Event
The company issued an announcement on February 15 to sign a "Strategic Cooperation Framework Agreement" with the people's Government of Wuhai City of Inner Mongolia Autonomous region and Jiangsu Xingbang Energy Technology Co., Ltd., to build a hydrogen power industry chain.
Brief comment
The company launched hydrogen energy investment to broaden the layout of clean energy business. The framework agreement is expected to have a total investment of 168-18.8 billion yuan and will be landed in three years. It mainly includes one international academician's future zero carbon hydrogen energy science and innovation center, two carbon neutral hydrogen power industrial parks and three industrial clusters. It is expected to form 10,000 hydrogen fuel cell modules, hydrogen fuel cell heavy trucks and public transport sanitation vehicles and other applications, and to meet the hydrogen production and hydrogenation supply service capacity of 10,000 hydrogen fuel cell vehicles. To build an important domestic green hydrogen production base. The company has advantages in hydropower, wind power, photovoltaic construction and industrial park construction, and is responsible for the investment, construction and operation of wind power, photovoltaic new energy and green hydrogen storage and transportation in this strategic cooperation.
The company's original clean energy business mainly covers hydropower and scenery, this investment in the hydrogen energy industry chain will help the company to broaden the layout of clean energy business and participate in the blue ocean of trillions of hydrogen energy.
It has frequently won clean energy business orders, and its clean energy power generation resource reserve has exceeded 6GW in the past three years.
In the announcement, the company disclosed that a total of 15 clean energy related project investment framework agreements have been signed in the past three years, with an estimated total investment of 32.33 billion yuan and a total expected installed scale of 6.85GW, which are currently under preparatory work, involving wind power, photovoltaic power generation, agricultural-photovoltaic complementarity, forest-light complementarity, source network load and storage integration and other types. By the end of 2021, the company has put into operation 28 power stations with a total installed scale of 1.54GW, with an annual online capacity of 3.3 billion kilowatt-hours and an annual power generation income of about 1.5 billion yuan. As the company with the largest installed scale of clean energy power generation and the largest manufacturer of wind power towers in Guangdong Province, the company will strengthen the development of clean energy business under the background of double carbon policy. continue to promote the landing of clean energy reserve projects, coupled with the steady growth of water conservancy and rail transit projects, it is expected that the company will continue to maintain a momentum of rapid development in 2022.
Maintain earnings forecasts and buy ratings. We forecast that the company's EPS for 2022-2023 will be 0.30 pound 0.34 yuan, maintaining the buy rating and the target price of 7.20 yuan unchanged.
Risk hint: the promotion of the dual-carbon policy is not as expected, and the development of the company's hydrogen energy business is not as expected.
