\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 905 China Three Gorges Renewables (Group) Co.Ltd(600905) )
Event: 1) the company announced that the annual report of 2021 achieved a revenue of 15.484 billion yuan, a year-on-year increase of 36.85%; The net profit attributable to the parent company was 5.642 billion yuan, a year-on-year increase of 56.26%; The net profit attributable to the parent company after deducting non-profit was RMB 5.067 billion, with a year-on-year increase of 45.53%. 2) The company announced that in the first quarter of 2022, the revenue was 5.789 billion yuan, a year-on-year increase of 51.84%; The net profit attributable to the parent company was 2.264 billion yuan, a year-on-year increase of 51.45%; The net profit attributable to the parent company after deduction was RMB 2.264 billion, with a year-on-year increase of 52.29%.
The results of the annual report and the first quarterly report were brilliant, and the gross profit margin of the first quarterly report hit a record high.
According to the announcement of the company, the revenue in 2021 was 15.484 billion yuan, a year-on-year increase of 36.85%; The net profit attributable to the parent company was 5.642 billion yuan, a year-on-year increase of 56.26%; The net profit attributable to the parent company after deducting non-profit was RMB 5.067 billion, with a year-on-year increase of 45.53%. The gross profit margin was 58.41%, with a year-on-year increase of 0.72 percentage points; The net interest rate was 39.31%, a year-on-year increase of 4.48 percentage points; Roe (average) was 10.19%, with a year-on-year increase of 1.21 percentage points. The operating net cash flow was 8.818 billion yuan, accounting for 156.29% of the net profit attributable to the parent company.
In the first quarter of 2022, the revenue was 5.789 billion yuan, a year-on-year increase of 51.84%; The net profit attributable to the parent company was 2.264 billion yuan, a year-on-year increase of 51.45%; The net profit attributable to the parent company after deduction was 2.264 billion yuan, a year-on-year increase of 52.29%, exceeding market expectations. Q1’s gross profit margin was 67.22%, up 12.50 percentage points month on month and 2.71 percentage points year on year. The gross profit margin hit a record high. We infer that it should be mainly the contribution of Haifeng project; The net profit margin on sales was 44.42%, up 3.36 percentage points month on month and 2.26 percentage points year-on-year.
The newly installed capacity accounts for nearly 50% in 2021, and 3.24gw sea breeze will contribute significant performance elasticity in 2022.
According to the contents of the company’s annual report, the newly installed capacity of the company in 2021 was 7.30gw, accounting for 46.79% of the installed capacity in 2020 (15.60gw), including 5.39gw of wind power, accounting for 11.33% of the total installed capacity of newly added wind power in China (including 3.24gw of sea wind, accounting for 19.15% of the total installed capacity of newly added sea wind in China), and 1.91gw of photovoltaic, accounting for 3.48% of the total installed capacity of newly added photovoltaic in China). In 2021, the completed power generation was 33.069 billion kwh, with a year-on-year increase of 42.5%, including 22.889 billion kwh of wind power, with a year-on-year increase of 44.70% (including 3.331 billion kwh of offshore wind power, with a year-on-year increase of 36.97%). Considering that the installed capacity of the company’s offshore wind power in 2020 is only 1.34gw, we can judge that the company’s newly installed 3.24gw offshore wind project is mainly put into operation in the second half of 2021, which will contribute significant performance flexibility in 2022, and the annual performance can be expected to increase.
Profit forecast and investment rating: in combination with the contents of the annual report, we adjusted the company’s EPS forecast for 20222024 from 0.19/0.23 yuan / share to 0.26 (+ 0.07) / 0.32 (+ 0.09) yuan / share, and predicted that the EPS in 2024 was 0.38 yuan, corresponding to 21, 17 and 14 times of PE respectively, maintaining the “buy” rating.
Risk tip: the macroeconomic downturn weakens the demand for power for terminal industries, and the construction and production progress of wind power and photovoltaic projects does not meet expectations
