Event
The company issued a semi-annual report performance forecast that in the first half of the year, the company expected to achieve a net profit of 225.68 million yuan to 248.25 million yuan, an increase of 50% to 65% over the same period last year, and a net profit of 150.45 million yuan in the same period last year. The non-net profit was deducted from 214.68 million yuan to 23725 yuan, an increase of 49% 65% over the same period last year, and non-net profit was 14362 yuan in the same period last year.
Comments:
1. During the reporting period, the impact of non-recurrent profit and loss on net profit is expected to be 11 million yuan.
two。 SMGP revenue in Indonesia increased significantly compared with the same period last year. In the first half of 2022, the first and second phase units of Indonesia SMGP achieved electricity sales revenue of 29.09 million US dollars, a sharp increase in income and profit compared with the same period last year. According to the 2021 annual report, the company's electricity sales revenue from the SMGP power plant project in Indonesia was 38.3 million US dollars in 2021, and 76% of the revenue in the first half of this year was achieved in the first half of this year, and the contribution of revenue and profit increased significantly compared with the same period last year.
3. The traditional equipment business has been slightly affected by the epidemic. Equipment export sales increased significantly in the first half of 2022, while due to the comprehensive impact of the domestic economic downturn and epidemic situation, domestic traditional business income decreased to varying degrees compared with the same period last year.
4. Geothermal projects under construction have a scale of 260 megawatts. With the continuous commissioning of the project, the follow-up revenue and profits will also increase. According to the company's 2021 annual report, the company currently has four projects operating in Indonesia, the United States and Hungary, with a total operating scale of 98 megawatts. At the same time, there are eight reconstruction projects in Indonesia, the United States, Turkey and Hungary with a total size of about 260 megawatts.
Geothermal new energy development, geothermal power plant operation and sales of geothermal power plant complete sets of power generation equipment is an important direction of transformation and upgrading of the company in recent years, and has achieved initial success. As projects under construction continue to be put into production, revenue and profits will continue to grow!
Profit forecast: the company's 2022-2024 net profit is expected to be 460 million, 625 million and 817 million, respectively, PE is 32 times, 24 times and 18 times, covering for the first time, given a "overweight" rating. The target price is 16.72 yuan per share.
Risk hint: the prosperity of can-making equipment is declining, and the lithium battery structure business is not up to expectations.
