Recommended logic: 1) benefiting from the national "double carbon" goal, the photovoltaic industry ushered in rapid development. The company has its own photovoltaic power station 1GW, and has built a photovoltaic power station intelligent operation and maintenance platform, self-operation and maintenance project 2GW, benefiting from the high prosperity of the industry to achieve good development. 2) the company's layout of large-size photovoltaic module market, a wide range of products, with strong competitiveness, capacity release to provide performance growth guarantee. 3) with the adoption of the group debt restructuring plan, the company's financial expenses are expected to be reduced by 300 million to 400 million yuan per year, and the operating performance is expected to continue to improve.
The company's performance is under short-term pressure, and homing net profit is expected to continue to repair. 2022Q3, the company realized revenue of 1.01 billion yuan, down 8.3% from the same period last year; the net profit of returning to its mother was 7.38 million yuan, turning a loss into a profit compared with the previous month. In the first three quarters of 2022, the company's net profit was-170 million yuan, an improvement of 10 million yuan over the same period last year. With the improvement in the company's operating conditions, future profits are expected to be further repaired. 2022H1, the company's electricity generation capacity was 570 million kilowatt hours, up 0.4% from a year earlier, basically the same as the same period last year. The approved electricity price of the completed power station has remained unchanged for 20 years, which is an important ballast stone asset of the company and is expected to bring stable performance guarantee.
We will vigorously develop renewable energy, mainly photovoltaic, and expand into the field of wind power. In 2021, the company's self-owned installed capacity 914MW decreased by 9.1% compared with the same period last year, mainly due to the sale and reduction of 130MW of Wangqing power station, and the new acquisition of Mengyin power station 20MW and Duchang power station 18MW. The company has set up a photovoltaic power station intelligent operation and maintenance management platform, 2021 company since the operation and maintenance and transportation and maintenance installed capacity over 2GW. In addition, the company has made great efforts to develop renewable energy. Based on the new model developed in cooperation with central enterprises, the company has achieved complementary advantages in photovoltaic, wind power and other new energy projects. Hebei Shangyi 200MW wind power project jointly developed by the company in December 2021 has all been connected to the grid.
Layout of large-size photovoltaic module market, accurate efforts to revitalize the countryside. Since 2021, high-power modules have developed rapidly and become a significant trend in the photovoltaic industry. Domestically and even globally, the demand for large-size and high-power components is gradually increasing. In June 2021, Dongxu Lantian wholly-owned subsidiary Anhui Richao New Energy high-power and large-size components were successfully offline, which means that Dongxu components have officially entered the "600W + era". Under the guidance of the national rural revitalization strategy, the company has made great efforts to develop ecological agriculture, relying on the existing photovoltaic base to build the whole process of agricultural products industry from breeding to Camellia oleifera pressing in the Dabie Mountains.
Profit forecast: the company's operating income from 2022 to 2024 is expected to be 40.5, 48.6 and 5.87 billion yuan respectively, the net profit loss of 2022 will narrow, it will turn into profit in 2023, and the growth rate will be 85.7% in 2024.
Risk tips: the risk of relatively difficult financing of private enterprises; the risk of fierce competition in the industry; the risk of repeated epidemic situation.
