\u3000\u30 Zhongyan Technology Co.Ltd(003001) 29 Shanghai Taisheng Wind Power Equipment Co.Ltd(300129) )
Key investment points
Performance summary: in 2021, the company achieved an operating revenue of 3.857 billion yuan, a year-on-year increase of 6.90%, a net profit attributable to the parent of 259 million yuan, a year-on-year decrease of 25.87%, and a deduction of 231 million yuan of non net profit, a year-on-year decrease of 28.24%. In the first quarter of 2022, the operating revenue was 557 million yuan, a year-on-year increase of 58.03%; The net profit attributable to the parent company was 62 million yuan, a year-on-year decrease of 18.15%; The net profit deducted from non parent company was 53 million yuan, a year-on-year decrease of 23.37%.
The growth rate of offshore wind power equipment is obvious, and the profit per ton is affected by the upstream cost. In 2021, the company's revenue from onshore wind power products was about 1.88 billion yuan, a year-on-year decrease of 28.54%, and that from offshore wind power equipment products was about 1.88 billion yuan, a year-on-year increase of 102.80%. The company shipped about 228000 tons of onshore wind power and about 190000 tons of offshore wind power, and the profit per ton fell to about 600 yuan. We believe that the main reason for the decline of the company's ton profit is the pressure of the company's upstream costs. However, there is little room for the rise of upstream raw materials this year, and the company's gross profit margin will return to the normal level.
The company has plenty of orders in hand and its future performance can be expected. As of the first quarter, the total amount of orders on hand of the company was 2.65 billion yuan. Among them, onshore wind power orders increased by 266 million yuan, completed by 880 million yuan, and the remaining 2.14 billion yuan is under implementation and pending implementation; Offshore wind power and offshore engineering orders increased by 34 million yuan, and the remaining 497 million yuan is under implementation and pending implementation.
Introducing state-owned shareholders, long-term development can be expected. On July 23, 2021, Kaide investment control signed the conditional effective share transfer agreement with Liu Zhicheng, Huang Jingming, Zhang Jinnan, Zhang Fulin and Zhang Shuxiao, and transferred about 5.011% of the total issued common stock of the company at the price of 15.00 yuan per share. At the same time, subscribe for about 216 million shares issued by listed companies to specific objects at the price of 5.01 yuan / share. After the completion of this offering, Kaide investment holding will own 26.93% of the total share capital of common shares after this equity change and become the controlling shareholder of the company. As a wholly-owned subsidiary of the Management Committee of Guangzhou Economic and Technological Development Zone, Kaide investment control has profound regional resource advantages and strong capital strength, which can introduce more business resources for the company, promote the overall business development and strategic layout of the company, and provide sufficient financial support for the company's great leap forward development.
Profit forecast and investment suggestions. The company's offshore wind power business has grown rapidly in the past two years and is expected to continue to maintain high growth in the future. Considering the leading position of the company in offshore wind power metal structure, we maintain the "buy" rating.
Risk warning: the demand for offshore wind power orders will decline significantly in 2022 and the company's offshore wind power business expansion will be unfavorable; The sharp rise in steel prices risks eroding the company's profits
