\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 222 Jiangsu Linyang Energy Co.Ltd(601222) )
Main points:
The company plans to repurchase shares for employee stock ownership, with a total amount of 150300 million yuan. The company announced that it plans to repurchase shares for employee stock ownership through its own funds, with a repurchase price of no more than 14.46 yuan / share and a repurchase time of no more than 12 months. The company previously announced the employee stock ownership plan for 2022, which targets the directors, supervisors, senior managers, core technicians and business personnel of the company, covering more than 100 people, including 93 core technicians / business personnel.
Share repurchases prove that the company is confident that its energy storage business will break out this year
This repurchase shows that the company has full confidence in future development. From a fundamental point of view, this year will be the first year of the company's energy storage business. In the past two years, the company has reserved many projects through the layout of the whole industrial chain: 1) the company will invest and build 1.5gw photovoltaic project, 0.5gw wind project and 400MW / 800mwh energy storage project in Anhui Province; 2) The company signed an investment framework agreement with Huaneng Jiangsu energy to jointly develop photovoltaic and energy storage projects; 3) The company has established a joint venture with Eve Energy Co.Ltd(300014) to jointly build a new lithium iron phosphate production capacity. We expect that the reserve projects and production capacity will contribute to the performance this year, and the company's energy storage business is expected to break out this year.
"Whole county promotion" promotes the promotion of distributed business, and "Fengguang storage" projects have been implemented one after another
It is expected to sign a cooperation agreement with the government on the construction of distributed photovoltaic power stations. The company is currently in the early stage of project reserve. With the promotion of "Fengguang reserve" and "whole county promotion" projects, the company's multi line layout will be implemented one after another, and its performance is expected to improve rapidly.
Investment advice
It is estimated that the net profit of the company in 2021 / 2022 / 2023 will be 921 / 1305 / 1676 million yuan, corresponding to EPS 0.45/0.63/0.81 yuan. Maintain the "buy" rating.
Risk tips
The rise of demand and price is lower than expected; Overseas resumption of work and production is less than expected; The impact of the epidemic has increased.
