\u3000\u3 China Vanke Co.Ltd(000002) 015 Gcl Energy Technology Co.Ltd(002015) )
Event: the company released its annual report for 2021, and achieved an operating revenue of 11.314 billion yuan in 2021, a year-on-year decrease of 0.71% (after adjustment); The net profit attributable to the parent company was RMB 1.004 billion, with a year-on-year increase of 21.80% (after adjustment), mainly due to the increase of wind power development in 2021, and the transfer into operation of many wind power projects invested, constructed and acquired, which effectively made up for the impact caused by the rise of fuel prices.
Against the background of rising fuel prices, the green energy operation business grew steadily. By the end of 2021, the total installed capacity of the company was 377744mw, including 243714mw gas turbine cogeneration, 832.3mw wind power, 60MW biomass power generation, 116MW waste power generation and 332mw coal-fired cogeneration. The proportion of wind power installed capacity further increased, and the cogeneration capacity of gas turbine decreased slightly, which is mainly due to the listing of Wuxi Lantian gas turbine project. Under the background of rising coal and natural gas prices in 2021, the company took the initiative to optimize the steam and power generation capacity. In 2021, the settled steam volume was 161691 million tons, a year-on-year increase of 4.87%; The settled power consumption was 12.532 billion kwh, a year-on-year decrease of 20.71%; The waste disposal volume was 2.2134 million tons, a year-on-year increase of 56.36%. At the same time, the company actively conducted downward pressure on the price rise of raw materials, with the annual average price of electricity rising by 5.3% and the average price of steam rising by 17.5%, which effectively alleviated the operating pressure. In 2022, the company plans to obtain the indicators and approved scale of thermal power project, with a new energy development capacity of 2gw; The operation scale exceeds 540mw; The production scale exceeds 280mW. The mobile energy business made a breakthrough and completed the non-public offering. Focusing on the power exchange scenarios of taxis, online car hailing, heavy trucks and light trucks, the company will complete the construction of five passenger car power exchange stations and one commercial vehicle power exchange station in 2021. Up to now, 9 passenger vehicle replacement power stations and 4 commercial vehicle replacement power stations have been completed. In March 2022, the company completed the non-public offering of shares and raised a net fund of 3.72 billion yuan. It plans to invest in the construction project of new energy vehicle power station, the construction project of information system platform and R & D center and the project of replenishing working capital. This non-public offering can not only provide sufficient funds for the mobile energy business, help the company seize high-quality resources and accelerate the construction of power stations, but also help alleviate the pressure on the liability side of the company and reduce financial expenses. In 2022, the company plans to increase the value of comprehensive energy business by ≥ 30%, provide mobile energy services for more than 25000 vehicles, and make breakthroughs in energy storage, lithium mineral materials, etc.
Profit forecast, valuation and rating: supported by clean energy business, the company integrates “energy network, transportation network and vehicle network”, and takes the lead in the field of power exchange. In view of the company’s completion of non-public offering and effective relief of debt side pressure, we raised the company’s net profit attributable to the parent company by 4% / 18% from 2022 to 2023 to RMB 1.36/1.9 billion, increased the predicted net profit in 2024 to RMB 2.4 billion, and the current share price corresponds to 19 times of PE in 2022. The company focuses on clean energy, mobile energy and energy storage, with high business synergy and maintains the “buy” rating.
Risk tips: macroeconomic and policy risks; Operational risk; Financial risks, etc.
