\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 72 Zhejiang Windey Co.Ltd(300772) )
Events
Zhejiang Windey Co.Ltd(300772) issue annual report for 2021
Zhejiang Windey Co.Ltd(300772) announced that in 2021, the operating revenue was RMB 16.041 billion, a year-on-year increase of 39.75%, the net profit attributable to shareholders of listed companies was RMB 490 million, a year-on-year increase of 183.13%, and the net profit after deducting non recurring profits and losses was about RMB 480 million, a year-on-year increase of 251.50%.
In the fourth quarter, the operating revenue in a single quarter was 7.265 billion yuan, a year-on-year increase of 60.53%, and the net profit attributable to the parent company in the fourth quarter was 233 million yuan, a year-on-year increase of 118.06%.
Brief comment
Fan sales exceeded expectations and profitability showed an upward trend
In 2021, the company sold 5.46gw of fans, including 2.83gw in the first three quarters and about 2.63gw in the fourth quarter, exceeding previous expectations. The gross profit margin of the company in the first three quarters was 14.52%, and the net profit margin was 2.93%. In the fourth quarter, the gross profit margin increased to 19.64%, and the net profit margin also increased to 23.25%. We estimate that the company’s net profit per kilowatt is about 86 yuan, an increase of 86.96% over the net profit of 46 yuan per kilowatt in 2020, and the company’s profitability shows a momentum of improvement.
The number of new orders ranks fourth in the industry, supporting future growth
The company added 12.8gw of new orders in 2021, a record high, with a total of 12.9gw of orders in hand, 2.36 times the shipment volume in 2021. According to the open market bidding data compiled by China Wind Power News Network earlier, Zhejiang Windey Co.Ltd(300772) 2021 ranked fourth in the industry, with a market share of about 12.6%, second only to the traditional three giants (Jinfeng, Yuanjing and Mingyang), and the company has strong marketing and development ability.
Launch the Harrier platform to actively respond to the demand for affordable offshore wind power
2022 is the first year of China’s offshore wind power parity. In order to meet the market demand for offshore wind power parity, the company released the wd2259000 platform resistant offshore unit of “Haifeng” series 9mw sea harrier platform in September 2021. The model of the platform has been certified by the authority and has the ability of batch delivery in 2022. In the future, the model will be used in the offshore wind farm developed by itself, Become the main force for the company to enter offshore wind power.
Share allotment financing to enhance market competitiveness
The company previously planned to issue shares for financing, and the total amount of funds to be raised is no more than 1.5 billion yuan, which will solve the problems of large working capital gap and high debt ratio in recent years. At the same time, it will further improve the business chain, combine the research and sales of wind turbines with the investment and operation of wind farms and the operation and maintenance of wind farms, and increase the source of profits, Make the company a leading provider of “overall solutions” for wind power development in the world.
Continue to grow in 2022 and maintain the “overweight” rating
We expect that the company will continue to increase its market share in 2022, consolidate its current fourth position in the industry, and even challenge the traditional top three. In addition to the current accumulated 12.9gw orders in hand, the company will continue to explore markets in China and overseas. At present, we have obtained overseas projects in Vietnam, Serbia, Kazakhstan and other places. In 2022, we expect the company’s shipment to exceed 7gw. On the basis of a slight decline in unit profit, we expect the company to achieve revenue of 20.8/25.6 billion yuan and net profit attributable to the parent company of 573 / 781 million yuan respectively from 2022 to 2023. Without considering the change of share capital, the corresponding EPS is 1.69/2.30 yuan respectively, and the current share price is 20 / 15 times that of PE from 2022 to 2023, maintaining the “overweight” rating of the company.
Risk tips: 1. The demand for wind power has fallen sharply; 2. The price of main engine has fallen sharply; 3. The product cost has increased significantly.
