\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 615 Ming Yang Smart Energy Group Limited(601615) )
Key investment points
Performance summary: the company achieved an operating revenue of 7.126 billion yuan in the first quarter of 2022, a year-on-year increase of 63.4%; The net profit attributable to the parent company was 1.408 billion yuan, a year-on-year increase of 398.53%; The net profit deducted from non parent company was 1.421 billion yuan, with a year-on-year increase of 435.94%.
The gross profit margin of fans has increased significantly, which is expected to be maintained throughout the year, and the orders on hand are 20GW. The main reason for the rapid growth of the company's performance is that the gross profit margin of the company's fan business in the first quarter increased by 8.74 percentage points year-on-year to 25.71%. In the first quarter, the shipment was 1.6gw, of which the shipment of sea breeze reached 626mw, a year-on-year increase of 113%, and the shipment of land breeze was 980mw, a year-on-year increase of 47%. The revenue of fan business reached 6.536 billion yuan, a year-on-year increase of 66.6%, further improving. The company added 2.54gw of orders, and the orders in hand reached 20GW. In the first quarter, the proportion of the company's model shipments above 7mw increased significantly. We believe that the increase in the proportion of the company's large Haifeng units can effectively hedge the impact of the decline in fan prices and maintain a high level of the company's gross profit margin.
The wind farm power generation business developed steadily. During the reporting period, the company's power generation revenue reached 310 million yuan, a year-on-year decrease of 12.26%; The gross profit margin of power generation business was 60.86%, a year-on-year decrease of 14.22 percentage points, and the number of power generation hours was higher than the national average. The iteration of "rolling development" mode has achieved initial results. The capacity of the company's self operated power station is 1253mw and the capacity under construction is 1737mw.
Profit forecast and investment suggestions. Maintain the company's profits of RMB 3.466 billion / 39.34 billion / 4.462 billion from 2022 to 2024 respectively, and the net profit attributable to the parent company will maintain a compound growth rate of 12.89% in the next three years. The company actively develops new business areas such as photovoltaic and hydrogen production. The company's performance will be good for a long time and maintain the "buy" rating.
Risk warning: the price of upstream parts increases; There is an obvious risk that the demand for offshore wind power orders will decline in 2022.
