Events:
The company announced on the evening of September 29 that Dongxu Group, under the guidance of the Hebei provincial party committee and provincial government, the Tibet autonomous region party committee government, and the Shijiazhuang municipal party committee and municipal government, took comprehensive measures to trade time for space and carry out financial debt restructuring to defuse financial risks.
Comments:
The transformation of new energy is accelerated, and green development is stable and far away. The company closely follows the national "carbon peak, carbon neutralization".
The goal and the strategic guidance of rural revitalization, continue to focus on new energy and environmental protection green industry, and won the honor of "Top 2021 China Global New Energy Enterprises" in 2021. 2022H1, the company's total revenue is 1.725 billion yuan, + 0.70% compared with the same period last year, of which the income from new energy / supply chain business / environmental protection engineering / real estate development and property management is 11.22 million yuan, accounting for 65.04%, 23.71%, 7.24% and 4.02%, respectively. The company is active in the layout of new energy industry, and currently has its own photovoltaic power station 1GW, self-operation and maintenance project 2GW.
The profits of high-efficiency photovoltaic module manufacturers are expected to meet a period of rapid growth. From 2019 to 2021, the sales of Dongxu blue sky photovoltaic modules increased from 500MW to 1000MW, and the sales volume increased rapidly. Dongxu Kangtu, a wholly owned subsidiary of the company, independently produces high-efficiency photovoltaic modules including conventional, 166, 182 and 201 series. The new production line products include TopCon 210max 660W, N-type TopCon182/600W and so on. It is expected that the capacity will be expanded to 2GW in 2022 to further improve the new energy power generation industry chain.
The group debt processing is on the ground and the dawn has come. The total financial debt of the company is about 10.1 billion yuan, which is applicable to this "debt restructuring plan". The company will implement it by extending the debt repayment period, reducing the interest rate and other ways. It is estimated that the company's financial expenses will be reduced by 300-400 million yuan per year (the follow-up shall be subject to the annual audit). The adoption and implementation of the debt restructuring plan creates favorable conditions for the company's operation and development, and is conducive to the recovery of the company's credit and the improvement of production and operation conditions.
Profit forecast: cover for the first time, give "overweight" rating. We predict that from 2022 to 2024, the operating income of the company will be 40.09 billion yuan, the net profit of return to the mother will be 0.02 million, and the PE will be 2689.94x/33.19x/15.86x.
Risk hints: the change of the international situation is much higher than expected; the domestic epidemic control is not as expected; the debt processing process is not as expected; the growth rate of new energy scale is not as expected; the progress of relevant subsidies is not as expected; and the profit forecast and valuation model is not as expected.