Sungrow Power Supply Co.Ltd(300274) ‘s performance is a little unexpected!
On the evening of April 19, the annual report results disclosed by Sungrow Power Supply Co.Ltd(300274) the leading photovoltaic company with a market value of 100 billion yuan really broke investors’ glasses.
According to the company’s announcement, the company’s operating revenue during the year was 24.137 billion yuan, a year-on-year increase of 25.15%. The net profit attributable to shareholders of listed companies was 1.583 billion yuan, a year-on-year decrease of 19.01%. The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1.335 billion yuan, a year-on-year decrease of 27.72%. Some market participants shouted: surprise or surprise Sungrow Power Supply Co.Ltd(300274) ‘s performance does have an obvious gap with the market’s perception of the photovoltaic industry.
Fortunately, the market still has the advantage of hedging this bad. In the deep reform conference held on the 19th, it was mentioned to strengthen the construction of digital government and promote the reform of financial system below the provincial level. Many insiders believe that this is conducive to the further interpretation of the digital government sector, which has a market value of more than 400 billion yuan.
overnight, the offshore RMB suddenly fell by more than 380 points, and the US dollar reached more than 6.41 against the RMB. At the same time, the dollar index rose sharply and the yen exchange rate fell sharply. The global market is in violent fluctuations. Some market participants expect that the LPR will be lowered on the 20th
It is worth noting that after the news of selling British assets, Li Ka Shing once again focused on Asia, this time focusing on Vietnam. Recently, Li Chaoren’s Changjiang industrial group and Japan’s Eurex group, through Vietnam’s local partner, TP o à n VN thnh pH á T, held an important meeting with Pan Wenmai, mayor of the people’s Government of Ho Chi Minh City, to discuss investment in Ho Chi Minh City.
Sungrow Power Supply Co.Ltd(300274) amazing performance
On the evening of April 19, Sungrow Power Supply Co.Ltd(300274) released the annual report for 2021.
The operating revenue of this leading photovoltaic inverter was 24.137 billion yuan, a year-on-year increase of 25.15%. However, both the profit attributable to the parent company and the deduction of Non Profits disappointed investors. The net profit attributable to the shareholders of the listed company was 1.583 billion yuan, a year-on-year decrease of 19.01%. The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1.335 billion yuan, a year-on-year decrease of 27.72%. In 2021, the company made provision for impairment losses of accounts receivable and inventories of 480 million yuan, with a year-on-year increase of more than 400 million yuan, an increase of nearly 6 times, and directly deducted the operating profit of 480 million yuan. There is a big gap between this performance and the expectations of the market and investors’ perception of the photovoltaic industry.
According to the teleconference of an organization on Tuesday evening, the company revealed that the performance in 2021 was lower than expected. The core reason for the decline was several problems in the power station business. One was that the epidemic caused the Vietnam project not to be connected to the grid in October and the implementation of the new electricity price led to the withdrawal. In addition, the Myanmar project was cancelled due to the coup, resulting in some expenses. The third was that the overseas energy storage business was affected by the epidemic and received a fine, This leads to increasing income without increasing profit. The overall performance has been reduced by about 1 billion. Now we have made arrangements for the epidemic situation, supply chain price rise, IGBT shortage and other problems. The overall situation of 22q1 has recovered well, and the power station business has turned around. The energy storage business has learned from last year’s lessons. Last year, because people can’t go to the United States, some projects can’t do on-site commissioning, resulting in delivery problems. It is expected that there will be substantial improvement and on-site commissioning and acceptance can be done, so the goal is still relatively high. The inverter is affected by the shortage of devices, and the laying of channels has slowed down. It is expected that a large number of domestic devices will be used this year. There will be ticket skipping of imported devices in Q1, and it is expected that Q2 will begin to alleviate. We are still full of confidence in the inverter business. To sum up, 2021 is a little big, the estimation of chips and epidemic situation is also insufficient, the internal management is not fine enough, there is a exchange loss of more than 100 million, and the cost level is also improved due to the growth of personnel and R & D. In 2021, according to our statistics, the installed capacity of photovoltaic AC side is 150gw, the installed capacity of wind power is 94gw, and the energy storage is 22gwh (12gwh in 2020). The growth of the company is better than that of the market.
