\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 615 Ming Yang Smart Energy Group Limited(601615) )
Core view
Net profit increased by 126% year-on-year. Haifeng rush loading and “rolling development” led to high performance growth. In 2021, the annual revenue was 27.16 billion yuan (+ 21%), the net profit attributable to the parent company was 3.1 billion yuan (+ 126%), and the net profit not attributable to the parent company was 2.93 billion yuan (+ 110%); Benefiting from the gradual maturity of offshore wind power rush loading and “rolling development” mode, the company’s performance ushered in an explosion. The annual gross profit margin of sales is 21.4% (+ 2.8pct.), The net profit margin on sales reached 10.9% (+ 5.1pct.), Create the best level in the company’s history.
The shipment volume of offshore wind turbines increased by 220% year-on-year, and the new / on-hand orders reached a new high. The company achieved 6.03gw (+ 6.5%) of fan sales throughout the year, including 3.13gw (- 34%) of onshore fans and 2.90gw (+ 220%) of offshore fans. The company continues to lead the large-scale unit, with the shipment capacity of 3MW and above accounting for 98%, and that of 6MW and above accounting for more than 30%. The company added 11.2gw of fan orders in the whole year. By the end of 2021, the orders in hand had reached 19.1gw, all reaching a record high. Since 2022, the company has obtained orders for 1.9gw offshore wind turbines. With the continuous launch of offshore wind bidding, the company is expected to achieve a bumper harvest of orders.
The revenue from power generation increased by 42%, and the “rolling development” initially increased. The company’s annual power generation revenue is 1.41 billion yuan (+ 42%), and the power generation capacity is 3.08 billion kWh (+ 51%). By the end of 2021, the grid connected capacity of the power station is 1.2gw, and the capacity under construction is 1.8gw. The sufficient scale of the power station under construction has laid a good foundation for the continuous contribution of power generation profits and power station transfer. The company transferred 380mW power plants (7 wind farms in total) throughout the year. It is expected that the transfer of power plants is expected to become an important profit contribution point of the company in the future.
Continue to lead cutting-edge technologies, and overseas business can be expected in the future. In 2021, the company launched the world’s largest continental (7mw) and offshore wind turbines (16mw), continued to lead the large-scale units and installed myse5 The “Three Gorges pilot” of 5MW floating wind turbine is connected to the grid for power generation, and won the bid for CNOOC deep offshore floating wind turbine project. The company has become a leader in global floating wind power technology. In 2021, the company won an overseas order of 0.46gw, completed the supply of units for offshore wind power projects in Italy, and signed memorandums of understanding with Brazil and the UK. The company has laid out overseas markets for many years and its future development can be expected.
Risk warning: the price of raw materials continues to rise; The development and transfer progress of the power station is less than expected.
Investment suggestion: raise the profit forecast and maintain the “overweight” rating. The company is a leading enterprise of offshore wind power, leading the large-scale unit and floating wind power technology. The “rolling development” mode will continue to increase the volume, and the transfer of power generation and power station will provide stable cash flow and profits. Considering the company’s abundant orders on hand and the large scale of power stations under construction, we expect the net profit attributable to the parent company from 2022 to 2024 to be 3.945/45.744769 billion yuan (originally predicted to be 3.2173339 billion yuan in 2022 / 2023), with a year-on-year growth rate of 27.2/15.9/4.3% and diluted EPS of 1.87/2.17/2.27 yuan respectively. The current share price corresponding to PE is 12 / 10 / 10 times respectively, maintaining the “overweight” rating.
