\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 522 Jiangsu Zhongtian Technology Co.Ltd(600522) )
Event: the company released the announcement of main business data from January to February 2022, and the company’s performance exceeded expectations. On March 10, the company announced: after preliminary accounting, from January to February 2022, benefiting from the rapid development of offshore wind power and new energy, the company achieved a revenue of about 6 billion yuan, a year-on-year increase of about 17%; The net profit attributable to the parent company was about 800 million yuan, a year-on-year increase of about 300%.
Deep card position, Haifeng track, submarine cable and marine engineering business. The company has completed the layout of the whole industrial chain of marine system engineering integrating submarine cable observation, exploration, submarine cable laying and fan construction, and is committed to becoming a world-class EPC general contractor of marine projects. The company is firmly at the forefront of China’s submarine cable industry, with leading high-voltage, flexible and direct technology, and the highest voltage level of submarine cable project is ± 400kV. The regional advantages of industrial layout are obvious: Guangdong Shanwei Nanhai submarine cable manufacturing base radiates the markets in eastern Guangdong and Southeast Asia, and Jiangsu Dafeng submarine cable manufacturing base radiates from northern Jiangsu to Bohai Bay. In the field of marine engineering, the company has formed the construction of “two types and three ships”, including two 600t jack up platforms and one 1600t full swing crane ship, and independently built a 6000t electric rotary table submarine cable laying ship.
Focusing on communication + new energy, multi sector high growth. Under the “double new” development opportunities of new infrastructure and new energy, the company’s main business is divided into four sectors: optical communication, power transmission, marine equipment and new energy. In the new energy sector, the company established a double chain of photovoltaic industry and energy storage industry. During the 14th Five Year Plan period, the company focused on photovoltaic projects invested by central enterprises and state-owned enterprises and provided EPC services. In the field of energy storage, the company has realized that the internal independent matching rate of equipment required by grid side energy storage power station and user side energy storage power station is more than 95% and 99%. In 2021, the company made provision for inventory impairment and bad debt reserves for high-end communication business, and the subsequent high growth will not be dragged down. During the “14th and 5th carbon peak” period, the company is expected to achieve the development goal of “carbon peak” and the development quality of offshore wind power industry. We expect the company to achieve revenue of 49.799/46.407/42.121 billion yuan and net profit attributable to parent company of 119/35.74/4.337 billion yuan from 2021 to 2023, corresponding to pe44.4 billion yuan 61 / 14.84/12.23 times, rated as “overweight”.
Risk warning: price fluctuation of upstream raw materials; The bidding for offshore wind power during the 14th Five Year Plan period was not as expected; The market competition pattern of marine engineering equipment has deteriorated; The launch of new capacity was less than expected.
