According to the company's semi-annual report for 2021, during the reporting period, total operating income reached 22.737 billion yuan, an increase of 28.07 percent over the same period last year, and total profits reached 1.629 billion yuan, an increase of 41.74 percent over the same period last year. The company realized a new effective order of 34.392 billion yuan, an increase of 32.85 percent over the same period last year, and earnings per share of 0.43 yuan.
Main points of investment:
Under the background of "double carbon", energy reform leads to the rapid growth of wind power: carbon neutralization and carbon peak in the country.
Against the background, the output of power generation equipment has increased significantly, and the company achieved a total output of 18.9564 million kilowatts of power generation equipment in the first half of 2021, an increase of 51.72% over the same period last year Of these, hydroelectric generating units were 5.0655 million kilowatts, up 11.81 percent over the same period last year, turbogenerators 12.375 million kilowatts, up 75.08 percent, wind turbines 1.5159 million kilowatts, up 69.13 percent, power station boilers 11.26 million kilowatts, up 84.85 percent, and power station steam turbines 9.374 million kilowatts, an increase of 127.39 percent over the same period last year.
With the continuous progress of industrial transformation, the revenue structure has become more reasonable: of the total revenue during the reporting period, clean and efficient power generation equipment accounted for 27.22%, renewable energy equipment accounted for 34.62%, modern manufacturing services accounted for 10.40%, engineering and trade accounted for 11.33%, emerging growth industries accounted for 16.43%, the industrial structure became more reasonable, and green and low-carbon transformation was beginning to bear fruit. The company makes great efforts to develop renewable energy equipment and enter the fuel cell track, in line with the changes in the demand for clean energy under the dual-carbon background of our country, the new energy sector is expected to become the key driver of the company's performance growth in the future. In addition, the 14th five-year Plan
The outline of the plan proposes to build a modern energy system and speed up the construction of pumped storage power stations and the large-scale application of new energy storage technologies. Li Ye, regulatory director of the National Energy Administration, recently revealed that pumped storage power stations, as high-quality regulatory power sources, play a prominent role and advantages in promoting the consumption of new energy.
At present, the installed scale of pumped storage power station in China is 31.79 million kilowatts, and the scale under construction is 54.63 million kilowatts. It is expected that by 2025, the total scale of pumped storage power stations in operation will reach 6200 kilowatts. The company's pumped storage market share reached 47.2% in 2018, and the current market share remains relatively stable. With the arrival of the pumped storage development window, the traditional hydropower business is expected to grow.
Together with Beijing Daxing District, hydrogen Racetrack is expected to usher in a growth inflection point: the company began fuel cell research and development in 2011 and applied for a total of 135 fuel cell patents in 2011-17, with independent power fuel cell technology. The company's first "plateau" hydrogen fuel cell bus project tailor-made for Xichang City was selected as a typical clean and efficient energy supply project in China's top ten cities in 2020 and ranked first. In January 2021, the company successfully delivered the first batch of plateau hydrogen fuel cell engines in the country. the cumulative operating mileage of the 100 hydrogen fuel cell buses demonstrated in advance exceeded 6.2 million kilometers, and the minimum hydrogen consumption was less than 4 kilograms. In June this year, Daxing District of Beijing signed a hydrogen energy cooperation agreement with Dongfang Electric to build a Beijing headquarters, membrane electrode research and development center and manufacturing base in Beijing University.
At present, Beijing has become the first batch of hydrogen energy demonstration urban agglomeration, the company's fuel cell-related business is expected to meet demand growth, growth inflection point is coming.
Profit forecast and investment advice: it is estimated that the company's operating income from 2021 to 2023 will be 46.651 million yuan, respectively, and the net profit will be 23.44 yuan, 25.33 yuan, 2.816 billion yuan, respectively, and the corresponding EPS will be 0.75 yuan, 0.81 yuan, 0.90 yuan per share, respectively. Combined with the development prospects of the company's new energy and emerging industries under the background of carbon peak and carbon neutrality, the company will maintain its "buy" rating.
Risk factors: installed demand for clean energy is lower than expected; hydrogen sector is not as warm as expected.