\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 72 Zhejiang Windey Co.Ltd(300772) )
Event: the company released the annual report of 2021. In 2021, the operating revenue was RMB 16.041 billion, with a year-on-year increase of 39.75%, and the net profit attributable to the parent was RMB 490 million, with a year-on-year increase of 183.13%.
The company achieved double growth in operating revenue and orders, and the sales of large MW wind turbine units increased. The steady growth of operating revenue is mainly reflected in the sales of wind turbines. The company sold 1785 wind turbine products in 2021, with a total of 5.47gw, an increase of 50.6% year-on-year. In terms of structure, the total sales volume of 2-4mw fans accounts for 87% of the company's external sales, a decrease of 13% compared with 2020; A total of 154 units of 4MW and above have been sold in 21 years, with a cumulative capacity of 0.71gw. The benchmark has achieved a breakthrough of zero external sales in 20 years, and the trend of large-scale fan has accelerated. In terms of new and on hand orders, the company's new orders in 21 years reached a new record of 12.80gw, with a total of 12.88gw on hand orders, of which fans above 3MW accounted for the vast majority. According to the statistics of Bloomberg new energy finance, in 2021, the company ranked third in the industry for the first time with a market share of 7.64gw new hoisting / 14%.
The large-scale units promote the improvement of the company's profitability, and the R & D investment continues to increase. Technological innovation promotes the large-scale wind turbine and reduces the unit cost. With the increase of the proportion of large units in the company, the gross profit margin of wind turbine sales in 21 years was 16.84%, an increase of 3.0% over the same period last year, thus promoting the net profit margin to increase by 1.56% to 3.07% over the same period last year. In terms of R & D investment, the company invested 661 million yuan in R & D in 21 years, with a year-on-year increase of 52.56%, accounting for 4.12% of operating revenue. In recent years, the company has continued to increase R & D investment, mainly for the construction of new models, including the development and design of offshore wind turbines, onshore high-capacity wind turbines and self-developed core parts.
The two seas business + new energy power station operation + intelligent service business helped the company accelerate the integration of industrial chain and form all-round development. At present, the company actively distributes offshore wind power and overseas markets. In terms of offshore wind power, the company has released "Haifeng" series 9mw harrier platform wd2259000 Taiwan resistant offshore units, and will have the capacity of batch delivery in 2022; In the overseas market, the company added more than 500000 kilowatts of overseas orders, and the first batch of offshore projects landed in the Shuozhuang project in Vietnam. At the new energy operation end, the company has connected 306000 kW of wind farms to the grid, and opened up a stable source of income for the company with the idea of "rolling development"; In the smart service sector, the newly signed sales service contract of the company exceeded 300 million yuan in 21 years, with a year-on-year increase of 110%.
Profit forecast and investment rating of the company: we believe that at present, the company's new and on-hand orders are full, and the market share of the company after the rush for installation in the wind power industry is further improved. Driven by the strong demand for the installation of scenery during the 14th Five Year Plan period and the commencement of the construction of two batches of scenery bases, the company's production capacity and performance are expected to accelerate the release. We believe that with the company's active layout of cross-strait business, power station operation and intelligent service, the layout of the company's own integrated industrial chain is accelerated, and the formation of intelligent service providers in the whole life cycle is accelerated. We estimate that the operating revenue from 2022 to 2024 will be RMB 18.41 billion, RMB 21.38 billion and RMB 25.25 billion respectively, the net profit attributable to the parent company will be RMB 619 million, RMB 780 million and RMB 981 million respectively, the EPS will be RMB 183 million, RMB 2.30 million and RMB 2.90 respectively, and the corresponding PE of the current stock price will be 20.23, 16.05 and 12.76 times respectively. Maintain a "recommended" rating.
Risk tip: the installed capacity of wind power is less than expected, the price of wind turbine has decreased significantly, and the progress of R & D is less than expected.