Analysts believe that the reality of the industry revealed in Sungrow Power Supply Co.Ltd(300274) annual report may also lower investors’ expectations for other companies in the photovoltaic industry, and then impact their share prices.
Of course, this annual report is not without highlights. During the reporting period, the company’s energy storage business grew rapidly, and the 1500V full scene energy storage system solution reduced costs and increased efficiency significantly. It has become a key supporting technology for the large-scale development of new energy + energy storage under the current online pressure of light storage parity. What level of growth did the company’s energy storage system deliver in 2021, and the global delivery reached 3gwh in that year.
400 billion assets welcome super drive
However, there is also a positive that can hedge photovoltaic in the market. On the afternoon of April 19, the 25th meeting of the Central Committee for comprehensively deepening reform was held. The meeting deliberated and adopted the guiding opinions on strengthening the construction of digital government.
In fact, at the executive meeting of the State Council on November 17 last year, it formally considered and approved the “14th five year plan” to promote the National Government Informatization Plan, accelerate the construction of digital government and improve the level of government service. The meeting pointed out that promoting government informatization is an important measure to improve government management efficiency and service level.
The 2022 government work report emphasizes the need to strengthen the construction of digital government, promote the sharing of government data, further reduce various certificates, expand the scope of “inter provincial general handling”, basically realize the exchange and mutual recognition of electronic certificates, facilitate the cross regional operation of enterprises, and speed up the handling of matters of concern to the masses.
Some research institutions predict that in 2025, the scale of digital government market will be close to trillion, and the space for information innovation will be huge. At present, the market value of the whole digital government sector exceeds 400 billion yuan. The recent adjustment range of the whole sector has also reached more than 20%. As the policy continues to increase, the whole sector may usher in a strong drive.
Guoyuan Securities Company Limited(000728) previously said in the research report that the rapid iterative updating of emerging technologies represented by mobile Internet, big data, cloud computing and artificial intelligence has provided scientific and technological guarantee for the rapid development of government informatization at the supply side. With the steady growth of the scale of government informatization market, the proportion of software and service market continues to increase.
Li Ka Shing’s new move
After the news of the sale of British assets was reported, whether Li Ka Shing will return to Asia has been the focus of public attention.
Recently, some media reported that Li Ka Shing’s Changjiang industrial group and Japan’s Eurex group, through Vietnam’s local partner wanshengfa group, held an important meeting with Vietnam’s Ho Chi Minh City People’s Government mayor pan Wenmai to discuss investment in Ho Chi Minh City.
According to the news released by Tencent “Chaozhou merchants in the world”, pan Wenmai, chairman of the people’s Committee of Ho Chi Minh City, and leaders of various departments met with Changjiang industrial group, Eurex group and wanshengfa group, calling for investment to promote the economic and social reconstruction of Ho Chi Minh City after the covid-19 pneumonia epidemic.
Cheung Kong industrial group, founded by Li Ka Shing, positioned Ho Chi Minh City as a strategic center of Finance and technology, and promised to introduce high-end real estate projects from residential, office, business center, entertainment and other businesses.
Zhao Guoxiong, President of Changjiang industrial group, said at the meeting that their investment decision-making starts from two preconditions: one is the support of the government, and the other is a platform with valuable local partners, in-depth understanding of the local area, accumulated capacity and in line with the world market. With its financial capacity and successful experience in investing in large-scale infrastructure projects in the world, Changjiang industrial group promises to inject a large amount of funds into these fields in the shortest time together with wanshengfa.
The trend of “Li Superman” represents the orientation of funds to a certain extent. At present, Vietnam may be becoming a hot land for investment. Chinese listed companies with relevant performance in the country may also be of concern.
