Events:
The company released its semi-annual report for 2021: in the first half of 2021, the company achieved operating income of 17.904 billion yuan, down 7.83% from the same period last year, and net profit of 1.849 billion yuan, an increase of 45.00% over the same period last year.
Main points of investment:
The performance is in line with market expectations, and the net profit of homing in the first half of 2021 increased by 45.00% year-on-year. During the reporting period, the company achieved a total operating income of 17.904 billion yuan, a decrease of 7.83% over the same period last year, a net profit of 1.849 billion yuan, an increase of 45.00% over the same period last year, and a comprehensive gross profit margin of 27.98%, an increase of 10.58pct over the same period last year. The company's performance growth is mainly due to: 1) the increase in the proportion of large fan sales, which significantly enhances the profitability of the fan and parts business; and 2) the rapid increase in power generation business revenue and gross profit margin by taking advantage of the hourly increase.
The proportion of high-power models continues to increase, and the profitability is significantly enhanced. During the reporting period, the company achieved external sales capacity 2.97GW, down 27.66% from the same period last year, including 418,301,123 units of 2S, 3S/4S and 6S/8S series units, and 1.02GW, 1.15GW and 0.79GW units respectively. Among them, 3S/4S and 6S/8S series units increased by 316.80% and 379.43% respectively over the same period last year, accounting for 23.66% and 27.96% of the total income. Benefiting from the continuous optimization of the product structure, the company's gross profit margin on fan and parts sales in the first half of the year was 20.34%, an increase of 8.21pct compared As of the first half of the year, the company's external orders-on-hand totaled 15.04GW, of which 2S series products 5.46GW accounted for 36.28% of 5.46GW, accounting for 36.28% of 5.46GW, accounting for 57.69% of 6Sshock 8s series products 0.83GW, accounting for 5.53%. The company's proportion of high-power products in hand orders increased rapidly, and 3S/4S series has become the largest platform product.
The power generation business operates efficiently, and the wind power operation and operation and maintenance services grow healthily. During the reporting period, the total installed capacity of domestic and foreign self-operated wind farms was 5619MW, and the domestic and foreign wind farm rights and interests under construction capacity was 2531MW; the new rights and interests of domestic and foreign self-operated wind farms were grid-connected capacity 302MW, of which the domestic equity capacity 199MW. The operating efficiency of the company's own wind farm has improved significantly, with an average utilization of 1392 hours, which is higher than the national average of 180hours. the power generation revenue of wind power projects has reached 2.78 billion yuan, an increase of 32.34% over the same period last year. The company's operation and maintenance service business maintained healthy growth. During the reporting period, the company's domestic and foreign operation and maintenance service business in the transportation project capacity 17.17GW, an increase of 69.4% over the same period last year.
Maintain profit forecasts and maintain "buy" ratings: as a leader in wind turbine manufacturing, the company is expected to continue to lead the industry. We maintain the company's profit forecast for 21-23 years, and the estimated return net profit is 42.99,46.06 and 5.721 billion yuan respectively, and the corresponding EPS for 21-23 years is 1.01,1.08 yuan and 1.34 yuan per share respectively. The current stock price corresponds to 14 times, 14 times and 11 times the PE of 21-23 years, respectively. Maintain a "buy" rating.
Risk hint: wind power installation is not up to expectations; raw material prices are rising.