\u3000\u3 Shengda Resources Co.Ltd(000603) 063 Shenzhen Hopewind Electric Co.Ltd(603063) )
In 2022q1, the scale of revenue increased steadily, and the net interest rate increased month on month
The company released the first quarterly report of 2022. During the reporting period, the company achieved an operating revenue of 460 million yuan, a year-on-year increase of 36.16%, a net profit attributable to the parent of 67 million yuan, a year-on-year increase of 1.98%, a net profit deducted from non attributable to the parent of 65 million yuan, a year-on-year increase of 4.81%, an operating net cash flow of 205 million yuan, a year-on-year increase of 576.11%, a net sales interest rate of 14.56% and a month-on-month increase of 2.02pct. Among the main businesses, overseas regions achieved an operating revenue of 5.8259 million yuan, accounting for 1.31%, with a year-on-year increase of 0.61 PCT and a gross profit margin of 52.49%, with a year-on-year increase of 18.88 PCT.
The shipment of photovoltaic inverter has increased significantly, and the technology of high-power sea breeze converter is leading
During the reporting period, the company’s new energy electronic control business achieved an operating revenue of 372 million yuan, with a year-on-year increase of 17.65% and a gross profit margin of 31.77%, a year-on-year decrease of 12.46 PCT. It mainly includes wind power converter, photovoltaic inverter and other products.
1) photovoltaic inverter: the company actively promoted the industrial layout, successfully entered the short list of qualified suppliers of many leading household integrators and established preliminary cooperation. The company adopts differentiated management for raw material supply chain to ensure chip supply.
2) wind power converter: the company’s wind power converter products are in a leading position in power grid adaptability, environmental adaptability and load adaptability. The company is actively engaged in the development of higher-power wind power converter products in the future. 8mW ~ 12MW doubly fed converters with various technical routes are being developed in support of the company’s strategic customers. The new generation of 1140V low-voltage three-level full power converter covers 4MW ~ 12MW offshore and onshore applications of multiple customers. The higher-power medium voltage offshore wind power converter has entered the stage of system joint commissioning.
Increase the strategic layout of electrical engineering transmission, and the business scale expands rapidly
During the reporting period, the company’s engineering transmission business achieved an operating revenue of 23 million yuan, a year-on-year increase of 82.15%, and the gross profit margin was 39.05%, a year-on-year decrease of 20.17pct. The company continued to increase the strategic layout of the transmission business. The company’s full range of frequency conversion transmission solutions are widely used in the fields of metallurgical steel rolling, mining machinery, railway infrastructure, petroleum, LNG, large-scale test-bed, distributed energy power generation and so on, The company won the “first prize of 2021 Metallurgical Science and Technology Award”, the highest technology award in the metallurgical industry.
Profit forecast and valuation
The company is a leading supplier of new energy power electronics and electrical transmission equipment in China. The leader of wind power converter is stable, and the market share of photovoltaic series inverter is expected to increase significantly. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 510, 704 and 881 million yuan respectively, with corresponding EPS of 114, 160 and 2.01 yuan / share and corresponding PE of 19, 14 and 11 times.
Risk tips
The installed capacity of wind power PV is less than expected; Fluctuations in raw material costs; Risk of policy changes.
