\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 821 Nyocor Co.Ltd(600821) )
Event:
The company released the first quarter report of 2022. In the first quarter of 2022, the company achieved a revenue of 622 million yuan, a year-on-year increase of 69.96%; The net profit attributable to the parent company was 77 million yuan, a year-on-year increase of 13.24%.
Comments:
The installed capacity of new energy has increased rapidly, and it is planned to exceed 13GW in 25 years
The company's installed capacity continued to grow. By the end of March 2022, the company's cumulative installed capacity was 3.307 million KW, including 1 million kw of wind power and 2.307 million kw of photovoltaic power. By the end of 2021, the approved installed capacity of the company's new energy stations was 4775 MW, an increase of 129% year-on-year. The company proposes that by 2022, the installed capacity of new energy power generation will exceed 6Gw; By 2025, the installed capacity of new energy power generation will exceed 13GW, which is expected to drive the sustained and rapid growth of performance.
Driven by the growth of electricity, the performance of 22q1 increased by 13% year-on-year
Driven by the growth of installed capacity, the company completed 1.316 billion kwh of power generation in the first quarter of 2022, a year-on-year increase of 103.87%, including 564 million kwh of wind power and 752 million kwh of photovoltaic power. Driven by the growth of electricity, the company achieved a revenue of 622 million yuan in the first quarter of 2022, a year-on-year increase of 69.96%; The net profit attributable to the parent company was 77 million yuan, a year-on-year increase of 13.24%. In our opinion, affected by the gradual operation of parity projects, the company's profitability declined in 2022q1, with a gross profit margin of 57.55%, a year-on-year decrease of 4.10 percentage points; The net interest rate was 13.60%, a year-on-year decrease of 6.21 percentage points.
Adhere to the three curves of "digitization of new energy and new technology", and promote the three-dimensional layout of hydrogen energy and energy storage tracks
The company has formulated the strategic layout of the three curves of "digitization of new energy and new technology" and formulated corresponding strategic arrangements simultaneously. In 2021, the company will promote the three-dimensional layout of hydrogen energy and energy storage track on the basis of its core main business. The company has completed the equity investment in the hydrogen energy technology development Co., Ltd. of the state power investment group. The state power investment hydrogen energy is expected to realize the full material level autonomy of six key fuel cell technologies such as catalyst and proton membrane, and lay out manufacturing bases in Hubei, Guangdong and Jilin, which is expected to interact with the company's project development. China Carbon Technology (Hubei) Co., Ltd., jointly established by the company, Three Gorges group and zhongchengxin, has also been put into operation, realizing business layout from a high starting point in the field of carbon finance and carbon consulting.
Investment suggestions:
According to the company's current projects, the target of the 14th five year plan and the performance of the first quarter, the performance forecast is lowered. It is estimated that the company will realize the net profit attributable to the parent company of RMB 633 million, 920 million and 1.233 billion from 2022 to 2024 (the previous value is 7.79 / 11.95 / 15.09), and the corresponding PE is 14, 10 and 7 times, maintaining the "buy" rating.
Risk warning: policy promotion is not as expected; The pace of subsidy payment has slowed down significantly; The technological progress of the industry has slowed down; Industry competition intensifies; The risk of the company's development projects falling short of expectations, and the acquisition of assets by wholly-owned subsidiaries falling short of expectations.
