\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 72 Zhejiang Windey Co.Ltd(300772) )
Core view
The performance in 2021 is in line with expectations and the profitability has improved significantly. In 2021, the annual revenue was 16.041 billion yuan (+ 39.8%), the net profit attributable to the parent company was 490 million yuan (+ 183.3%), and the net profit not attributable to the parent company was 480 million yuan (+ 251.5%). In the fourth quarter, the single quarter revenue was 7.265 billion yuan (+ 60.5%), the net profit attributable to the parent was 233 million yuan (+ 118.1%), and the net profit not attributable to the parent was 229 million yuan (+ 152.4%), and the income and net profit attributable to the parent increased quarter by quarter. The provision for credit and asset impairment affected the net profit of 209 million yuan in the whole year. The annual gross profit margin of fan sales reached 16.5% (+ 8.2pct.), It is estimated that the net profit per w of the fan will increase to 0.08 yuan from minus 0.009 yuan in 2020.
Both sales volume and order volume reached a new high, with more than half of orders for large models. In 2021, the company achieved 5.5gw (+ 50.6%) of fan sales, accounting for 67.9% of shipments of 3MW and above, and 76% of sales CAGR in 20182021. In 2021, 12.8gw of new orders were added, ranking first in the industry according to wood Mackenzie statistics; At the end of 2021, 12.9gw of orders were in hand, of which 4MW and above capacity orders accounted for 54%. Landwind models above 7mw have participated in the bidding, and the large-scale layout industry is leading.
With the active layout of offshore wind power, the power station business is expected to continue to bring performance flexibility. In 2021, the company obtained overseas orders for offshore wind turbines and completed the design certification of 7mw and 9mw offshore wind turbines. In 2022, it is expected to form a breakthrough in the Chinese market and give full play to the regional advantages of Zhejiang offshore wind market. By the end of 2021, the company controlled 306mw wind farm and participated in more than 600MW. In 2021, the power generation profit was about 60-70 million yuan; In the whole year, it obtained 1.66gw of resources listed in the provincial energy department planning, and the power station business has opened a rapid expansion channel, which will bring sustained impetus to the company's performance.
Risk tip: the short-term price competition in the fan industry intensifies; The company's offshore wind power order acquisition progress is lower than expected; The development and construction progress and profitability of the power station are lower than expected.
Investment suggestion: raise the profit forecast and maintain the "buy" rating.
The company's deep technical accumulation in the field of wind turbine products, industry-leading product quality and service level and the continuous expansion of power station operation scale open up the company's long-term market value space. Based on the company's orders in hand and business development, we raised the original profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 703 / 771 / 1092 million yuan (originally predicted to be 567 / 724 million yuan in 2022 / 2023), The year-on-year growth rates were 43.5/9.7/41.7%, the diluted EPS were 2.07/2.27/3.22 yuan, and the corresponding PE of the current stock price was 17.6/16.0/11.3 times respectively, maintaining the "buy" rating.
