\u3000\u3 China Vanke Co.Ltd(000002) 202 Xinjiang Goldwind Science And Technology Co.Ltd(002202) )
In 2021, the net profit attributable to the parent company was 3.457 billion yuan, a year-on-year increase of 16.65%.
In 2021, the company achieved a total operating revenue of 50.571 billion yuan, 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%; The comprehensive gross profit margin was 22.55%, with a year-on-year increase of 4.82pct. The decrease in the company’s revenue is mainly due to the decrease in the sales of onshore fans after the “rush loading tide” of onshore wind; The improvement of profitability is mainly due to the significant increase in the sales proportion of high gross profit wind turbine products and the increase in the revenue proportion of high gross profit wind power operation business.
The “two wheel drive” strategy of direct drive permanent magnet and medium speed permanent magnet has been actively promoted.
According to bnef statistics, the company’s market share in China accounted for 20% in 2021, ranking first in China for 11 consecutive years; The global market share is 12.14%, ranking second in the world. In 2021, the company achieved 10.68gw of external fan sales. Among them, the sales volume of direct drive permanent magnet gw6s / 8s was 1.95gw, with a year-on-year increase of 305.01%; Gw3s / 4S sales volume was 4.45gw, with a year-on-year increase of 210.27%. The sales volume of medium speed permanent magnet (MSPM) units achieved a breakthrough, reaching 108.50mw. By the end of 2021, the company’s external orders on hand totaled 16.87gw, of which the order volume and capacity of MSPM reached 4.82gw. The company continues to promote independent research and development of offshore products, the industrialization of 6S / 8s platform products is progressing smoothly, and all gw171-6.45, gw184-6.45, gw175-8.0 and other models have obtained type certification. At the same time, the company actively promoted the internationalization strategy and achieved international sales of 6.06 billion yuan in 2021, with a year-on-year increase of 31.90%.
The investment and development business of wind farm is progressing smoothly, and the power generation revenue continues to grow.
In 2021, the company’s wind power projects achieved a power generation revenue of 5.327 billion yuan, a year-on-year increase of 32.56% and a gross profit margin of 67.17%; The average generation utilization hours of the company’s Chinese units reached 2546 hours, a year-on-year increase of 323 hours; The power generation is 9.668 billion kwh, and the on grid power is 9.43 billion kwh; The investment income from the transfer of equity of wind farm project is 949 million yuan. During the reporting period, the company’s self operated wind farms outside China added 1.41gw of equity grid connected installed capacity and transferred 0.83gw of equity grid connected capacity. By the end of the reporting period, the company’s global cumulative equity grid connected installed capacity was 6.07gw, and the equity wind farm under construction capacity was 2.59gw. In 2021, the company achieved an operating revenue of 4.082 billion yuan of wind power services, a year-on-year decrease of 7.93%; The gross profit margin was 12.04%, with a year-on-year increase of 14.78pct. The company promotes the transformation of service business from operation and maintenance to asset management. In 2021, the project capacity of the company’s overseas service business in transit was 23.14gw, with a year-on-year increase of 63.91%.
Profit forecast and valuation
The company is the leader of wind power, and the investment and post operation and maintenance business of wind farm are progressing smoothly. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 4.462 billion yuan, 5.355 billion yuan and 6.208 billion yuan respectively, and the corresponding EPS will be 1.06, 1.27 and 1.47 yuan / share respectively, with corresponding valuations of 13 times, 11 times and 9 times respectively.
Risk warning: the installed capacity of the fan is less than expected; The bidding price of fan goes down; Rising raw material prices
