\u3000\u3 China Vanke Co.Ltd(000002) 531 Titan Wind Energy (Suzhou) Co.Ltd(002531) )
Core conclusion
Event: the company released its annual report for 21 years. In 21 years, the company achieved a total operating revenue of 8.172 billion yuan, a year-on-year increase of + 0.89%; The net profit attributable to the parent company was 1.31 billion yuan, a year-on-year increase of + 24.76%. Among them, 21q4 company achieved a total operating revenue of 2.952 billion yuan, a year-on-year increase of + 12.45% and a month on month increase of + 53.15%; The net profit attributable to the parent company was 278 million yuan, a year-on-year increase of + 15.56% and a month on month increase of + 19.51%.
In the past 21 years, the sales volume of tower increased steadily, and the production capacity layout continued to advance. In 21 years, the tower business revenue was 5.177 billion yuan, with a year-on-year increase of 2.47%. The sales volume was 626500 tons, with a year-on-year increase of 6.13%. The tower sales volume and revenue increased steadily. Affected by the sharp fluctuation of raw material prices in 21 years, the gross profit margin of tower business decreased by 5.24pct to 12.07% year-on-year. In 2021, the company successively selected locations in Inner Mongolia, Northeast China, central China, South China and other places, set up tower production bases, and preliminarily completed the nationwide capacity layout. Blade shipments fell year-on-year in 21 years, and the demand is expected to grow rapidly in 22 years. In 21 years, the leaf business revenue was 1.781 billion yuan, a year-on-year decrease of 17.58%, the sales volume was 2675 pieces, a year-on-year decrease of 16.43%, the gross profit margin was 16.98%, a year-on-year decrease of 4.31 PCT, and the decline in profitability was mainly due to the sharp rise in the prices of glass fiber and other raw materials. It is estimated that the new installed capacity of wind power in China will be + 40% year-on-year in 22 years, and the downstream demand is expected to grow rapidly.
The revenue from power generation is growing rapidly, and the transfer of power stations is expected to contribute to profits. In 21 years, the company's power generation business revenue was 1.051 billion yuan, with a year-on-year increase of 47.94%, and the gross profit margin was 70.00%, with a year-on-year increase of + 3.47 PCT, benefiting from the increase in the scale of grid connected operation of the company's power stations and the simultaneous increase in the volume of power generation business. By the end of the 21st century, the company had accumulated 884mw grid connected wind farms. The company is rich in high-quality power station resources and is expected to continue to contribute to its performance through rolling development mode.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 22-24 years will be 1.508/2.030/2.548 billion yuan, yoy + 15% / 35% / 26%, and EPS will be 0.84/1.13/1.41 yuan, maintaining the "buy" rating.
Risk warning: risk of rising raw material prices; Risk of wind power policy change; The production capacity is lower than expected
