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拓日新能(002218)中报点评:业绩大幅增长 电站开发和组件扩产助力业绩增长

太平洋證券 ·  Nov 10, 2016 00:00  · Researches

  [Incident_su:mm8ary] On the 24th, the company released the “2016 Semi-Annual Report”. The announcement stated that operating income, net profit attributable to shareholders of listed companies, and net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss were 640 million, 58 million yuan, and 500 million yuan respectively, up 178.63%, 381.18%, and 782.47% year-on-year. Comment: Employee ownership shows confidence and strength. Recently, the total number of employees participating in the employee stock ownership plan was 75, including some of the company's directors, supervisors, senior management and core cadres. The amount of self-financing of the company's employees did not exceed 3.22 million yuan, and the controlling shareholder borrowed 6.44 million yuan, totaling no more than 9.66 million yuan. The number of underlying stocks involved in the employee's shareholding plan is about 1,211,500 shares. The number of shares involved accounts for about 0.196% of the company's total current share capital, and the cumulative amount does not exceed 10% of the company's total share capital. According to research, the company has reintegrated the executive team and moved from focusing on internal risk management to combining internal management with external marketing. It is believed that the 2016 performance is guaranteed. Power plant development and component production expansion contributed to high performance growth in the first half and full year of 2016. The company continued to promote the development and construction of photovoltaic power plant projects in the first half of the year, and completed the construction and grid connection of the 20MW photovoltaic power generation project in Tuogi, Qinghai, Japan, and the Republic of China. As of the end of June 2016, the photovoltaic power plant projects that the company has been connected to the grid for inspection include Kashi Ruicheng Phase I 20MW, Dingbian Phase I _SOMW, Yuepuhu Phase I 20MW, Dingbian Phase II 110MW, and Qinghai Tuo Ri Gonghe 20MW. Power plant revenue was gradually released in the first half of the year. As the country continues to introduce measures to improve power restrictions in the second half of the year, the company's power plant revenue will increase further. In the first half of the year, electricity revenue increased by 164.93% and gross profit increased by 29.72%. At the same time, Shaanxi Tuori plans to gradually achieve 1 GW of module production capacity and 2 GW of photovoltaic glass production capacity by the end of the year, taking advantage of its own equipment. Among them, module and glass sales increased dramatically in the first half of the year, becoming one of the company's strong profit sources. Revenue from crystalline silicon cells and modules increased by 429.46%. High revenue growth for the full year and first half of 2016 is guaranteed. Profit forecast. In the context of the continuous release of supporting policies for the photovoltaic industry and technological progress, the scale of the company's power plants continues to expand, the business structure is further optimized, and performance has entered a continuous growth channel. The forecast is that the company's 2016-2017 EPS will be 0.17 and 0.34, respectively, giving it a “buy” rating. Risks suggest that the operation of the company's photovoltaic power plants does not meet expectations, and the new energy policy has changed.

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