\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 615 Ming Yang Smart Energy Group Limited(601615) )
Event: Ming Yang Smart Energy Group Limited(601615) ( Ming Yang Smart Energy Group Limited(601615) ) issued the performance announcement of 2021.
Comments:
Performance maintained high growth and profitability improved. In 2021, the company achieved an operating revenue of 27.158 billion yuan, a year-on-year increase of 20.93%; The net profit attributable to the shareholders of the parent company was 3.101 billion yuan, a year-on-year increase of 125.69%; The gross profit margin was 21.50%, with a year-on-year increase of 2.87 PCT; During the period, the expense rate was 10.99%, with a year-on-year decrease of 0.01 PCT. In the fourth quarter of 2021, the company achieved a revenue of 8.728 billion yuan, a year-on-year increase of 19.06%; The net profit attributable to the parent company was 940 million yuan, a year-on-year increase of 112.96%; The gross profit margin was 21.87%, up 0.57 PCT month on month; The net interest rate was 9.88%, down 4.98 PCT month on month. In 2021, the company achieved 6.03gw of external sales of wind turbines, with a year-on-year increase of 6.5%; The corresponding sales of wind turbines and related accessories reached 25.247 billion yuan, a year-on-year increase of 20.53%; The gross profit margin of wind turbine and related accessories sales was 19.16%, with a year-on-year increase of 2.27 PCT. The company expects to realize a net profit attributable to the parent company of RMB 1.2 billion-1.55 billion from January to March 2022, with a year-on-year increase of 408.02% to 505.72%. The profitability of the company’s wind turbines and related accessories has been improved, the company’s competitiveness has been continuously enhanced, and the performance is expected to maintain rapid growth this year.
There were sufficient orders on hand, and the shipment of offshore wind power increased significantly. In 2021, the company’s new orders for wind turbines reached 11.22gw, with a year-on-year increase of 160%, which was the largest year in the company’s history. According to bnef, in 2021, the company’s market share of newly installed wind power in China was 14%, an increase of 4 PCT year-on-year; It ranks seventh among the global wind power manufacturers. In terms of offshore wind power, the company’s offshore wind power shipment reached 2.89gw in 2021, with a year-on-year increase of 220%, becoming the third largest manufacturer of offshore wind power in the world. The company’s “Three Gorges pilot” was officially connected to the grid on December 7, 2021, which is the first floating fan put into commercial operation in the Asia Pacific region.
The operating income of the power station has increased significantly, the R & D investment has increased significantly, and the cutting-edge technology has been actively distributed. In 2021, the company realized a total operating income of 1.41 billion yuan, a year-on-year increase of 42.43%; The gross profit margin of power station operation business was 65.41%, up 3.68 percentage points year-on-year. In 2021, the company invested 1.055 billion yuan in R & D, with a year-on-year increase of 42%, accounting for a year-on-year increase of 0.58 PCT to 3.88%. From 2018 to 2021, the compound growth rate of R & D investment was about 61%, maintaining a rapid growth. The company’s compact semi direct drive fan products cover the level of 3mw-16mw. While increasing the sales proportion of high-power models, the company has strengthened the R & D reserves of ultra compact semi direct drive technology, floating fan and other technologies, and continuously promoted the R & D and application of advanced blade technologies such as segmented blade and carbon glass mixing, so as to further enhance its core competitiveness.
Investment advice: maintain the recommended rating. As the leader of wind turbine, the company will continue to benefit from the high prosperity of wind power industry. Raise the company’s EPS from 2022 to 2023 to 1.75 yuan (+ 15.9%) and 2.01 yuan (+ 14.2%), increase the EPS to 2.24 yuan in 2024, and the corresponding PE is 12.9 times, 11.2 times and 10.1 times respectively, and maintain the recommended rating.
Risk tip: the decline of the prosperity of the wind power industry leads to the decline of the bidding volume; Risk that the company’s cutting-edge technology R & D progress is less than expected; Share price pressure risk caused by shareholder reduction.
