Event: on January 13, the company announced the "Annual results Forecast for 2016", an increase of 571.68% 601.53% over the previous year, with a profit range of 1.35-141 million yuan.
Comments:
Marching into new energy, the development of new energy business has achieved remarkable results. In 2016, the company signed the "BT General contract for Prosperity 20MW Photovoltaic Power Station Project" with a total contract price of 165 million yuan, accounting for 21.75% of the 2015 operating income. The company signed the "Yanggu 12MW Photovoltaic Agricultural demonstration Project BT General contract" with Yanggu Guangyao New Energy Co., Ltd., with a total contract price of 9, 9.92 million yuan. Accounting for about 13.17% of the 2015 operating income, the company signed the "BT contract for 5MW distributed photovoltaic power generation in Shengli Village, Anxi District" with Qiqihar Qunli Solar Power Generation Co., Ltd., with a total contract price of 40 million yuan. Accounting for about 5. 27% of the 2015 operating income, the company signed the "BT general contract for the 3MW distributed photovoltaic complementary project in Shengli village, Anxi district" with Qiqihar Anrui solar power co., Ltd., with a total contract price of 2, 4 million yuan, accounting for about 3. 16% of the 2015 operating income. Recently, the BT general contract for photovoltaic 40MW power station was signed, with a total contract amount of 32, 8.92 million yuan. It accounts for about 43.35% of the operating revenue in 2015. The duration of the contract is before December 31, 2016, and the implementation of this contract is conducive to the realization of the company's business plan in 2016 and the grid generation of new energy projects above 200MW.
The acquisition of 100% stake in Wanlong Wind Power and 100% stake in Jiaxing Wind Power by issuing shares in November 2016 plays a vital role in signing more than 2 billion of the new energy general contract.
Acquisition of Shenyang Haocheng Electric, thickening performance. After acquiring the remaining equity of Shenyang Haocheng Electric Co., Ltd on March 28, 100% holding Haocheng Electric enriches the product structure of the company's intelligent distribution network, enables the company to enter the market of solid insulation ring network cabinets, and quickly enters more than 20 provincial companies of the State Grid. Become the top three in the industry of this product. The profit return in 2016 is more than 47.5 million yuan (Haocheng Electric promises that the net profit in 2015, 2016 and 2017 will not be less than 37.5 million yuan, 45 million yuan and 51 million yuan respectively).
We will actively distribute areas such as energy storage, charging piles and smart grids. The company has more than 20 years of technical accumulation and experience in the field of storage battery and DC charging, actively arranging energy storage, charging piles, smart grid and other fields. At the end of 2016, the company signed a strategic cooperation framework agreement with the people's Government of Tailai County to invest in electric energy storage equipment with 120MWH power and 30MW capacity, with a total investment of 500 million yuan. After the completion of the energy storage power station, it will have the ability to store scenery for new energy solutions and improve the operating income of new energy power stations. At the beginning of 2017, an energy storage company was set up with a registered capital of 10 million yuan and a subscription of 80%. It is mainly engaged in the research, development and production of lead-carbon batteries. Through the establishment of an energy storage company, the company can further improve its market competitiveness and profitability. In addition, geographically speaking, the entire northeast region of electric vehicles have not been fully stimulated, which means that the company's market space is huge. The policy for charging piles in the three northeastern provinces was issued relatively late, and Heilongjiang Province just issued a policy on charging piles at the end of 2015. The company plans to adopt the mode of supporting by automobile manufacturers, parking lot operation and charging equipment provider to develop charging station business. Will actively participate in the bidding of charging facilities and enter rapidly through endogenous growth and epitaxial development.
The company's development goals. The company's development plan for the next three years: first, to rapidly improve the company's profit level through the development of holding high-quality distributed assets, and it is planned that the company's net profit will reach 200 million to 300 million by the end of 2017; second, through the establishment of an industrial fund to hold more high-quality new energy assets with a rate of return, it will hold more than 1GW of new energy power generation within three years, and the revenue from power generation will reach more than 200 million. Third, give full play to the company's advantages, enter the energy storage and fast charging industry, and become the industry leader; fourth, make full use of the platform of listed companies and use capital and financial means to form a new power station construction mode of "power station development + finance".
Profit forecast. In the context of the continuous release of supportive policies and technological progress in the new energy industry, the company's new energy power plant is expanding and is ready to enter areas such as energy storage and charging piles. The forecast company's EPS for 2016-2018 is 0.47,0.54 and 0.71, respectively, with a "buy" rating.
Risk hint
The company's new businesses such as power stations and charging stations are not up to expectations, Haocheng Electric's performance is not as expected, and the new energy policy has changed.