\u3000\u3 Shengda Resources Co.Ltd(000603) 063 Shenzhen Hopewind Electric Co.Ltd(603063) )
Event: Shenzhen Hopewind Electric Co.Ltd(603063) released the annual report for 2021. During the reporting period, the company achieved a total operating revenue of 2.104 billion yuan, a year-on-year increase of - 10.03%, mainly due to the statement of Fuyao energy; The net profit attributable to the parent company was 280 million yuan, a year-on-year increase of + 4.97%; The net profit margin on sales was 13.31%, up 2.20 PCTs year on year; The company's expenses during the four periods totaled 514 million yuan, a year-on-year increase of + 7.76%, mainly due to the increase of sales and R & D expenses, an increase of 4 / 32 million yuan respectively, and a decrease of 49 million yuan in management expenses. The operation of the company is good, and the overall performance exceeds previous expectations.
The PV inverter business doubled year-on-year, and the shipment volume increased significantly. According to CPIA, in 2021, the global PV installed capacity was 170gw, while that in China was 54.88gw, a year-on-year increase of 13.9%, of which 29.28gw was distributed, accounting for 53.4%, exceeding 50% for the first time in history. In 2022, the global installed capacity is expected to reach 195240gw, and China is expected to reach 75-90gw, continuing to maintain high economic growth. Photovoltaic inverter is the key equipment for the operation of photovoltaic power station. Hewang photovoltaic covers many fields such as household, industry and commerce, and won various awards such as "2021 distributed photovoltaic enterprise with the most brand influence". In the hot distributed photovoltaic field, the company released a new 5-225kw high current product in 2021, which is compatible with the current demand of 182 / 210 mainstream components. In 2021, the company's photovoltaic inverter revenue was 322 million yuan, a year-on-year increase of + 108.63%, the sales volume was 45544 units, a year-on-year increase of + 485.55%, and the market share continued to increase.
The wind power business maintains a leading edge and benefits from the trend of large-scale wind power. According to Bloomberg new energy finance, the new installed capacity of global wind power reached the highest level of 99.2gw in 2021, and the global installed capacity approached 100gw for the second consecutive year. In 2021, the new hoisting capacity of China's wind power reached 55.8gw, a slight decrease of 3% compared with that in 2020. Among them, onshore wind power increased by 41.6gw, a year-on-year decrease of 23%; Offshore wind power increased by 14.2gw, a year-on-year increase of 351%, with a higher prosperity. At present, the products in China's wind power converter market are 2mw-10mw. The mainstream products of Shenzhen Hopewind Electric Co.Ltd(603063) wind power converter in 2021 are 3.0MW and 3.6MW, significantly benefiting from the trend of large-scale wind power. The company's wind power business has formed a stable cooperative relationship with more than 10 complete machine manufacturers in China, with a relatively high market share.
The transmission and energy storage business has made good progress and laid a solid foundation for future development. Electric drive is the concentrated embodiment of the company's technical strength. The downstream can be applied to many fields such as metallurgical steel rolling, mining machinery and distributed energy power generation. The company won the "first prize of Metallurgical Science and Technology Award in 2021", the highest technology award in the metallurgical industry. It is the pioneer of domestic replacement of electric drive and has become the main partner of many metallurgical design institutes. As a key technology of energy structure transformation, energy storage has reached 1.87gw by 2021, and the cumulative installed capacity has reached 5.51gw, with a year-on-year increase of 68.5%. According to relevant forecasts, the scale of electrochemical energy storage in China is expected to reach 55.9gw in 2025, which has entered a period of rapid development. Hewang energy storage products cover PCs (AC / DC type, DC / DC type), PCS box transformer integrated machine, EMS and other equipment and related systems. They have been applied in batches in all energy storage application scenarios such as power generation side, power grid side and user side, and are expected to become an important performance contribution point in the future.
Investment advice
Shenzhen Hopewind Electric Co.Ltd(603063) has the dual attributes of high prosperity special equipment + manufacturing upgrading, maintaining the buy rating. We estimate that the operating revenue of the company from 2022 to 2024 will be 3.065 billion yuan, 3.919 billion yuan and 4.921 billion yuan respectively, the net profit attributable to the parent company will be 440 million yuan, 597 million yuan and 757 million yuan respectively, the EPS will be 101 million yuan, 137 million yuan and 173 yuan respectively, and the corresponding PE will be 35, 26 and 20 yuan respectively.
Risk warning: industry competition intensifies; The demand is less than expected
