This report is read as follows:
As the leader of wind power flange, the company is actively expanding the wind power bearing industry. under the trend of sea breeze, it is optimistic that sea breeze will be installed in the second half of 2023, and parts are expected to rise in both quantity and price; in addition, the company's layout of the computing center is expected to bring new increments.
Main points of investment:
Investment suggestion: considering the trend of large-scale wind power and sea wind, the installed capacity of 2023H2 sea wind is improving, the demand for parts and components is increasing, and the company's wind power flanges and bearings are expected to rise in volume and price. In addition, the company's layout of the computing center is expected to bring new increments. The EPS for 2023-2025 will be raised to 0.88max 1.50max 1.91yuan (compared with the previous forecast + 0.10max "0.17max" 0.01yuan), and the target price will be maintained at 34.25yuan.
Event: the company announced that it intends to set up a six-foot Hengrun Intelligence subsidiary with Shanghai Liuzhi Science and Technology, with a registered capital of 100 million yuan, with a capital contribution of 51 million yuan and a 51% shareholding. After the establishment of the subsidiary, the company plans to cooperate in Shanghai, Fuzhou Economic Development District, Wuhu, Anhui, and Jining, Shandong, to establish a cluster of GPU computing centers in the Yangtze River Delta.
The company enters the arithmetic center and grasps the core assets of arithmetic. AI large model technology promotes the demand for high-end computing power support, the existing domestic projects are difficult to meet the demand, high-end computing power supply is in short supply.
The speed of setting up the computing center is fast, and the layout of the company is expected to realize the rental income of computing power in 2023Q3 as soon as possible. Industry barrier is the ability to obtain high-end GPU, the company partner Shanghai six feet technology layout AI computing industry is early, strong card capacity, with a competitive advantage.
2023H2 sea breeze start high certainty, the company sea breeze flange business is expected to benefit. The sea breeze bidding in Guangdong Province and Fujian Province has landed one after another, and every year Q2 to Q3 is the peak season for sea breeze installation. the launch of competitive matching projects in many provinces indicates that the operating rate of 2023H2 sea breeze is getting better. We judge that 2023 and 2024 will be the year of sea breeze installation. The company is one of the few enterprises in the world that can manufacture 9MW and Shanghai wind tower tube flanges. at the same time, it has achieved mass production of 12MW sea wind flanges with strong competitive strength.
Risk hint: the installation of sea breeze is not as expected, and the development of the computing industry is not as expected.