Haili wind power (301155)
Event overview: on April 27, the company released the annual report of 2021 and the first quarterly report of 2022: the company achieved an operating revenue of 5.458 billion yuan in 2021, a year-on-year increase of 38.93%; The net profit attributable to the parent company was 1.113 billion yuan, a year-on-year increase of 80.8%; EPS was 6.64 yuan, a year-on-year increase of 76.13%. In a single quarter, the company achieved an operating revenue of 1.037 billion yuan in 2021q4, a year-on-year decrease of 40.58%; The net profit attributable to the parent company was 190 million yuan, a year-on-year decrease of 18.67%. In 2022q1, the operating revenue was 153 million yuan, a year-on-year decrease of 86.03%; The net profit attributable to the parent company was 620364 million yuan, a year-on-year decrease of 70.27%; EPS was 0.29 yuan, a year-on-year decrease of 77.34%.
Comments: benefiting from the rush of sea breeze, the volume and price have risen together in 21 years, and the performance has increased significantly
① volume: the company’s main products are wind power tower, pile foundation and jacket. In 2021, the sales volume is 613 / 387 / 1 sets respectively, and the cost-effective shipment is about 530000 tons; Among them, tower and jacket contribute the main revenue, accounting for 35.3% and 62.4% of operating revenue respectively.
② price: the unit price of tower in 2021 is about 3.14 million yuan / set, with a year-on-year increase of 21.4%; The unit price of pile foundation is about 8.89 million yuan / set year-on-year; The unit price of jacket is about 8.64 million yuan / set, which is the balance project in 2019 and will be completed and sold out in 2021.
③ profit: in 2021, the company’s comprehensive gross profit margin was about 29.13%, with a year-on-year increase of 4.65 PCTs. In terms of products, the gross profit margin of tower is about 27.96%, with a year-on-year increase of 4.7pcs; The gross profit margin of pile foundation is about 28.44%, with a year-on-year increase of 4.61 PCTs.
④ the main reasons for the decline of 2022q1 performance are: 1) general non sea breeze construction window period in the first quarter; 2) The rush to install in the 21st year not only raised the base, but also overdrawn a certain demand, while the newly installed capacity of 22q1 offshore wind power is only about 260mw, and the actual construction of offshore wind project is less, resulting in a reduction in demand; 3) The epidemic situation has a certain impact on incoming materials and delivery; 4) Haifeng industrial chain is in the early stage of parity, and there is a certain price reduction pressure on parts.
The core focus in the future: “expand production capacity and adjust structure” with both hands, waiting for the sea breeze to increase
① based on Jiangsu, it has obvious local advantages. As one of the provinces and cities with the highest proportion of China’s offshore wind power installed capacity during the 13th Five Year Plan period, Jiangsu’s offshore high-quality wind farms are mostly concentrated in Nantong, Yancheng and other regions, which highly coincides with the layout of the company’s production base.
② the single unit capacity of offshore wind power jumped. The company focused on both capacity expansion and structure adjustment, and actively promoted the layout outside the province. Due to the influence of weight, diameter and other factors, large MW products have high requirements for capacity layout. At present, the company has announced a number of production expansion projects, and it is expected that the effective production capacity will reach 6 Shenzhen Quanxinhao Co.Ltd(000007) 00000 tons by the end of this year. In addition, the company will upgrade some old production capacity and actively promote the layout outside the province. In addition, with the improvement of the company’s capacity utilization and the release of scale effect, profitability is expected to be repaired.
Investment suggestion: we expect that the net profit attributable to the parent company from 2022 to 2024 will be RMB 389 / 722 / 968 million, corresponding to the closing price of RMB 51.29 on April 28, 2022, and the PE from 2022 to 2024 will be 29 / 15 / 12 times. It will be covered for the first time and given a “recommended” rating.
Risk tip: performance growth is less than expected; The price rise of raw materials exceeded expectations; The project is not progressing as expected.
