Event: according to the company's annual report for 2021, the company's operating income was 5.5256036 billion yuan, an increase of 36.23% over the same period last year; the net profit belonging to shareholders of listed companies was 828.1592 million yuan, an increase of 88.17% over the same period last year; the net profit belonging to shareholders of listed companies after deducting non-recurring profits and losses was 708.5073 million yuan, up 68.03% over the same period last year.
The technological advantage is remarkable, and the cost is reduced by self-production. The company ploughed photovoltaic equipment technology research and development, with a total R & D investment of 222.0364 million yuan in 2021, accounting for 4.02% of business income, and 421 R & D personnel, accounting for 10.44% of the total number of the company. Self-developed photovoltaic production equipment such as Dmurf 1600 fully automatic soft shaft single crystal furnace is in the leading level in the industry, and took the lead in launching automation functions such as "intelligent welding system", "AI intelligent shoulder release and equal diameter system" and "centralized monitoring one-button safety". And at present, the new product silicon carbide furnace has been successfully developed and the prototype has been assembled. The company's profound technical precipitation and R & D advantages not only effectively improve the daily per unit yield, but also greatly save labor costs. In addition, the expansion of the company's new materials business all uses self-produced single crystal silicon furnaces, which greatly reduces the cost of equipment, gives further play to the advantage of backwardness, and lays a solid foundation for the continuous expansion of new materials business.
Accelerate the expansion of production and increase the scale of reserves. In 2021, the company will seize the market opportunity to accelerate the implementation of the new materials business expansion strategy. At present, the production capacity of the company's Wuhai base is 8.5GW, and the new 12GW capacity of Leshan base is expected to reach full production in 2022. In addition, in December 2021, the company plans to build Leshan Phase II 22GW pull rod slicing project, which is currently going through the relevant preliminary formalities. Wuhai Phase II project lags behind due to energy evaluation reasons, but it will continue to promote construction. In the future, with the continuous improvement of the company's silicon wafer production capacity, the company will rely on the late-development advantages of the silicon wafer industry to further reduce costs and efficiency, expand the scale of reserves, and enhance the level of market competition.
The power generation business maintains stability and continues to seek increment. In 2021, the company's new energy power generation business annual cumulative settlement electricity reached 1.9 billion kilowatt-hours, achieving operating income of 1.3873148 billion yuan, an increase of 13.43% over the same period last year, and a gross profit margin of 58.73%, still maintaining a high level in the industry. By the end of the year, the total installed capacity of photovoltaic and wind power stations connected to the grid is 1392.97MW. During the reporting period, the company's new energy power generation business was dominated by the holding and operation of photovoltaic and wind power stations, and the installed capacity remained stable, providing a stable cash flow for the company and a good basis for other business expansion. In the future, the company will reasonably plan the development direction of new energy business according to the market situation, and on the premise of maintaining a certain scale of its own power station, provide services such as general contracting of photovoltaic power station project, design and implementation of overall solution of photovoltaic power station, operation and maintenance of photovoltaic power station, rolling construction and rolling sales, and seek new business increment.
Investment rating and valuation:
On the basis of the single crystal furnace equipment business, the company actively develops the silicon wafer business and steadily develops the power station business, and the stock power station provides the company with stable cash flow. It is estimated that the return net profit of the company from 2022 to 2024 is 10.72,14.53 and 1.635 billion yuan respectively, the EPS is 0.44,0.60,0.68 yuan respectively, and the corresponding PE is 17,12 and 11 times respectively.
Risk hint: the demand for installed capacity in the terminal market is lower than expected, the competition in the industry is becoming increasingly fierce, and the policies related to "double control of energy consumption" are becoming stricter as a whole.
