\u3000\u3000 Ming Yang Smart Energy Group Limited(601615) (601615)
Event: Ming Yang Smart Energy Group Limited(601615) issued the announcement of annual performance increase in 2021.
The annual performance doubled year-on-year, and the improvement rate exceeded expectations. On January 24, the company released the performance forecast for 2021. It is estimated that the net profit attributable to the parent company will reach 2.9-3.2 billion yuan in 2021, with a year-on-year increase of 111.05% – 132.88%, and the net profit deducted from non attributable to the parent company will reach 2.85-3.15 billion yuan, with a year-on-year increase of 103.57% – 125.00%, with the performance exceeding the expectation. The high profit growth in 2021 is mainly due to three aspects: first, the increase of orders in hand and the delivery scale of offshore wind turbine hosts; Second, the grid connected capacity of holding power stations increased year-on-year, resulting in an upward trend in power generation revenue; Third, some wind farm projects were sold during the rolling development of the power station, resulting in significant growth in performance.
Orders in hand are full, the leading position is stable, and shipments are expected to continue to increase. According to the public bidding data of 13 central energy enterprises according to the wind power headline statistics, Ming Yang Smart Energy Group Limited(601615) the bid winning scale in 2021 was 5561.3mw, accounting for 15.26% of the bid winning scale, ranking the top three after prospective energy and Xinjiang Goldwind Science And Technology Co.Ltd(002202) . According to the company’s performance display materials, by the end of September 2021, the company’s orders on hand had reached 18.26gw (of which 13.9gw were pending orders and 4.35gw had won the bid and not signed contract orders), and 8.09gw had been added in the first three quarters. The high orders on hand are expected to drive the high increase of the company’s shipment.
Guangdong accelerated the promotion of offshore wind power, and the offshore wind power leader continued to win orders. In terms of offshore wind power, the company maintained its leading position in China, with shipments reaching 2.2gw in the first three quarters, a year-on-year increase of 244%. At present, Guangdong is the only province in China that has defined the land compensation for offshore wind power. The capacity of offshore wind power projects has exceeded 7gw, accounting for 64% of the national total 11gw. Among them, the first and second Qingzhou projects of Guangdong energy group (a total of 1000MW) have determined to use Ming Yang Smart Energy Group Limited(601615) myse11-230 semi direct drive typhoon resistant wind turbines, superimposed with the fourth Qingzhou project (505mW) owned by Mingyang, At the initial stage of the development of offshore wind power parity, Mingyang may win more than 1.5gw wind turbine orders, which is far ahead of other competitors, and the leading position of offshore wind turbine is stable.
Diversified financing channels and optimize the capital structure. At the end of 2021, the company’s overseas wholly-owned subsidiary Ming Yang Smart Energy Group Limited(601615) (BVI) completed the issuance of the first phase of overseas green bonds in 2021, with an issuance interest rate of 1.6% and a term of 3 years, with a total issuance amount of US $200 million. The raised funds will be mainly used for the construction of Kailu 600MW wind power project, an integrated demonstration project of “huofengguang storage, production and research” in Tongliao, Inner Mongolia, The relatively low financing cost of overseas green bonds is expected to help the company further optimize the financing structure and reduce the financial burden. In addition, on January 18, 2022, the company’s fixed increase was officially approved and approved by the CSRC. It plans to raise 2 billion yuan from the controlling shareholder at the price of 13.63 yuan / share, which is mainly used to supplement working capital, reduce asset liability ratio, optimize the company’s financial structure and enhance the company’s anti risk ability.
Profit forecast: it is expected that the company will realize a net profit attributable to the parent company of RMB 3.035/35.36/3.812 billion from 2021 to 2023, corresponding to 15.3/13.2/12.2 times of the valuation, and maintain the “overweight” rating.
Risk tip: the demand for offshore wind power is less than expected, and the price of raw materials rises sharply.
