\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 615 Ming Yang Smart Energy Group Limited(601615) )
Core conclusion
Performance: in 21 years, the company achieved an operating revenue of 27.158 billion yuan, a year-on-year increase of + 21%; The net profit attributable to the parent company was 3.101 billion yuan, a year-on-year increase of + 126%. Among them, 21q4 company achieved an operating revenue of 8.728 billion yuan, a year-on-year increase of + 19% and a month on month increase of + 20%; The net profit attributable to the parent company was 940 million yuan, with a year-on-year increase of + 113% and a month on month increase of – 16%.
In 21 years, the shipment volume of wind turbine was 6Gw +, and the shipment volume of sea breeze was + 220% year-on-year. In 21 years, the company’s fan and accessories business realized an operating revenue of 25.247 billion yuan, a year-on-year increase of + 21%; The external sales capacity was 6.03gw, a year-on-year increase of + 7%, of which the sales of 1.5-2mw / 3-5mw / 5.5-7mw models were – 75% / – 25% / + 67% year-on-year respectively. The delivery structure of the company continued to be optimized, and the gross profit margin of fan and accessories business increased 2pct to 19%. Benefiting from China’s rush to install offshore wind power, the company’s offshore wind turbine shipment in 21 years was 2.89gw, a year-on-year increase of + 220%.
Orders in hand reached a new high, and shipments are expected to continue to grow. In 21 years, the company added 11.22gw of new orders for wind turbines, with a year-on-year increase of + 160%. The number of new orders reached a record high, including 455mw of new overseas orders in 21 years, with a year-on-year increase of + 20%. By the end of the 21st century, the company’s orders in hand were 19.07gw, a year-on-year increase of + 37%. With the gradual delivery of orders in hand, the company’s shipment is expected to continue to grow.
Power generation revenue is growing rapidly, and rolling development is expected to continue to contribute to profits. In the past 21 years, the operating income of the company’s power station was 1.41 billion yuan, a year-on-year increase of + 42%, the power generation was 3.082 billion kwh, a year-on-year increase of + 51%, the gross profit margin was 65%, and a year-on-year increase of + 4pct. By the end of the 21st century, the operation scale of the company’s new energy power station was 1.19gw, a year-on-year increase of + 10%; The installed capacity under construction was 1.79gw, a year-on-year increase of -32%. In 21 years, the company completed the transfer of 7 new energy power stations, with a total sales capacity of 380mW, a year-on-year increase of + 92%. The rolling development strategy of power stations is expected to continue to contribute profits.
Investment suggestion: it is estimated that the net profit attributable to the parent company in 22-24 years will be RMB 3.237/40.05/4.789 billion, yoy + 4% / 24% / 20%, and EPS will be RMB 1.54/1.90/2.28, maintaining the “buy” rating.
Risk tip: the installed capacity of wind power is less than expected, the construction speed of power station is less than expected, and the price of raw materials is at risk.
