\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 483 Fujian Funeng Co.Ltd(600483) )
Event:
The company issued the annual report of 21 years and the quarterly report of 22 years. In 2021, the company achieved a revenue of 12.077 billion yuan, a year-on-year increase of 26.37%; The net profit attributable to the parent company was 1.268 billion yuan, a year-on-year decrease of 15.18%. In the first quarter of 2022, the company achieved a revenue of 2.534 billion yuan, a year-on-year decrease of 10.69%; The net profit attributable to the parent company was 644 million yuan, a year-on-year increase of 16.94%.
Comments:
The construction of the project has been steadily promoted, and the growth of power generation and heat supply has driven the revenue of 21 years to + 26% year-on-year
The company’s project construction has been steadily promoted, and the offshore wind power projects in pinghaiwan f area, Shicheng offshore wind power and Changle offshore wind power have realized grid connected power generation. By the end of 2021, the company had a total installed capacity of 5.9933 million KW, including 1.809 million kw of wind power generation, 1.528 million kw of natural gas power generation, 1.2961 million kw of cogeneration, 1.32 million kw of coal-fired pure condensation power generation and 40200 kW of photovoltaic power generation. In 2021, the company completed 19.567 billion kwh of power generation, a year-on-year increase of 352 million kwh, and 9.2984 million tons of heating, a year-on-year increase of 2.4862 million tons. Driven by the growth of power generation and heating, the company achieved an operating revenue of 12.077 billion yuan in 2021, a year-on-year increase of 26.37%.
The high coal price has put pressure on the performance in 21 years, and the growth rate of investment income is high
In 2021, the company’s profitability declined, and the gross profit margin decreased by 6.75 percentage points to 17.13% year-on-year, mainly due to the year-on-year increase in coal purchase price. By business, the gross profit margin of power supply business in 2021 was 18.36%, a year-on-year decrease of 5.96 PCT; The gross profit margin of heating business was 11.17%, a year-on-year decrease of 14.84pct. In 2021, the company’s investment income was 547 million yuan, including 509 million yuan in associates and joint ventures, with a year-on-year increase of 30.59%. Under the comprehensive influence of the growth of power generation revenue and the high cost caused by the rising coal price, the company realized a net profit attributable to the parent company of 1.268 billion yuan in 2021, a year-on-year decrease of 15.18%.
The decline of coal price and the contribution of sea breeze to profits are expected to increase significantly in 22 years
From the first quarter of 2022, the company achieved a revenue of 2.534 billion yuan, a year-on-year decrease of 10.69%; The net profit attributable to the parent company was 644 million yuan, with a year-on-year increase of 16.94%. We believe that the decline in coal prices has led to the restoration of the profitability of thermal power business. At the same time, pinghaiwan f offshore wind power, Shicheng offshore wind power and Changle offshore wind power projects connected to the grid in 2021 have also contributed. With the fall of fuel costs and the contribution of offshore wind power projects to profits, the company’s performance is expected to increase significantly in 2022.
Investment suggestion: considering the business expansion, fuel cost of thermal power business and the situation of wind resources in Fujian Province, the performance forecast for 22-23 years is lowered and the performance forecast for 24 years is added. It is estimated that the net profit attributable to the parent company in 20222024 will be 2.5, 2.8 and 3.2 billion yuan (the value before 22-23 years was 2.96 and 3.29 billion yuan), and the corresponding PE will be 10, 9 and 8 times, maintaining the “buy” rating.
Risk tips: the risk that the industry development is lower than expected, the risk that the industry competition intensifies, the risk of technology substitution, the risk that the market share decreases, the risk that the price of raw materials increases significantly, etc
