Event
New scenery released 2021 results KuaiBao, revenue and performance both achieved growth. New scenery released 2021 results KuaiBao, the company's operating income in 2021 was 943 million yuan, + 11.72% compared with the same period last year, and the net profit was 116 million yuan, + 8.78% compared with the same period last year. Achieve deduction of non-return net profit of 93 million yuan,-8.50% year on year. From the Q4 single quarter, the company achieved a net profit of 38 million yuan, + 1.63% year-on-year, + 2.89% month-on-month; deducting non-return net profit was 30 million yuan, month-on-month-15.60%.
Brief comment
SVG installation demand is greatly affected by wind and light installation. The company continues to develop industrial frequency conversion market. The main products of the company are static var generator (SVG) and industrial frequency converter, which are used in new energy booster stations and industrial energy saving fields respectively. In 2021, China's wind and light newly installed 102.45GW, year-on-year-14.84%, of which photovoltaic new installed 54.88GW, year-on-year + 13.86%, did not exceed expectations, mainly due to the increase in the price of silicon and other raw materials; wind power newly installed 47.57GW,-34.0% year-on-year, mainly due to the high base figure caused by rush installation in 2020. In the case of no growth in the total installed capacity of new energy in 2021, the company's revenue and performance still maintain growth, mainly contributed by the frequency converter. The SVG revenue of 2021H1 company is 172 million yuan,-18.0% compared with the same period last year; the income of frequency converter is 126 million yuan, which is + 60.5% compared with the same period last year. It is estimated that the revenue of SVG for the whole year of 2021 is about 470 million yuan,-15.9% compared with the same period last year, and that of frequency converter is 343 million yuan, + 79.3% compared with the same period last year.
The increase in the price of raw materials will affect the company's gross profit to a certain extent.
The main raw materials used in the company's products include transformers, power modules, capacitors, structural components, water cooling equipment, shells and so on. The rise in commodity prices has affected the company's gross profit to a certain extent. It is estimated that the company's sales gross profit margin in 2021 is about 31.0%, which is lower than that in 2020 by 1.5pct.
Energy storage business is growing rapidly, opening the second growth curve
The company listed to raise funds for research and development of the high-pressure Fed can PCS existing product sales, 2021H1 income of about 6 million yuan, strong demand for orders, is expected to annual income of more than 30 million yuan, 2022 is expected to double.
Give the company an "overweight" rating
We estimate that the company's 2021-2023 net profit will be 1.16,1.40 and 175 million yuan, respectively, with a PE of 44, 37 and 29 times, with a "overweight" rating.
Risk hint
The installation of wind power and photovoltaic is not as expected; the price of raw materials continues to rise; and the intensification of market competition leads to a further decline in gross profit margin.