\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 615 Ming Yang Smart Energy Group Limited(601615) )
Performance review
On April 14, 2022, the company issued its annual report for 2021. During the reporting period, the company achieved a revenue of 27.158 billion yuan, an increase of 20.93% at the same time; The net profit attributable to the parent company was 3.101 billion yuan, an increase of 125.69% at the same time; The net profit deducted from non return to parent was 2.934 billion yuan, an increase of 109.55% at the same time; EPS1. 6 yuan, roe18 4%, the performance is in line with expectations.
Business analysis
The wind turbine and power generation sectors are facing high growth. 1) During the reporting period, the external sales of wind turbines reached 6.03gw, an increase of 6.5%, of which the shipment of offshore wind power reached 2.89gw, an increase of 220%; The corresponding sales of wind turbine units and related accessories reached 25.247 billion yuan, an increase of 20.53% at the same time; The gross profit margin of wind turbine and related accessories sales was 19.16%, up 2.27pct year-on-year. 2) During the reporting period, the operating income of the power station was 1.41 billion yuan, an increase of 42.43% at the same time; The gross profit margin of power station operation business was 65.41%, with a year-on-year increase of 3.67pct; The average power generation hours of power stations in operation are 2583 hours, which is higher than the national average power generation hours of 337 hours in the same period.
The profitability was improved, and the expenses showed a downward trend during the period. In 2021, the gross profit margin and net profit margin of the company were 21.50% / 10.90% respectively, with a year-on-year change of + 2.93 / + 5.09pct respectively. In terms of the three major expenses, the company’s expense rate during 2021 was 10.99%, a decrease of 0.01pct compared with the same period last year, of which the sales expense rate, management expense rate (including R & D expenses) and financial expense rate were 4.36% / 5.69% / 0.94% respectively, a change of + 0.02 / + 0.75 / – 0.78pct compared with the same period last year.
Profit adjustment and investment suggestions
We expect the company to realize net profits of RMB 3.755 billion, RMB 4.685 billion and RMB 5.684 billion respectively from 2022 to 2024, with a year-on-year increase of 21%, 25% and 21% respectively, corresponding to eps1 79 yuan, 2.22 yuan, 2.70 yuan. The current share price corresponding to the three-year PE is 13, 11 and 9 times respectively, maintaining the “overweight” rating.
Risk
Policy risk, market competition risk, restricted shares lifting risk, major shareholder reduction risk
