\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 72 Zhejiang Windey Co.Ltd(300772) )
Zhejiang Windey Co.Ltd(300772) 2021 performance slightly exceeded expectations, optimistic about the future growth of the company under the trend of large-scale
Zhejiang Windey Co.Ltd(300772) released the annual report for 2021. In 2021, the net profit attributable to the parent company was 490 million yuan, a year-on-year increase of 183.13%, of which 480 million yuan was deducted from the net profit not attributable to the parent company, a year-on-year increase of 251.5%. The gross profit margin of the company was 16.84%, with a year-on-year increase of 3PCT, mainly benefiting from the effective cost reduction of large units. In 2021, the company realized R & D expenses of 577 million yuan, with a year-on-year increase of 45.5%. R & D investment provided strong support for reducing costs and increasing profits. Company roic15 19%, up about 12 PCT year-on-year. In 2021, the company issued a cash dividend of 0.25 yuan / share, and the capital reserve was increased by 6 shares for every 10 shares. The company’s business performance slightly exceeded expectations, and it is optimistic that the market share of the company will continue to increase, which is expected to enter the first tier of the industry. We raised the profit forecast for 2022 / 2023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 649 (+ 0.10) / 823 (+ 0.29) / 1003 million yuan, EPS will be 1.92/2.43/2.96 yuan respectively, and the corresponding PE of the current stock price will be 17.6/13.9/11.4 times respectively, maintaining the “buy” rating.
The substantial growth of orders on hand has consolidated the trend of increasing the market share of the company, and the medium and long-term growth has a good certainty
In 2021, the company added 12.80gw of orders and accumulated 12.88gw of orders in hand. From January to October 2021, Zhejiang Windey Co.Ltd(300772) in the open market bidding, the winning share was 13.39%, which was close to the top three enterprises. In 2021, the sales volume of 3MW and above models accounted for more than 67%, with a year-on-year increase of 34pct. In the short term, combined with the bidding scale in 2021, two batches of large base projects and offshore wind power that is expected to usher in an upward cycle in 2023, the high business cycle of the wind power industry in the next two years has begun to be established. In the long run, combined with the consumption target of wind power generation and the transformation and upgrading of old wind farms, it is expected that the annual new installed capacity demand of China’s wind power during the 14th Five Year Plan period will be more than 55gw. Although the delivery price of wind turbines decreased during the year, with the delivery of large models, the increase of market share and the improvement of the company’s cost reduction ability, the company is expected to usher in better performance growth and maintain a leading market position.
Two seas strategy + two wings business layout will contribute new performance growth points in the future
Adapting to the industry trend, the company actively laid out the two seas strategy. At present, the company has made breakthroughs in the development of offshore wind turbines and has launched corresponding models; Breakthroughs have been made in overseas markets, with new overseas orders exceeding 500MW. The two wings business was actively promoted and the results were initially shown. In terms of wind farm investment and operation, the capacity of grid connected wind farm projects controlled by the company has reached 306mw; In the post wind power market, the newly signed post market sales contract of the company exceeded 300 million yuan, with a year-on-year increase of 110%.
Risk tip: the installed capacity of the wind power industry is less than expected, and the increase of the company’s market share is less than expected
