Event: in the first half of 2022, the company achieved operating income of 923 million yuan, an increase of 22.52% over the same period last year, a net profit of 419 million yuan, an increase of 24.45% over the same period last year, and a net profit of 417 million yuan, an increase of 24.20% over the same period last year.
In the second quarter of 2022, the company achieved operating income of 372 million yuan, an increase of 4.97% over the same period last year.
2.9 billion yuan, down 11.86% from the same period last year; the net profit from non-return was 128 million yuan, down 11.99% from the same period last year.
Comments:
All high-quality projects were steadily put into production, and the growth rate of electricity generation slowed down in the second quarter. As of June 30, 2022, the company's cumulative installed capacity has reached 95.73 million kilowatts. The company operates mainly wind power projects, which are 9073 kilowatts (611300 kilowatts for onshore wind power and 296 kilowatts for offshore wind power), 20,000 kilowatts for photovoltaic projects and 30,000 kilowatts for biomass power generation projects. In the first half of 2022, the company generated 1.611 billion kilowatt hours (+ 23.85% compared with the same period last year) and generated 923 million yuan (+ 22.52% compared with the same period last year). Affected by seasonality, the wind condition in Fujian in the second quarter was significantly weaker than that in the first quarter, and the company achieved 667 million kilowatt-hours of electricity generation in the second quarter (+ 10.50% compared with the same period last year, compared with-29.30%).
The company's wind power projects have high utilization hours, and high-quality resources provide guarantee for performance. According to the National Energy Administration, in the first half of 2022, the cumulative average utilization hours of power generation equipment in power plants with 6000 kilowatts and above were 1154 hours for wind power, 58 hours lower than the same period last year, and 690 hours for solar power generation, an increase of 30 hours over the same period last year. The average hours of onshore wind field and offshore wind field in Fujian and Heilongjiang are 1658 and 2040 hours respectively, which are significantly higher than the national average.
With rich experience in operation and management, high-quality assets are waiting for injection. As a specialized new energy operation and management company under the group, the company has rich experience in operation and management of 16 wind farms, 1 photovoltaic power station and 1 biomass power plant. According to the promise of Fujian Investment Group, the controlling shareholder of the company, after meeting the conditions of putting the project into production and realizing profits in a single year, Min Tou Haidian (Pinghai Bay Offshore Wind Farm Phase III project), Min Tou Min Power (Ningde Xiapu Offshore Wind Farm (A, C) area project), Xiapu Mindong (Ningde Xiapu Offshore Wind Farm (area B) project) and Min Tou pumped storage assets are injected into the listed company. Four offshore wind power projects total 1.208 million kilowatts, of which Pinghai Bay Phase III 308000 kilowatt project has been put into production. If the project is injected on time, the company's offshore wind power scale will continue to break through. Min Investment pumped Storage installed four 300000 kilowatt units to undertake the task of peak regulation and frequency regulation of Fujian Power Grid, which is scheduled to be put into operation in 2023. The company will adhere to independent development and project M & A two-wheel drive, actively make use of location advantages, and promote the continuous improvement of installed scale and market competitiveness.
Maintain the "buy" rating: the company's installed capacity continues to grow, while high-quality offshore wind power assets and pumped storage assets are expected to be injected in the future, and the company's future performance is expected to continue to grow rapidly. It is estimated that from 2022 to 2024, the company's operating income is 22.80,26.95 and 3.125 billion yuan respectively, an increase of 48.75%, 18.21% and 15.95% respectively over the same period last year; and the net profit of returning home is 10.39,11.88 and 1.346 billion yuan respectively, an increase of 58.26%, 14.36% and 13.31% respectively over the same period last year. PE is 0.55,0.62 and 0.71 respectively, and the corresponding EPS is 12.40,10.84,9.57 times respectively.
Risk hint: the construction progress of Haifeng project is not as expected, the progress of asset injection is not as expected, and the delay risk of renewable subsidies is behind.