\u3000\u3 China Vanke Co.Ltd(000002) 531 Titan Wind Energy (Suzhou) Co.Ltd(002531) )
Launch the employee stock ownership plan, bind the interests of core employees, and the actual controller gives the commitment to guarantee the principal, so as to jointly benefit the growth of the company. The company has launched an employee stock ownership plan, involving five senior executives including the vice president and the Secretary of the board of directors and no more than 145 employees. The total amount of funds to be raised is no more than 250 million yuan, of which the proportion of external financing amount to employees’ self raised funds is no more than 1:1. In addition, The actual controller of the company provides breakeven guarantee for the principal of employees participating in the employee stock ownership plan (excluding the interest of external financing amount), so as to strengthen the long-term incentive effect on core employees and demonstrate the confidence in the long-term growth of the company.
Strategic cooperation with host manufacturers, actively build wind power equipment industrial park projects and deepen business cooperation. According to the announcement on signing the strategic cooperation agreement between the company and Zhejiang Windey Co.Ltd(300772) issued by the company, Zhejiang Windey Co.Ltd(300772) has become an enterprise in Puyang Tianshun wind power equipment manufacturing Industrial Park Phase III wind power host project, adding the previous phase I blade and phase II tower projects completed by the company. At present, the company has built a complete wind power equipment industry in Puyang, Henan Province, It is expected to actively promote the development of wind power industry in Henan during the 14th Five Year Plan period. According to the cooperation agreement, Yunda will invest in the construction of a wind turbine production line of no less than 1GW, and promise to give priority to the production of the project to the orders of wind turbines in the central and Eastern markets. In addition, more importantly, the two sides will give priority to purchasing each other’s fans, blades and towers based on the principle of business complementarity. At the same time, they will actively promote technical cooperation, realize joint development and enhance the competitiveness of both sides in their respective business fields.
The construction of supporting industrial parks will reward new energy development indicators and help the company carry out new energy development business. According to the announcement on obtaining the construction index reward of new energy projects in Hubei Province issued by the company, due to the company’s local construction of Shayang wind power equipment Industrial Park project, Hubei Provincial Energy Bureau rewarded the company with the construction scale of new energy projects of 0.6gw. At present, relying on the company’s blade and tower business, the company actively promotes the construction of wind power equipment Industrial Park in areas with concentrated wind resources, introduces host manufacturers with reference to the model of Puyang Industrial Park, further improves the output value of the industrial park, effectively drives local investment and employment, and escorts the development and construction of local wind resources. Based on this, in line with the principle of deepening cooperation, It is expected that the local government will also provide the company with a certain capacity of new energy development indicators to help the company carry out new energy development business.
The resource development business is gradually implemented, and the rolling development business of power station is expected to bring significant performance increment to the company. In 2021, the company will focus on promoting the development of wind power resources and project approval, so as to expand the rolling development business of wind power stations. According to the news of Polaris wind power network, the company officially opened the main engine bidding for the 500MW wind power project in Xinghe County, Ulanqab city. The project is one of the key raised and invested projects of the company’s convertible bonds in 2021, with a total investment of 3.086 billion yuan. The launch of the project marks the official landing of the company’s strategic transformation. Considering the significant decline in development costs caused by the current large-scale wind turbines, The value of wind power development resources has increased significantly, and the rolling development business of power station is expected to bring significant performance increment to the company.
Profit forecast: it is estimated that the net profit attributable to the parent company will be RMB 1.404/17.36/2.257 billion from 2021 to 2023, corresponding to 19.0/15.4/11.8 times of the valuation, maintaining the “buy” rating.
Risk tip: the industry demand is lower than expected, and the steel price is lower than expected.
