strengthened the growth attribute of the company. As of December 31, 2020,
The company has accumulated 118.59mw photovoltaic projects, and the holding photovoltaic capacity continues to increase. In addition, the company has added hydrogen energy and energy storage tracks. On the one hand, it plans new energy hydrogen production projects. In the future, the two main businesses of natural gas + wind power (photovoltaic) are expected to be connected through the hydrogen energy industry chain, which will greatly stimulate the growth potential of the company; On the other hand, the company participates in the construction of Fengning pumped storage power station project in Hebei. Taking into account the current demand for peak shaving and valley filling and the development trend of energy storage, the growth of the company is expected to be further strengthened.
Profit forecast and Valuation: from 2021 to 2023, the company is expected to realize operating revenue of 15.31, 16.36 and 22.38 billion yuan, and net profit attributable to the parent company of 2.18, 2.26 and 2.94 billion yuan. Give the company a target price of 16.4 yuan in 2023 and a “overweight” rating.
Risk tips: the price of natural gas fluctuates, the construction or operation of Tangshan LNG project is less than expected, the new energy policy changes in the project location, the promotion of reserve projects is less than expected, and the power consumption capacity of the project location is insufficient.
