\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 163 Zhongmin Energy Co.Ltd(600163) )
The company released the annual report of 2021, and the net profit attributable to the parent company was RMB 656 million, with a year-on-year increase of 35.11%. The company released its annual report for 2021, with an operating revenue of 1.533 billion yuan, a year-on-year increase of 22.41%. The net profit attributable to the parent company was RMB 656 million, with a year-on-year increase of 35.11%. The net profit attributable to the parent company after deduction was 654 million yuan, a year-on-year increase of 40.33%.
The land breeze and sea breeze made concerted efforts to boost the performance growth of the company. In 2021, the company achieved a significant increase in revenue and net profit attributable to the parent company. On the one hand, the land wind projects successively put into operation in 2020 continued to contribute to the performance in 2021 and became the basic sector for stable performance; On the other hand, Haidian phase I and phase II projects successively released their performance in 2021, driving the high growth of the company’s performance. The annual power generation and on grid power of the company were 2.722 billion kWh and 2.654 billion kwh, with a year-on-year increase of 18.15% and 18.48% respectively; Among them, the power generation and on grid power of Haifeng were 898 million kWh and 880 million kwh, both with a year-on-year increase of 64%. The company has high utilization hours of land wind and sea wind, including 3030 hours of land wind in Fujian, 4224 hours of sea wind and 2285 hours of land wind in Heilongjiang, all higher than the Chinese average of 2246 hours.
The installed capacity of Haifeng has been stepped up year by year, waiting for the injection of phase III of Haidian power. In 2021, the company added 30000 kW of biomass power generation and 109000 kW of wind power. By the end of 2021, the installed capacity of the company was 957300 kW, including 907300 kW of wind power (611300 kW of land wind and 296000 kW of sea power), 20000 kW of photovoltaic and 30000 kW of biomass. The company’s installed capacity of wind power in Fujian Province is 797800 kW (501800 kW for land wind and 296000 kW for sea wind), accounting for 10.85% of the installed capacity of wind power in Fujian Province. During the reporting period, phase II of COOEC was fully connected to the grid, and the installed capacity of offshore wind accounted for 32.62% of the company’s installed capacity. Phase I and phase II of COOEC will become the main source of the company’s performance contribution in 2022. According to the previous performance commitment, 312000 kW of phase III of Haidian, which was put into operation at the end of 21, is expected to be injected into listed companies in 2023, which will boost the company’s performance to a higher level.
Profit forecast. Assuming that the phase III project is injected in 2023 according to the requirements of performance commitment, it is expected that the company’s revenue from 2022 to 2024 will be RMB 1.936/2.924/2.925 billion respectively, the net profit attributable to the parent company will be RMB 854/13.2/1.334 billion respectively, and the EPS will be RMB 0.449/0.694/0.701 respectively. The company will be given a PE valuation of 18-22 times in 2022, and the corresponding stock price range is RMB 8.1-9.88, giving the company a “buy” rating.
Risk tip: the injection of phase III of COOEC is less than expected, the wind abandonment rate increases, and the growth rate of power demand slows down.
