\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 669 Power Construction Corporation Of China Ltd(Powerchina Ltd)(601669) )
The company announces 21fy annual report and 22q1 quarterly report. The revenue of 21fy company is 449 billion, yoy + 12% (compared with 19fycagr + 14%); The net profit attributable to the parent company is 8.6 billion, yoy + 8% (compared with 19fy CAGR + 9%), and the net profit not attributable to the parent company is 8.1 billion, yoy + 53% (compared with 19fy CAGR + 13%). 21q4 company's revenue is 132.9 billion, yoy-8% (compared with 19q4 CAGR + 7%); Net profit attributable to parent company: 2.28 billion, yoy + 6% (compared with 19q4 CAGR + 27%); Deduct the net profit not attributable to the parent company of 1.97 billion (vs 21q4 is negative, compared with 19q4 CAGR + 26%). 22q1 company revenue 128.8 billion, yoy + 6% (the same caliber after retroactive adjustment, the same below); Net profit attributable to parent company: 2.8 billion, yoy + 5%; Deduct the net profit not attributable to the parent company of RMB 2.4 billion, yoy + 3%.
The company also announced the progress of asset replacement and related party transactions with the power construction group. The industrial and commercial registration of the change of shareholders has been completed for the invested assets and the invested assets. The power construction group has paid the company the differential consideration of the invested assets and the invested assets of 653426 million yuan; The asset delivery of this transaction has been completed.
21fy's performance met expectations, and the epidemic or stage dragged down 22q1 revenue growth and profitability
21fy company's three major business projects contracting / power investment and operation / real estate development revenue were 373 / 203 / 29.5 billion respectively, yoy 12.2% / 7.9% / 35.6% respectively. The project contracting business continued to grow rapidly. In the power investment and operation business, the new energy revenue was 7.3 billion, yoy + 17%, accounting for 36% of the power operation revenue; In 21fy, 1.0/0.2/0.1/0gw to 6.3/1.5/6.5/3.2gw of wind, light, water and fire are newly installed respectively, and the cumulative holding installed capacity is increased by 1.2gw to 17.4gw. The newly installed capacity in 21fy is stable, and it is expected that the newly installed capacity in 22fy will begin to accelerate (the company plans to invest 52.2 billion yuan in 22fy energy projects, including 48.3 billion new energy projects, plans to start new energy installed capacity of 10GW +, plans to approve 4 pumping and storage projects, with a total of about 5GW). At the end of 21fy, the outstanding contract amount of the company was 1.46 trillion, about 3.3 times of the revenue in the same period, which was sufficient to support the revenue growth momentum.
21fy company's comprehensive gross profit margin is 13.2%, yoy-1.2pct; Among them, 21q4 is 14.2%, yoy-1.0pct. By business, the engineering contracting / power investment and operation / real estate development 21fy gross profit margin is 10.9% / 40.8% / 11.8%, yoy respectively -0.8 / - 7.1 / - 7.2pct. The gross profit margin of engineering business is under pressure in the stage of raw materials / epidemic impact; The gross profit margin of power operation business is mainly due to the drag of hydropower (21fy overall water inflow is relatively dry) / thermal power (21h2 coal price increases greatly), and the gross profit margin of new energy is yoy-1.1pct to 58.1%, which is roughly stable at a high level. 22q1 gross profit margin is 11.2% (due to the completion of asset restructuring and the adjustment of consolidated statement caliber), yoy + 0.5pct. The expense rate has increased to a certain extent and the impairment stage has been dragged down. It is speculated that the epidemic situation has a stage impact (the anti epidemic expenditure has increased and the owner's payment collection rhythm has slowed down). The 22q1 net profit margin attributable to the parent company is yoy-0.1pct to 2.1%.
After the divestiture of real estate assets is completed, we are firm in the transformation of clean energy, optimistic about the prospect of change, and maintain the "buy" rating. The company's clean energy transformation will be firm. We expect that the profit structure of the company in the 14th five year plan may significantly improve the contribution of new energy. The net profit of new energy group of 21fy company is 1.96 billion (vs. 790 million in 20fy, with more impairment in the same period), accounting for 14.6% of the overall net profit of the company. The real estate business has been stripped off to strengthen the financing ability and support the transformation prospect of the company. Considering the impact of asset restructuring, we raised the company's net profit attributable to the parent company in 22 / 23 years to 11 / 12.6 billion (the previous value was 10.1 / 11.8 billion), increased the 24-year forecast to 14.5 billion, and maintained the target price of 11.18 yuan, corresponding to the company's 22-year PE of about 16x, maintaining the "buy" rating.
Risk warning: strategy execution is weaker than expected, power and infrastructure investment is lower than expected, and impairment risk
