\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 615 Ming Yang Smart Energy Group Limited(601615) )
Key investment points
Performance summary: the company achieved an operating revenue of 27.158 billion yuan in 2021, with a year-on-year increase of 20.93%; The net profit attributable to the parent company was 3.101 billion yuan, a year-on-year increase of 125.69%; The net profit deducted from non parent company was 2.934 billion yuan, a year-on-year increase of 109.55%; EPS is 1.60 yuan. Among them, the revenue in the fourth quarter was 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 company’s orders are in good condition, and Haifeng’s technical advantages strengthen its leading position. By the end of 2021, the company’s new fan order scale was 11.22gw, with a year-on-year increase of 160%; The scale of orders in hand is 19.07gw, and it is expected that the proportion of Haifeng orders will gradually increase in the future. Thanks to the rush loading of sea breeze in 2021, the company’s sea breeze shipment reached 2.89gw, with a year-on-year increase of 220%, becoming the third largest manufacturer of sea breeze machine in the world, driving the net profit margin of fan sales to increase significantly. In addition, the installation company myse5 The “Three Gorges pilot” of 5 floating wind turbine was officially connected to the grid in December 2021, becoming the first floating wind turbine put into commercial operation in the Asia Pacific region. We believe that the company has gained rich application experience in the field of floating sea wind, the economy of offshore wind power is expected to be further improved, and the cost reduction of fan technology is expected to be significantly reflected.
Integrated layout of wind, solar and hydrogen storage, and rapid development of wind farm power generation business. During the reporting period, the company’s power generation revenue reached 1.41 billion yuan, a year-on-year increase of 42.43%; The gross profit margin of the power generation business was 65.41%, with a year-on-year increase of 3.68pp. The average power generation hours of the company’s operating power stations were 2583 hours, higher than the national average of 337 hours in the same period. The iteration of the “rolling development” model began to show results. In addition, the company has achieved higher power generation in the development of power stations through comprehensive layout and self-production of core parts. By the end of 2021, the power stations operated by the company had achieved a total power generation of 3.082 billion kwh, an increase of 50.78% year-on-year; During the reporting period, a total of 7 new energy power stations were sold, with a total sales capacity of 380.1mw, a year-on-year increase of 91.96%, promoting the steady improvement of the performance of power generation business.
Seize potential business opportunities in the future and actively explore post wind power market services and overseas markets. In order to carry out the post market business of maintenance of in-service power generation equipment, Runyang energy, a wholly-owned subsidiary established by the company, increased orders by 1.012 billion yuan in 2021, a year-on-year increase of 153%; Sales reached 500 million yuan, a year-on-year increase of 180%. In 2021, the company added 455mw overseas sales orders, with a year-on-year increase of 19.74%, and the pace of going to sea accelerated. The company has completed the supply of beleolico30mw sea breeze project in Italy, realizing the breakthrough of zero sales of Chinese enterprises in the European market. With the continuous increase of overseas financing, it is expected that the pace of internationalization of the company’s fans will be further accelerated in the future.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 3.466/39.34/4.462 billion respectively, and will maintain a compound growth rate of 12.89% in the next three years. The company actively develops new business areas such as photovoltaic and hydrogen production, and its performance will be good for a long time, maintaining the “buy” rating.
Risk warning: the price of upstream parts increases; There is an obvious risk that the demand for offshore wind power orders will decline in 2022.
