\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 905 China Three Gorges Renewables (Group) Co.Ltd(600905) )
Event: the company issued the announcement of 2021 annual performance express. The company expects to achieve an operating revenue of 15.5 billion yuan in 2021, with a year-on-year increase of 36.98%; The net profit attributable to the parent company was 5.634 billion yuan, a year-on-year increase of 56.02%. Among them, the net profit attributable to the parent company in the single quarter of 21q4 was 1.636 billion yuan, a year-on-year increase of 104.50% and a month on month increase of 125.97%.
The installed capacity of Fengguang project increased significantly, the power generation revenue continued to improve, and the performance was in line with expectations. In 2021, the company added 5390mw wind power and 1900mw photovoltaic installed capacity respectively. By the end of 2021, the total installed capacity put into operation was 22896mw, a year-on-year increase of 47%. In 2021, the overall power generation increased by 42.52% year-on-year, and the power generation revenue increased significantly. During the 14th Five Year Plan period, the company aims to increase the annual installed capacity by 15gw, and its performance is expected to achieve steady growth.
The company has further consolidated its advantageous position in the field of wind power. In 2021, the company signed a number of cooperation agreements with the shareholders of Fujian Three Gorges power grid group and Chongqing Power Grid Group to obtain a number of high-quality projects. The company has put into operation onshore wind power projects in 25 provinces and regions. Offshore wind power has obvious advantages of first mover and sufficient resource reserves. Regional centralized and continuous development of the project has been realized, and the projects under construction account for about 20% of the total offshore wind power under construction in China. With the continuous price reduction of onshore and offshore wind power equipment, and the company’s large-scale procurement can further reduce costs, the return on investment of new projects is expected to be further improved.
The diversified development of photovoltaic is expected to create a new growth point of performance. In 2021, the company adhered to the strategy of joint promotion of centralized and distributed photovoltaic, and photovoltaic projects have been put into operation in 22 provinces and regions. The company has developed a number of photovoltaic leader projects such as Qinghai Golmud 500MW and Shanxi Datong 100MW, and actively arranged opportunities for new business types such as photovoltaic + (agricultural light complementarity, fishing light complementarity and light storage integration). The company has sufficient reserves in the photovoltaic field and is expected to benefit from the accelerated growth of the industry and contribute to the increment of performance.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 21-23 years will be 5.634/77.48/9.855 billion yuan, yoy + 56.0% / 37.5% / 27.2%, EPS 0.20/0.27/0.34 yuan, maintaining the “buy” rating.
Risk tip: the risk of policy change, the construction speed of wind farm is lower than expected, and the price of photovoltaic equipment increases
