\u3000\u30003 Anhui Fuhuang Steel Structure Co.Ltd(002743) 00274)
Core conclusion
Event: the company released its annual report for 21 years. In 2021, the company achieved an operating revenue of 24.137 billion yuan, a year-on-year increase of + 25.15%; The net profit attributable to the parent company was 1.583 billion yuan, a year-on-year increase of - 19.01%. The company released the first quarterly report of 22 years. In 2022q1, the company realized an operating revenue of 4.568 billion yuan, a year-on-year increase of + 36.48%, and a net profit attributable to the parent company of 411 million yuan, a year-on-year increase of + 6.26%.
Due to the impact of the epidemic and cost side, the performance in 21 years was lower than the market expectation. In the past 21 years, affected by the rise of chip costs and the lower than expected demand, the gross profit margin of the company's photovoltaic inverter was 33.80%, with a year-on-year rate of -1.23pct, and the gross profit margin of the energy storage system was 14.11%, with a year-on-year rate of -7.86pct. In addition, affected by the epidemic situation in Vietnam and the war in Myanmar, some power station projects in Southeast Asia of the company stalled, and the delay in delivery of overseas energy storage business resulted in fines, which affected the overall performance of.
In the 21st year, the market share of inverter shipments is the world's leading, and the household field is expected to continue to develop in the 22nd year. The company's global shipments of photovoltaic inverters in the past 21 years were 47gw, with a year-on-year increase of + 34.29%, including 18gw in China and 29gw overseas, with a year-on-year increase of + 31.82%. The market share of overseas countries and regions was the first, and the global market share was as high as about 30%. In the past 22 years, the company accelerated the development of household inverters. As of 22q1, 120000 ~ 130000 sets of household inverters were shipped, and the company's household inverter shipment target was 800000 ~ 1 million sets in the past 22 years.
The energy storage revenue is growing rapidly, and the shipment volume is among the best. In the past 21 years, the company achieved energy storage business revenue of RMB 3.138 billion, with a year-on-year increase of 168.51%. According to the data of Beijing Centergate Technologies (Holding) Co.Ltd(000931) energy storage industry technology alliance's industry wind vane "energy storage industry research white paper 2021", the shipment volume of Sungrow Power Supply Co.Ltd(300274) energy storage system ranked first for five consecutive years. In 2021, the delivery volume of the company's energy storage system achieved geometric growth, and the global delivery volume reached 3gwh in that year.
Investment suggestion: the company's net profit attributable to the parent company in 22e-24e is expected to be RMB 3.004/48.34/5.833 billion, with a year-on-year increase of + 89.8% / + 60.9% / + 20.7%, corresponding to EPS of RMB 2.02/3.25/3.93, maintaining the rating of "overweight".
Risk tip: the newly added grid connection of photovoltaic is less than expected, and the market share of inverter and energy storage is less than expected.
