\u3000\u3 China Vanke Co.Ltd(000002) 202 Xinjiang Goldwind Science And Technology Co.Ltd(002202) )
Event: according to the annual report, the company achieved an operating revenue of 50.571 billion yuan in 2021, a year-on-year decrease of 10.12%; The net profit attributable to the parent company was 3.457 billion yuan, a year-on-year increase of 16.65%. After the rush of onshore wind power installation in 2020, the company’s product structure was optimized to improve profitability. In 2021q4, the company achieved an operating revenue of 17.020 billion yuan, a year-on-year decrease of 11.51%; The net profit attributable to the parent company was 444 million yuan, a year-on-year decrease of 50.34%, mainly due to the high base of 2020q4 due to the rush installation of onshore wind power in 2020.
Optimize the fan sales structure, improve profitability, and have plenty of orders on hand. In 2021, the company’s fan sales capacity was 10.68gw. The total volume decreased by 17.39% year-on-year, but the sales volume of 6S / 8s and 3S / 4S units with high added value accounted for 18.26% and 41.65% respectively, and the sales volume increased by 305.01% and 210.27% year-on-year respectively. In the company’s fan product line, the gross profit margin of 6S / 8s, 3S / 4S, 2S and 1.5MW fans in 2021 is 27.98% / 13.17% / 13.66% / 22.57%. The products of high value-added and high-capacity units benefited from the rush installation of offshore wind power in 2021, and the proportion of sales increased greatly, which significantly improved the profitability of the company’s wind turbine business. In terms of hand orders, the company’s hand orders totaled 16.87gw at the end of 2021, which was abundant. The company’s newly launched medium speed permanent magnet units had a shipment of 108.50mw in 2021, and the orders on hand at the end of 2021 were 4.82gw, accounting for 28.55%. The subsequent installed capacity is expected to increase rapidly.
Wind farm development and operation and wind power service business continued to grow. In terms of wind farm development and operation, the company’s newly added equity installed capacity is 1.41gw, the equity installed capacity under construction is 2.59gw, and the cumulative equity installed capacity is 6.07gw. The revenue of power generation was 5.327 billion yuan, an increase of 32.56%. In terms of wind power services, the company achieved a revenue of 4.082 billion yuan in 2021, a year-on-year decrease of 7.93%, but the gross profit margin was 12.04%, a year-on-year increase of 14.78pct. The service revenue after the wind farm was 1.967 billion yuan, a year-on-year increase of 21.09%. The wind farm development and operation and wind power service business continued to grow steadily, significantly improved the company’s comprehensive competitiveness and consolidated the company’s leading position in the wind power industry.
Investment suggestion: the company is the mainstay of China’s wind power machine, with market share ranking first in China for 11 consecutive years and second in global wind turbine share in 2021. We expect the company to achieve revenue of 49.479/50.959/52.567 billion yuan from 2022 to 2024; The net profit attributable to the parent company is RMB 3.870/4.298/4.719 billion, corresponding to pe1.4 billion 67 / 13.21/12.02 times, rated as “overweight”.
Risk warning: upstream raw material price fluctuation risk; Wind power bidding risk is lower than expected; Risk of changes in the competition pattern of the fan market.
