Event: the company issued a semi-annual performance announcement for 2022. 2022H1 achieved operating income of 920 million yuan, an increase of 22.5% over the same period last year, and a net profit of 420 million yuan, an increase of 24.5% over the same period last year.
Revenue is growing steadily and profitability continues to increase. The revenue of 2022H1 Company is 920 million yuan (+ 22.5%), and the revenue growth rate of 2019-2022H1 Company is more than 20% over the same period last year. This is mainly due to the stable production of the company's units, resulting in a continuous increase in power generation. The power generation capacity of 2018H1-2022H1 Company has increased from 510 million kWh to 1.61 billion kWh, and its CAGR has reached 33.3%. The return net profit of 2022H1 Company is 420 million yuan (+ 24.5%), mainly due to the steady increase in operating income and the continuous enhancement of the company's profitability.
High-quality assets to build a moat, strive to be a leader in the wind power industry. In 2021, the company's wind power revenue is 1.5 billion yuan, accounting for 97.7% of the total revenue. Most of the company's revenue comes from wind power, and the company's wind power is mainly located in the endowment area of wind resources in Fujian Province, and some of the installed units are distributed in Heilongjiang Province, which is also rich in wind energy resources.
The average utilization hours of the three wind farms in Fujian Land Wind, Fujian Haifeng and Heilongjiang of 2022H1 Company are 1658, 2040 and 1255 hours, respectively, which are higher than the national average of 1154 hours. The company's high-quality assets, gradually built into the company's moat advantage. In addition, the company is also speeding up the process of project development, actively improving the industrial layout, and actively looking for opportunities for project development and acquisition of high-quality targets, so as to further strengthen the company's main business, enhance market competitiveness, and strive to be a leader in the wind power industry.
Promise to inject high-quality assets, major shareholders continue to empower. The company relies on the investment group, as a Fujian provincial state-owned capital investment company, which is conducive to the allocation of resources in Fujian Province. In addition, the Group has promised to inject Min Tou Haidian (Putian Pinghai Offshore Wind Farm Phase III), Min Tou Power, Min Tou pumped Storage, Ningde Min Tou (area An and C of Ningde Xiapu Offshore Wind Farm), and Mindong of Xiapu (area B of Ningde Xiapu Offshore Wind Farm).
Among them, the third phase of Putian Pinghai Offshore Wind Farm has been connected to the grid, and Min Investment pumped storage is expected to achieve the first unit connected to the grid in the second half of this year, with assets injected into the future, and the continuous empowerment of major shareholders will bring strong growth momentum to the company's performance.
Profit forecast and investment advice. It is estimated that the EPS of the company in 2022-2024 is 0.48,0.57,0.69 yuan respectively, and the net profit of homing in 22-24 years is about 26.1%. Considering that the company is expected to continue to receive the injection of high-quality sea breeze resources, we give the company 16 times PE in 2023, corresponding to the target price of 9.12 yuan, with a "buy" rating for the first time.
Risk hints: asset injection is not as expected, abandonment rate is rising, subsidies lag, electricity price fluctuations.