Key elements of the report
The company released 21 mid-year report, the first half of the revenue achieved 17.904 billion yuan,-7.83% year-on-year; return to the mother net profit of 1.849 billion yuan; year-on-year + 45%. The decline in revenue is mainly due to the decline in fan sales capacity, while the increase in net profit is mainly due to a substantial increase in the company's gross profit margin compared with the same period last year.
Main points of investment:
Fan sales have declined, large fans accounted for an increase in the proportion to reduce costs: the company achieved fan sales 2.97GW in the first half of the year,-27.66% compared with the same period last year, the decline in sales led to a decline in revenue, 21H1 achieved fan sales revenue of 12.872 billion yuan, year-on-year-11.63%. Despite the decline in sales, the company's costs have fallen sharply and profit margins have improved significantly. The company's comprehensive gross profit margin in the first half of the year is 28%, year-on-year + 10.6pct, of which fan and parts gross profit margin is 20.34%, year-on-year + In terms of extension models, the gross profit margins of 3S/4S and 6S/8S are 18.80% (year-on-year + 3.06pct) and 25.94% (year-on-year + 9.14pct), respectively, and 2S gross margin is 14.5% (year-on-year + 3.52pct). The proportion of big fans in the company surged, further driving up gross profit margins, with 3S/4S rising to 38.84% from 6.74% last year and 6S to 26.80% from 4.04% last year.
Full orders on hand and expected performance in the next three years: up to the reporting period, the total amount of external orders to be executed by the company is 12.95GW, respectively: 1.5MW unit 75.00MWMagi 2S platform 4850.00MWMagi 2S platform 7196.92MW, 6S/8S platform 831.30MW; the company's external bid-winning unsigned order 2085.10MW, including 2S platform 606.50MWMAG 3Shand 4S platform 1478.60MW; the company's external orders in hand a total of 15.04GW. There are plenty of orders on hand, and the company's performance is expected to continue to grow in the future.
Big data supports wind power operation and gradually changes to capital management business: the company's ten-year layout of artificial intelligence big data unified transportation and maintenance, H1 self-operated wind farm new rights and interests grid-connected installed capacity 302MW, transfer rights and interests grid-connected capacity 273MW, power generation revenue of 2.78 billion yuan, + 32.34% compared with the same period last year. The company grasps the inevitable trend of the integration of renewable energy assets, changing from operation and maintenance to capital management. The revenue from wind power services is 1.645 billion yuan, of which the post-service income is 749 million yuan, + 29.05% compared with the same period last year, and the assets of managed wind farms are 9.7979 million kilowatts, + 70.24% compared with the same period last year. The profitability of the company's wind power services sector has improved significantly, with a gross profit margin of 6.9% in the first half, a year-on-year + 15.5pct.
Profit forecast and investment advice: it is estimated that the company's operating income in 21-23 years will be 59610max 60462max 67.366 billion respectively, the net profit of its home company 37.19x533max 5788 million, and EPS 0.88pm 1.07max 1.37 yuan per share respectively. This year, the prosperity of the wind power industry exceeds market expectations. Based on the company's leading position in wind power manufacturers, we maintain our buy rating.
Risk factors: fan prices rise less than expected; raw materials and parts prices rise risk; the company's follow-up orders are not as expected.