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The company released its three-quarter report for 2021, with revenue of 33.55 billion yuan in the first three quarters, down 9.4% from the same period last year, and net profit of 3.013 billion yuan, an increase of 45.61% over the same period last year. Net profit after deducting 2.853 billion yuan, up 53.73% over the same period last year. 2021Q3 achieved revenue of 15.65 billion yuan, down 11.13% from the same period last year, and its net profit was 1.164 billion yuan, an increase of 46.58% over the same period last year.
Safety point of view:
The performance in the third quarter exceeded expectations, and the profitability of the fan showed resilience. In the third quarter, the company achieved revenue of 15.65 billion yuan, down 11.13% from the same period last year, an increase of 41.2% over the same period last year, and the net profit from its mother was 1.164 billion yuan, up 46.58% from the same period last year, up 32.9% from the same period last year. The third quarter is the off-season of wind farm operation. Under the condition that the investment income is basically flat, the rapid growth of the company's performance is due to the rapid growth of the profit contribution of the wind turbine business. The gross profit margin of the company's fan business in the first half of the year is 20.34%, which is estimated to remain high in the third quarter; in addition, the company's comprehensive expense rate in the third quarter was 14.9%, down 4.5 percentage points from the previous quarter. Overall, the company's third-quarter performance exceeded market expectations.
The pace of fan delivery accelerated in the third quarter, and new orders improved month-on-month. In the first three quarters, the company's external fan sales 6347MW, including 2S platform product 2303MW, 3gamma 4S platform product 2511MW, 6gamma 8s platform product 1487MW; estimate the company's wind turbine sales 3381MW in the third quarter, including 2S platform product 1286MW, 3gamma 4S platform product 1359MW, 6max 8S platform product 692MW.
In terms of orders, it is estimated that the net new wind turbine orders in the first three quarters are about 7GW, of which the net new wind turbine orders in the third quarter are about 3.4GW.
We have launched a series of medium-speed permanent magnet products, which have been ordered in bulk. At the recent Beijing International Wind Energy Exhibition, the company launched a new generation of medium-speed permanent magnet intelligent wind turbines, including onshore wind turbines GWH171-3.85/4.0/4.5/5.0/5.3/5.6/6.0/6.25MW, GWH 191-4.0/4.55/5.0/6.0/6.7/7.2MW and offshore wind turbines GWH 242-12MW. The launch of the company's medium-speed permanent magnet products can overcome the problems of heavy weight and high cost of direct drive products in some application scenarios, and is expected to significantly enhance the overall competitiveness of the company's fan business. By the end of the third quarter, the company's medium-speed permanent magnet products in hand order size 671MW, accounting for about 5% of hand fan orders, indicating that the company's medium-speed permanent magnet products have won market recognition in a short period of time.
With the continuation of the rolling development model, the wind farm business is advancing steadily. By the end of the third quarter, the company's domestic and foreign self-operated wind farm rights and interests installed capacity totaled 5554MW. In the first three quarters, the company added new rights and interests grid-connected installed capacity 540MW, of which the third quarter added rights and interests grid-connected installed capacity 238MW. The company transferred wind farm 473MW in the first three quarters, of which about 200MW was transferred in the third quarter. By the end of the third quarter, the company's domestic and foreign wind farm rights and interests in the construction capacity 2406MW. In the first three quarters, the company's self-operated wind farm utilization hours were 1896 hours, higher than the national average of 256hours, an increase of 14.4% over the same period last year, and it is estimated that the utilization hours in the third quarter is about 504 hours.
Investment advice. To maintain the company's profit forecast, it is estimated that the return net profit from 2021 to 2022 is 44.15 and 5.38 billion yuan, corresponding to EPS 1.05,1.27 yuan, and dynamic PE 16.0,13.1 times. Wind power industry is booming, the company's wind turbine business has a strong competitiveness, profitability continues to improve, maintain the "recommended" rating.
Risk tips. The main results are as follows: (1) the domestic wind power market demand is related to the macro-economy, policy and the cost reduction capacity of wind power itself, and there may be a risk that the domestic market demand is lower than expected. (2) the company is actively expanding overseas markets, and if the overseas epidemic control is not as expected, or the problem of overseas trade protection intensifies, it may adversely affect the company's overseas business. (3) at present, the competition in the fan industry is fierce, if the company can not improve the competitiveness of the fan products through continuous technological progress, the profitability of the fan business may not be as good as expected.