\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 615 Ming Yang Smart Energy Group Limited(601615) )
Key investment points
In 2021, the net profit attributable to the parent company was RMB 3.101 billion, with a year-on-year increase of 125.69%.
In 2021, the company achieved a total operating revenue of 27.158 billion yuan, 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 comprehensive gross profit margin was 21.50%, with a year-on-year increase of 2.87pct. The growth of the company’s revenue is mainly due to the synchronous increase of the company’s wind turbine revenue and power generation revenue; The high increase in net profit attributable to the parent company was mainly due to the driving of revenue and the thickened profit from the sale of power stations; The increase in gross profit margin is mainly due to the increase in the proportion of large models and the increase in gross profit margin of power generation business.
Fans: the increase in the proportion of large models has driven the increase in gross profit margin, and the orders of fans have increased by 160%.
In 2021, the company’s fan and related products achieved an operating revenue of 25.247 billion yuan, a year-on-year increase of 20.53%; The gross profit margin was 19.16%, with a year-on-year increase of 2.27pct, mainly due to the increase in the proportion of large models with higher gross profit margin: the company’s 1.5mw-2.5mw in 2021 XMW、3. XMW -5. XMW、6. The operating revenue of products above xmw is 346 million yuan, 14.129 billion yuan and 10.198 billion yuan respectively; The corresponding sales volume is 52 sets, 1094 sets and 286 sets respectively; Accounting for 1.40% (- 5.07pct), 57.27% (- 33.33pct) and 41.33% (+ 38.40pct) of the operating revenue of wind turbines respectively; The gross profit margin was 18.52% (- 0.76 PCT), 15.79% (- 0.70 PCT) and 24.91% (+ 2.93 PCT) respectively; 6. The proportion of revenue of products above xmw and the gross profit margin increased at the same time, driving the overall gross profit margin to rise. In 2021, the company sold 6.03gw of fans, with a year-on-year increase of 6.5%; The newly added orders reached 11.22gw, with a year-on-year increase of 160%, a record high. As a fan leader, the company continued to benefit from the prosperity of the wind power industry.
Power generation: with the rapid growth of power generation, it continues to be realized by relying on “rolling development”.
In 2021, the company’s power generation business achieved an operating revenue of 1.41 billion yuan, a year-on-year increase of 42.43%, and the gross profit margin was 65.41%, a year-on-year increase of 3.68 PCT; The corresponding power generation was 3.082 billion kwh, with a year-on-year increase of 50.78%. By the end of 2021, the installed capacity of new energy power stations operated by the company was 1.19gw, a year-on-year increase of 10.18%; The average utilization hours are 2583h, higher than the national average of 337h. In 2021, the company completed the sales of 7 new energy power stations, with a total sales capacity of 0.38gw, a year-on-year increase of 91.96%.
Profit forecast and valuation
As the leader of China’s wind turbine industry, the company has fully benefited from the boom and large-scale trend of the industry. It has high-quality wind farm resources and continues to realize cash by relying on the “rolling development” mode; We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 3.922 billion yuan, 4.648 billion yuan and 5.375 billion yuan respectively, and the corresponding EPS will be 1.86, 2.21 and 2.55 yuan / share respectively. The corresponding valuation will be 13 times, 11 times and 9 times respectively, maintaining the “overweight” rating.
Risk warning: the demand for wind power is less than expected; Rising prices of raw materials; The progress of the project is less than expected.
