\u3000\u30 China High-Speed Railway Technology Co.Ltd(000008) 75 Jilin Electric Power Co.Ltd(000875) )
Event:
The company released its annual report for 2021. In 2021, the company achieved a revenue of 13.178 billion yuan, a year-on-year increase of 30.99%; The net profit attributable to the parent company was 450 million yuan, a year-on-year decrease of 5.79%.
Comments:
The revenue of all sectors increased together, and the total revenue in 2021 increased by 31% year-on-year
In terms of electricity, the company completed 24.324 billion kwh of power generation in 2021, with a year-on-year increase of 15.87%; 22.66 billion kwh of on grid electricity was completed, with a year-on-year increase of 16.61%. In terms of electricity price, the average on grid electricity price of the company in 2021 was 422.88 yuan / MWh, an increase of 4.05% year-on-year. With both volume and price rising, the revenue of the company’s power sector increased by 21.33% to 9.583 billion yuan compared with 2020. Meanwhile, the revenue of the company’s thermal power, operation and maintenance and other sectors also increased by 15.76% and 122.46% respectively. Driven by the three, the company achieved a revenue of 13.178 billion yuan in 2021, a year-on-year increase of 30.99%.
The role of new energy in supporting performance has gradually become prominent, with a gross profit of 2.6 billion yuan in the past 21 years
In 2021, the company realized a gross profit of 2.806 billion yuan, of which wind power and photovoltaic contributed 2.638 billion yuan, which improved the supporting role of performance. In 2021, the company’s gross profit margin was 21.29%, a year-on-year decrease of 1.47pct. In terms of business, the gross profit margins of thermal power, wind power, photovoltaic, thermal power, operation and maintenance and others are 10.81%, 52.85%, 46.62%, – 38.11% and 9.17% respectively. In 2021, the company’s expense rate was 14.34%, basically the same as that in 2020, in which the management expense rate increased by 0.21pct year-on-year, mainly due to the expiration of the epidemic policy and the increase in labor costs caused by the adjustment of institutions and the introduction of high-end talents to adapt to the company’s high-quality development; The R & D expense ratio increased by 0.25 PCT year-on-year; The financial expense ratio decreased by 0.41pct year-on-year. Overall, under the influence of revenue growth and high coal prices, the company realized a net profit attributable to the parent company of 450 million yuan in 2021, a year-on-year decrease of 5.79%.
Develop multiple main lines and build a world-class clean energy enterprise
The company adheres to the four main lines of “continuous and vigorous development of new energy, high-quality development of comprehensive smart energy, innovative development of hydrogen energy industrial cluster and comprehensive expansion of energy storage charging and replacement business”. By the end of 2021, the total installed power generation capacity of the company was 104457 million KW; Including 7.1457 million kilowatts of new energy and 3.3 million kilowatts of thermal power. While vigorously developing the new energy power generation business, the company has rapidly expanded its comprehensive smart energy, hydrogen energy and energy storage charging and replacement business. It has put into operation a number of comprehensive smart energy projects, built a number of energy storage demonstration application projects, and built two high-quality power station service platforms focusing on power station operation and maintenance.
Investment suggestion: considering the new installed capacity of the company in 21 years, the continuous upside down of the income and cost of heating business in the past few years and the relatively high level of coal price, the company is expected to realize the net profit attributable to the parent company of 674 / 1054 / 1325 million yuan from 2022 to 2024 (the original value in 22-23 years is 1.04 / 1330 billion yuan), corresponding to pe35 / 23 / 18 times and maintain the “buy” rating.
Risk tips: the new installed capacity is lower than expected, the electricity price is lower than expected, the power demand is lower than expected, the industry competition is intensified, the income and cost of heating business continues to hang upside down, etc
