\u3000\u3 China Vanke Co.Ltd(000002) 202 Xinjiang Goldwind Science And Technology Co.Ltd(002202) )
Performance review
On April 6, 2022, the company released the first quarter report of 2022. During the reporting period, the company achieved a revenue of 6.383 billion yuan, a decrease of 8.26%; The net profit attributable to the parent company was 1.265 billion yuan, an increase of 15.27% at the same time; The net profit deducted from non parent company was 1.427 billion yuan, an increase of 36.82% at the same time; EPS0. 29 yuan, roe3 49% in line with expectations.
Business analysis
The sales volume of fans welcomed the growth, and the proportion of sales volume of large MW units increased. 1q22 company achieved external sales capacity of 141120mw, with a year-on-year increase of 29.7%. Among them, the sales capacity of 2S platform products was 479.40mw, a year-on-year decrease of 17.6%, accounting for 33.97%; The sales capacity of 3S / 4S platform products was 779.50mw, with a year-on-year increase of 145.2%, accounting for 55.24%; The sales capacity of MSPM units was 152.30mw, up 39.4% month on month, accounting for 10.79%.
During the period, the expenses remained stable on the whole, and the net income from investment increased by 130.73% at the same time. 1q22’s gross profit margin and net profit margin were 26.51% / 20.39% respectively, with a year-on-year change of -1.88/5.87pct respectively. In terms of period expenses, the period expense rate of 1q22 company was 19.53%, with a change of 0.06pct compared with the same period last year, of which the sales expense rate, management expense rate (including R & D expenses) and financial expense rate were 7.6% / 10.58% / 1.35% respectively, with a change of 0.77/1.38 / – 2.09pct compared with the same period last year. The net investment income of 1q22 company was 1.342 billion yuan, an increase of 131%, mainly due to the year-on-year increase in the equity income from the transfer of subsidiaries.
Efficient operation of power generation business. In the first quarter of 2022, the company’s new equity grid connected installed capacity of wind power projects outside China was 51.3mw, and the scale of wind farms sold was 232mw. By the end of the first quarter, the equity installed capacity of the company’s self operated wind farms outside China totaled 5888mw. In the first quarter of 2022, the average utilization hours of the company’s Chinese units were 571 hours, 16 hours higher than the national average.
Profit adjustment and investment suggestions
We expect the company to realize net profits of 4.067 billion yuan, 4.6 billion yuan and 5.181 billion yuan from 2022 to 2024, with year-on-year growth of 17.66%, 13.09% and 12.63% respectively. The current share price corresponds to 11, 9 and 8 times of PE in the three years, maintaining the “overweight” rating.
Risk
Policy risk, market competition risk, economic environment and exchange rate fluctuation risk, asset and credit impairment risk.
