\u3000\u30003 Beijing Spc Environment Protection Tech Co.Ltd(002573) 00257)
Event: on April 27, 2022, the company released the annual report of 2021. During the reporting period, the company achieved a revenue of 3.48 billion yuan, a year-on-year increase of 14.91%; The company realized a net profit attributable to shareholders of listed companies of 300 million yuan, with a year-on-year increase of 18.23%.
Comments:
The geothermal and compressor business grew year-on-year, and the profitability increased steadily. In 2021, Zhejiang Kaishan Compressor Co.Ltd(300257) achieved a total operating revenue of 3.48 billion yuan, a year-on-year increase of 14.91%. Among them, the revenue of compressor series products was 2.666 billion yuan, with a year-on-year increase of 14.7%. The company's power sales revenue of smgp power station in 2021 was 38.3 million US dollars, which achieved rapid growth compared with 196 million geothermal power generation in 2020. The gross profit margin and net profit margin of the company in 2021 are 30.01% and 8.86% respectively, slightly higher than that in 2020. With the increase of the proportion of high-end large equipment such as geothermal business and centrifuges, the profitability of the company is expected to maintain a steady upward trend.
Geothermal technology has been verified and everything is ready for "take-off". Geothermal power generation is a clean, renewable, sustainable, low-carbon footprint and low-temperature chamber gas emission energy Zhejiang Kaishan Compressor Co.Ltd(300257) geothermal power generation business has been verified by grid connection for nearly three years. The company's geothermal power station has highlighted its advantages in availability, power generation efficiency, dependence on geothermal resources, investment cost, construction cycle and whole process development capacity, and the installed capacity has increased year by year. The global cumulative installed capacity in 2021 was 15854mw, and the global newly installed capacity in 2021 was 246mw. The installed capacity of 3 Suofeiya Home Collection Co.Ltd(002572) 021 geothermal power generation (including EPC project) was about 48.2mw, accounting for nearly 20% of the global market Zhejiang Kaishan Compressor Co.Ltd(300257) geothermal power generation business is mainly located in Indonesia and the United States, which are rich in geothermal resources and have a good policy environment. Indonesia ruptl planned to increase the installed capacity of geothermal energy by 3355 MW by 2030, accounting for 8% of the total installed capacity of renewable energy, while the U.S. market has a flexible tax preference system and a developed new energy portfolio financing market; At present, the company has a wealth of projects in hand, and several projects under construction are being carried out in an orderly manner. The company's Indonesia SGI project has been connected to the grid in the first quarter of 2022, and more power stations are connected to the grid during the year. At present, the company's geothermal business technology is leading in the world, geothermal resources are sufficient to support long-term development, and the policy environment is good. With sufficient financial support, the company's geothermal business will grow rapidly.
The layout of globalization has been steadily promoted, and the technical strength has continued to take the lead Zhejiang Kaishan Compressor Co.Ltd(300257) is the first enterprise in China to invest in the R & D and manufacturing of screw compressor and achieve success. The company has established an advantageous position in China by relying on leading technology and started to explore the global market. The company has several R & D centers in the United States and four R & D centers in China. The overall energy efficiency level of products is in the leading position in the industry. In addition, the company has international first-class products in application fields such as process compressor, gas compressor, refrigerant compressor, blower and vacuum pump, which are sold all over the world. The technical capacity covers almost all fields such as screw type, high-pressure reciprocating type, centrifugal type, axial flow type and scroll type, At the same time, oil-free screw compressor and other high-end products also occupy a leading position in China; In 2009, the company set up R & D centers in North America. Since 2011, the company has successively set up channel companies in Melbourne, Taichung, Loxley, Mumbai, Dubai, Warsaw, Ho Chi Minh City and other places, and has KCa US subsidiary and LMF Austria subsidiary. KCa, an American subsidiary, has grown rapidly, with a market share of 8.6% in the United States in only three years and a budget revenue of about $40 million. India's market sales have doubled, the Asia Pacific region has gradually broken through, and the company's global layout is gradually showing results.
Profit forecast and investment rating: we predict that the net profit from 2022 to 2024 will be 463 million yuan, 725 million yuan and 1035 million yuan respectively, and the corresponding EPS will be 0.47 yuan / share, 0.73 yuan / share and 1.04 yuan / share respectively, corresponding to 25 times, 16 times and 11 times of the current share price PE respectively. Maintain the company's "buy" rating.
Risk factors: deterioration of macro environment; Project financing is less than expected; Increase in financial expenses and risk of exchange rate changes.
