Event
The company releases its mid-2022 report.
The report shows that the company's H1 income is 485 million yuan, + 48.4% compared with the same period last year; the return to the mother / deduction of non-net profit is 0.56 million yuan, which is 75.3% compared with the same period last year. Among them, Q2 income is 340 million yuan, month-on-month ratio + 135%, return to mother / deduction non-net profit 0.39 billion yuan, month-on-month ratio + 126% pocket 109%.
Brief comment
SVG is still the core business of the company with high revenue growth.
SVG's revenue in the first half of the year was 229 million yuan, an increase of 33% over the same period last year, mainly from new energy and industrial users. In the first half of 2022, domestic photovoltaic installed 30.9GW was + 137% compared with the same period last year, including centralized 11.2GW, distributed 19.7GW, and wind power installed 12.9GW, + 19.4% compared with the same period last year. Fengfeng added + 83.8% of the installed capacity compared with the same period last year, and the high increase in installed capacity promoted the release of SVG demand. In addition, the company breaks through industrial, metallurgical and other SVG markets, especially in mine explosion-proof SVG products. SVG market competition is more fierce, the company's gross profit is expected to decline compared with the same period last year, but the company's SVG products and frequency converters and other common part of the production line and design, has a certain cost advantage.
The frequency converter is basically flat.
The revenue of frequency converter in the first half of the year was 119 million yuan, down 5.5% from the same period last year. It is expected that the growth of the domestic frequency converter market this year is relatively slow, due to the epidemic in the first half of the year, the insufficient growth of industrial start-up and new production capacity has a certain impact on the demand for frequency converters.
Energy storage is in the ascendant and has become an important growth point of the company.
The company's energy storage revenue in the first half of the year was 69 million yuan, a rapid increase compared with 32 million yuan for the whole of last year. The company has 35kV, 10kV high-voltage cascade, 1500V medium voltage and 400V low-voltage PCS products, with an annual production capacity of 900units. PCS drives the energy storage system integration business.
The company, located in Shandong, is one of the first provinces in the country to launch independent energy storage demonstration projects.
The company targets 300 million orders for energy storage this year, and new orders signed in the first half of the year have exceeded 100 million.
Profit forecast: maintain the "overweight" rating
The company's main SVG products continue to grow at a high speed. In addition to the new energy market, the power grid demand is expected to increase in the future. The company has entered the list of qualified suppliers of the national network. Energy storage company based on PCS technology, system integration business orders burst out, the company is located in Shandong, demonstrative, market-oriented energy storage project opportunities are rich. It is estimated that the net profit of the company in 2022 and 2023 will be 1.62 and 220 million respectively.
Risk hint
New energy installation is not as expected; increased competition leads to a decline in gross profit margin; commodities