\u3000\u3 China Vanke Co.Ltd(000002) 202 Xinjiang Goldwind Science And Technology Co.Ltd(002202) )
Event: the company released the annual report of 2021. In the past 21 years, the company achieved an operating revenue of 50.571 billion yuan, a year-on-year increase of – 10.12%; The net profit attributable to the parent company was + 1.657 billion yuan on a year-on-year basis. Among them, 21q4 company achieved an operating revenue of 17.020 billion yuan, a year-on-year increase of – 11.51% and a month on month increase of + 8.78%; The net profit attributable to the parent company was 444 million yuan, with a year-on-year increase of – 50.34% and a month on month increase of – 61.85%.
The revenue of fan business decreased slightly and the profitability was improved. In 21 years, the sales revenue of wind turbines and parts, wind power services and wind farm development reached 39.932/40.82/5.327 billion yuan respectively, with a year-on-year increase of – 14% / – 8% / + 33%. In 21 years, the gross profit margin and net profit margin of the company were 22.55% / 6.90% respectively, with a year-on-year increase of + 4.82 / + 1.63pct, benefiting from the year-on-year increase of the gross profit margin of the company’s wind turbine and wind power service business, the rapid growth of power generation business income superimposed with high gross profit, and the profitability of the company improved in 21 years.
The delivery structure of fans continues to be optimized, and there are plenty of orders on hand. In 21 years, the company’s external sales scale of fans was 10.68gw, a year-on-year increase of – 17%. Among them, the shipment capacity of 1.5mw/2s/3-4s/6-8s models accounted for 1% / 39% / 42% / 18% respectively, and the shipment volume of MSPM models was 0.11gw, realizing a breakthrough. The optimization of fan delivery structure has led to a year-on-year increase 3PCT to 18% in the gross profit margin of fan business. By the end of the 21st century, the company’s external orders on hand had reached 16.87gw, of which the order volume of MSPM model had reached 4.82gw, and the shipment volume in 22 years is expected to grow rapidly.
The scale of wind power operation continues to grow, and the scale of projects under construction is large. In 21 years, the company’s wind farm added 1.41gw of equity grid connected installed capacity, and the cumulative equity grid connected installed capacity was 6.07gw, an increase of 11% year-on-year. By the end of the 21st century, the capacity of wind farms under construction in the company’s equity was 2.59gw. With the gradual grid connection of projects under construction, the power generation scale of the company is expected to continue to increase.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 22-24 years is RMB 3.882/43.83/5.269 billion, yoy + 12.3% / + 12.9% / + 20.2%, EPS is RMB 0.92/1.04/125 billion, maintaining the “overweight” rating.
Risk warning: the installed capacity of wind power is less than expected, the promotion of carbon neutralization target is less than expected, and the price of raw materials is at risk
